This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.
Finance Minister Jim Flaherty recently introduced changes to the mortgage rules, ostensibly as a means of reining in runaway consumer debt.
The federal agency said the annual rate of new construction on housing units was 215,600 last month, up 10,300, or five per cent, from the month before.
Canada Mortgage and Housing Corp. (CMHC) reported a 24% increase in housing starts in the Vancouver Census Metropolitan Area (CMA) in February compared with the same month a year ago.
The official forecast is for Metro Vancouver resales to rise 9 per cent and the average overall home price to increase 2.2 per cent from 2011 to $805,000.
Metro Vancouver’s housing starts finished 2010 on a strong note, recording 15,217 new homes over the year, close to the 10-year average, according to Canada Mortgage and Housing Corp.
To understand the housing market and where it’s headed, it’s a good idea to take a close look at the big banks.
As providers of more than 60% of home loans in Canada they are major players, determining everything from who gets to be a buyer to what people can afford to pay.