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Mortgage costs set to rise as CMHC leads premium hike

Canada Mortgage and Housing Corp. has raised mortgage insurance premiums for the first time since the 1990s, and signalled more hikes could be on the way.

The increases, which will apply to policies that are obtained from May 1 onward, amount to about 15 per cent on average. The move was quickly copied by rival mortgage insurer Genworth MI Canada Inc.

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Posted on Friday, February 28, 2014 at 11:32AM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

Mortgage matters: are you getting the best deal? 

Melanie McLister is answering tough questions from mortgage consumers.

“It used to be, ‘What’s the best rate?’ Now they are asking about prepayments, blended increases, port features, penalty calculations,” says McLister, mortgage planner and coowner of RateSpy, a mortgage rate comparison website.

“There’s been a really big push to help homeowners understand the terms and conditions of their mortgages, and I think it’s actually getting through,” she says.

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Posted on Saturday, February 22, 2014 at 03:00PM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

The Toronto market is hungry, but houses are in short supply

Real estate agent Ira Jelinek has what many agents and buyers are looking for: a listing for a detached house in a desirable Toronto neighbourhood.

At an open house on Saturday, he offered a plate of chocolate treats and a stack of colourful brochures as he welcomed a steady stream of potential buyers to 442 Winnett Ave. The agent with Harvey Kalles Real Estate Ltd. had already fielded two bully offers after listing the house two days earlier with an asking price of $549,000. “We’re not interested,” he told the potential buyers, who didn’t want to wait until Thursday night when the homeowners would be accepting offers.

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Posted on Friday, February 21, 2014 at 11:30AM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

GREATER TORONTO REALTORS® REPORT LATEST MID-MONTH RESALE MARKET FIGURES

TORONTO, February 19, 2014 – Toronto Real Estate Board President Dianne Usher announced that “sales growth has rebounded so far in February after a slow start to the year in January. While new listings were still down in comparison to last year, the annual rate of decline was less than experienced last month. This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace."

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Posted on Wednesday, February 19, 2014 at 01:49PM by Registered CommenterElaine in | CommentsPost a Comment

The New Year Heralds In a Seller’s Market In Canada’s Largest Cities

According to the Royal LePage House Price Survey and Market Survey Forecast released today, the average price of a home in Canada increased between 1.2 per cent and 3.8 per cent in the fourth quarter of 2013.

The survey showed year-over-year average price increases in the fourth quarter of 2013 of 3.6 per cent to $418,282 for standard two-storey homes and 3.8 per cent to $380,710 for detached bungalows, while the average price of a standard condominium rose 1.2 per cent to $246,530. Prices are expected to maintain healthy momentum into 2014, with Royal LePage projecting a 3.7 per cent increase nationally from 2013 and a shift to a seller’s market in the first portion of the year.

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Posted on Friday, February 7, 2014 at 04:54PM by Registered CommenterElaine in , | CommentsPost a Comment | References1 Reference