New qualifying rules for Canadian Mortgages effective Jan 1st 2018


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New Source of Financing Down Payments

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New Source of Financing Down Payments The Canadian Real Estate Association is lobbying the federal government to allow parents to borrow from their registered retirement savings accounts (RRSP) to help finance their children’s down payments. CREA, with more than 100,000 agents, brokers and salespeople, has made a 2018 pre-budget submission proposing changes to the Home Buyers’ Plan (HBP). The Home Buyers’ Plan (HBP) currently allows a first-time buyer to withdraw up to $25,000 from an RRSP account to help purchase or build a home, the CREA wants to expand the program so that parents can withdraw from their RRSPs for their children to help purchase a home. Under the plan both parents would be eligible to take funds from their accounts, the CREA would also like to raise the maximum withdrawal limit to $35,000. The government requires that RRSP withdrawals are paid back within 15 years. Family already plays a big role in financing first-time buyers. A survey by Genworth Canad...
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New-home sales in GTA hit 20-year low in April New construction home sales hit the lowest number for April in over 20 years, says the association that represents home builders. Newly built single-family home prices dropped 5 per cent year over year to $1.15 million, down from about $1.2 million in March. But the benchmark price for condos continued to rise — 29.8 per cent year over year to $739,965, but down month over month from $742,801. In April, sales of single-family homes — detached, semi-detached and townhouses — 70 per cent below the 10-year average.  (ANDREW FRANCIS WALLACE / TORONTO STAR FILE PHOTO) There were 65 per cent fewer houses and condos sold last month compared to April 2017. That put the sales of single-family homes — detached, semi-detached and townhouses — 70 per cent below the 10-year average. Condos were 38 per cent below that average, according to the Building and Land Development Association (BILD). Although new home data by Altus Group goes b...
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