Monday, May 8, 2017

Home Buying Rules have changed

Home Capital is one of a number of lenders that provide a path to home ownership for people who would otherwise find it hard to borrow money for a house. But at the same time, the company has come under scrutiny for what some critics say are lax lending practices that have added fuel to real estate prices.  

https://beta.theglobeandmail.com/report-on-business/embattled-home-capital-secures-2-billion-lifeline/article34816524/

TRUMP imposes additional tariffs on Farmers and Softwood Lumber

United States will impose preliminary anti-subsidy duties averaging 20% on imports of Canadian softwood lumber, Commerce Secretary Wilbur Ross said on Monday, escalating a long-running trade dispute between the two neighbors. 
http://fortune.com/2017/04/24/canada-lumber-us-trade-duties/

AND THEN

Kathleen Wynne introduces Rent Controls further strangling the supply of rental units 



Ontario will impose a 15 per cent tax on residential real estate purchases by anyone who is not a citizen or permanent resident, if they are not living in the province. Called the "Non-Resident Speculation Tax," it is similar to the tax imposed in Metro Vancouver last year, but with a rebate for homebuyers who become resident within a limited time period after the purchase. 
The tax will apply to purchases in the Greater Golden Horseshoe, an expanse of land that includes the Greater Toronto and Hamilton Area, as well as the surrounding region stretching from Peterborough through Barrie, Waterloo and the Niagara Peninsula to the U.S. border.
the government will bring all tenants under the province's existing rent control system, ending the exemption that currently allows unlimited rent increases in units built after 1991. The change will mean annual rent increases for all tenants who stay in their rental housing will be limited to Ontario's inflation-based guideline (which this year is set at 1.5 per cent), unless the landlord gets approval from the Landlord and Tenant Board.
http://www.cbc.ca/news/canada/toronto/kathleen-wynne-housing-market-home-prices-rent-control-1.4076283
If you have been considering a consolidation to reduce interest costs or make home improvements; with a pool of ever more critical lenders this may be the time to Renew Your Mortgage.

http://www.mortgagealliance.com/VeronicaThompson/affordability-calculator

Give Veronica Thompson a call to see if you qualify*


1 comment:

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