So, you're ready to move out of your starter home and into a larger residence. The thing is, your first home is so well-located that you'd love to hold onto it for a little longer - and maybe use it as a tool to launch you into the rental market. Before you make the commitment, however, here are a few things to consider:
How the recent drop in oil prices REALLY affect real estate and mortgages!
With all the recent media coverage on the doom and gloom of the oil industry; it's time to examine how the drop in the price of oil may affect you from a mortgage and real estate perspective. The headlines lately have all been about the decline in home sales for the first couple months of 2015 and the rising number of houses listed for sale. At first glance this seems alarming, but upon closer examination most of these articles are using comparisons to 2014. It must be noted that 2014 was one of the strongest years ever for real estate in Alberta, so it's not hard to believe that 2015 is unable to sustain these monumental numbers!
Mike Grenby and his wife bought their first house in Vancouver in 1971. They worked hard and sacrificed (their son didn't make it to Disneyland until he was 21) - and they paid off their mortgage in seven years.
When the couple went to buy their second, slightly larger home, they did not want to have debt again.
If it seems like high-rise condominium units are keep getting smaller and affordable single family homes are getting harder to find, it's true.
Data from RealNet Canada Inc. for Toronto, to be released Wednesday, paints a grim picture for buyers hoping to avoid condominium living in favour of a low-rise home. It's a trend that the chief executive of Sotheby's says he's seeing across the country.
The Canadian dollar wallowed at four-year lows early on Thursday after the Bank of Canada all but begged the market to sell the currency, while sterling took off as investors priced in an earlier start to rate hikes in the UK.
The loonie was trading at 89.68 US cents at 7 a.m. Thursday, bringing its decline this year to 4%. It fell nearly 7% for the whole of 2013.
To their credit, the current government has implemented several measures since 2010 aimed at reducing taxpayer exposure to the Canadian mortgage market, but some structural issues remain. Below are four changes that the government should consider making in 2014.