April 2022 RSS Feed

Found 4 blog entries for April 2022.

Saving for a down payment can be difficult. Sometimes it can take years to save up enough money to secure your perfect home.

To help ease the burden of this expense the Canadian government has created a Home Buyers’ Plan program, which essentially allows you to borrow your own funds from an RRSP to purchase a home.

First-time homebuyers can withdraw up to $35,000 from their RRSP to increase their down payment. If you are buying with someone who also qualifies for the program, then you can double that amount to $70,000.

In order to qualify for the Home Buyers' Plan you must:

  • Be a first-time homebuyer
  • Have a written agreement to purchase or build a qualifying home
  • Be a resident of Canada when your RRSP funds are withdrawn and…
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Earlier this month it was announced that the Canadian government will ban foreign investors from buying homes in Canada for two years in an attempt to cool off the housing market. This includes all home types, from condos to detached houses.

There are some exceptions to this ban however. For instance, it will not extend to foreign nationals purchasing a primary residence in Canada, permanent workers, foreign workers, and students.

The Canadian government also announced several other measures to further cool the housing market. These include a $4 billion investment to help municipalities with the planning and delivery of housing projects, and a $1.5 billion commitment over two years for as many as 6,000 new affordable housing units.

There…

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The Toronto real estate market saw a slight dip in home prices last month, but don't expect a buyers' market anytime soon.

According to the latest TRREB statistics, the average home price in Toronto reached $1,299,894 last month, up 19% from the same month last year - but down 3% compared to February 2022. These numbers suggest that some heat has been taken out of the market.

Despite a slight dip in month-over-month prices, it is still a tight sellers' market. Potential buyers waiting on the sidelines for prices to cool may not get the relief they need to make a purchase.

According to the real estate board’s chief market analyst Jason Mercer, “I don’t see 2022 moving to a buyers’ market where you could see prices flatlining or dropping on a…

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Buying a home will likely be the single largest purchase of your life. With home prices on the rise across Canada, finding the right financial solution to secure your perfect home can be challenging. By knowing all your options, you can ensure that you find the perfect home at a price you can afford.

One option you have when purchasing a home is a reverse mortgage. Unlike a traditional mortgage where you submit monthly payments to build equity in your home, a reverse mortgage is the opposite. In a reverse mortgage, the bank will make payments to you in exchange for equity in your home.

A reverse mortgage is exclusive to Canadians over the age of 55. In a reverse mortgage situation, the homeowner can borrow as much as 55% of the current home’s…

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