Category: Uncategorized
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Homeownership Gains Popularity as Buying Momentum Grows
Residential developers are increasingly focusing on purpose-built rental housing, which now accounts for 70% of all housing starts in Canada, driven by government support and market shifts. In the Greater Toronto and Hamilton Area, condo sales and starts have declined sharply, while rental starts remain strong. High rents and down payment requirements trap many in…
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Toronto’s Wild Housing Frenzy Turns Buyer-Friendly | MrHunter.ca
Slide 1: Toronto’s once wild housing frenzy has cooled — bidding wars out, patience and balance in. Slide 2: Buyers now enjoy record-high choice, while sellers face prices nearly 18% below 2022 peaks. Slide 3: Homes take about 30 days to sell, as life events drive moves more than investment goals. Slide 4: New housing…
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How to qualify for a mortgage with investment income
Qualifying for a mortgage primarily based on investment income can be challenging, as lenders typically focus on traditional income sources. However, some lenders offer "net worth mortgages," allowing borrowers to qualify based on liquid assets like stocks, bonds, and cash. Requirements vary by lender, with some, like Scotiabank, requiring a minimum of $250,000 in liquid…
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Sales Dip, but Bigger Toronto Condos Still in Demand | MrHunter.ca
Toronto’s condo market continues to struggle, with October sales ↓ 11% and prices ↓ 4.7% yearly. The 905 region saw a sharper decline, with sales ↓ ~17% and avg prices ↓ to ~$574K. New condo sales are extremely low, 90% below the 10-yr September avg, creating oversupply and investor losses. Small condos (under ~650 sq…
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5 Tips To Increase Your Chances Of Getting A Mortgage Approved
Securing a mortgage is crucial when buying a home. To improve approval chances, enhance your credit score to above 680, reduce existing debt, and save for a larger down payment. Establish a realistic budget, including closing costs, and obtain a mortgage pre-approval to understand your borrowing capacity and protect against rate increases. Being well-prepared can…
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6 tips for paying your mortgage off faster
To pay off your mortgage faster, consider making biweekly payments to reduce interest and add an extra payment annually. Increase your payments yearly if possible, and make lump-sum prepayments using bonuses or tax refunds. Review your mortgage terms at renewal to negotiate better rates or switch lenders. Create a budget to find extra funds for…
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Migration Trends Boost Affordability in Canada’s Major Cities
Canada's rental market is adjusting after years of growth, with immigration declines in most provinces, especially Ontario, Alberta, and British Columbia. Population growth slowed to 0.1% due to stricter immigration policies. Rents dropped in major cities like Toronto and Calgary, but interprovincial migration boosted demand in regions like Alberta and the Atlantic provinces, keeping rents…
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How Are 63K New Toronto Homes Coming? | MrHunter.ca
Slide 1: Feds invest $283M to upgrade Toronto’s aging Black Creek sewer infrastructure. Slide 2: Sewer upgrade supports 17 km of new infrastructure, reducing flooding risks citywide. Slide 3: Project unlocks potential for up to 63,000 new homes in growing neighborhoods. Slide 4: City of Toronto adds $425M, boosting jobs and affordable housing opportunities. Slide…
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Toronto in Q4: Softening Market, Smarter Buys | MrHunter.ca
Toronto Sales Houses: 1,109, ↓ 9% yearly Condos: 1,242, ↓ 3% yearly Average Price Houses: ~$1.48M, ↓ 9% yearly Condos: ~$707K, ↓ 4% yearly New Listings Houses: 2,598, ↑ 8% yearly Condos: 3,396, ↓ 5% yearly Months of Inventory Houses: 3.7, ↑ yearly from 2.7 Condos: 5.7, ↑ yearly from 5.3 Toronto’s market is softening,…
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How to Get Out of a Mortgage
Breaking a mortgage contract can be necessary if your financial situation changes. While you can usually break your mortgage, costs depend on the type of mortgage and its terms. Open mortgages offer flexibility with fewer penalties, while closed mortgages have stricter conditions and higher penalties. Costs may include pre-payment penalties, administration fees, and appraisal fees.…