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The latest monthly statistics released by the Canadian Real Estate Association (CREA) for June highlighted that home sales and new listings rebounded to normal levels across Canada last month, following a period of historic lows this April and May due to the pandemic. Almost 1 million jobs were added back to the Canadian economy in June, and the housing market showed signs of growing cautious optimism among buyers and sellers, as CREA noted. Further, as July 1 approached, ...recently announced changes to the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance borrowing criteria loomed, which may have incentivized certain buyer segments to accelerate their search. As such, national home sales improved 63% since May, and there was a 49.5% monthly spike in new listings. Average home prices rose 6.5% nationally year-over-year (y-o-y) to almost $539,000 in June. See more

#TorontoRentDrop

Zoocasa found that after hitting a trough in April, sales and new listings for detached houses in all five GTA regions rose steadily through May and June. In each GTA region (City of Toronto, Peel Region, York Region, Durham Region and Halton Region), the gap between 2020 and 2019 sales was widest between early April and early May, with sales dropping by as much as 75%. In every region, the extensive sales gap started to close by the latter half of May, and by mid-June, sales even outpaced 2019 levels for the same period in some GTA markets like Halton and Durham. In June, new listings recovered to at least 75% of last years levels in each GTA region. This followed a steep drop in listings between early April and early May in every region; as low as 26% of 2019 levels in York Region, where new listings were most impacted.

TORONTO The government-backed Canada Mortgage and Housing Corp said on Thursday it would tighten rules for offering mortgage insurance from July 1, after forecasting declines of between 9 per cent and 18 per cent in home prices over the next 12 months. The move would make it harder for riskier borrowers, who offer down payments of less than 20 per cent, to access CMHCs default mortgage insurance. CMHC is establishing a minimum credit score of 680 instead of the current 600..., the group said in an emailed statement. It will also limit total gross debt servicing ratios to its standard requirement of 35 per cent of annual income, compared with a threshold as high as 39 per cent currently, and total debt servicing to 42 per cent versus as much as 44 per cent now.

#BankOfCanadaCutsRate

At Mortgage Architects, we recognize that many homeowners may be looking for guidance around mortgage financing. We are committed to updating you on the current... climate and how the recent COVID-19 developments may impact your mortgage, now or in the future. Visit https://www.mortgagearchitects.ca/news/covid-19, or connect with a Mortgage Architects broker in your area for more information. See more

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to percent, effective Monday, March 16, 2020. The Bank Rate is correspondingly 1 percent and the deposit rate is percent. This unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canadas economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices. It is clear that the spread of the coronavirus is having serious consequences for Canadian families, and for Canadas economy. In addition, lower prices for oil, even since our last scheduled rate decision on March 4, will weigh heavily on the economy, particularly in energy intensive regions

#CanadianInterestRateCutsExpectedInMarchAndApril

Any major changes to your credit score during the home buying process could potentially get your mortgage denied and lead to losing your dream house.

This change is notable as it will materially reduce the threshold these borrowers need to qualify at in order to obtain home financing, as the rates offered by lenders for insured mortgages are typically much lower than the posted rates at the big banks; for example, the current BoC rate sits at 5.19%, while many lenders offer insured mortgage rates today below 3%. In fact, if the new median rate was made available now, it would sit at 4.89%.

#BiggerTaxRebate

Canadas housing market improved for the 9thmonth in a row in November, with strong gains in both sales and price growth a trend thats expected to continue into 2020.

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In Toronto it's difficult to get housing into its "yellowbelt" neighbourhoods. Now there is a growing chorus of policy-makers, planners, advocates and experts pushing to change that. Subscribe & Get an Exclusive Offer https://bit.ly/2BGhgE8

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