What do Ontarians really think of the current real estate market? OREA has partnered with global research firm, Ipsos Reid, to develop The Ontario Home Ownership Index, revealing the latest market outlook and home ownership trends.
Did you hear that the Government of Canada is changing CHMC Mortgage Premiums?
Federal Finance Minister Bill Morneau announced changes to the rules for government-backed mortgage insurance.
Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged.
For example, on a $625,000 property (2015 average GTA price), Buyers will now require a minimum of 6% down, an additional $6,250.
If you have any questions on how it may affect you, please call us today 647-833-3287 The Nikolay and Tatiana Team