Last week the Canada Mortgage and Housing Corp (CMHC) announced an increase in its mortgage default insurance applicable to Buyers who pay less than 10% of the downpayment while purchasing a property. This increase is set to come into effect as of June 1st and does not apply to mortgages currently insured by the CMHC. What is Mortgage Insurance? Much …
Read More »First-time buyers driving force in Canada’s residential real estate markets, says RE/MAX
Entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada, according to a recent report released by RE/MAX. The 2009 RE/MAX First-Time Buyers Report, highlighting first-time buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and …
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