With all the talk about the international investors driving the market, we thought you’d enjoy some simple and straight-forward answers. Here are the top 4 questions on foreign investor market, covered in the last report […]
The Canada Mortgage and Housing Corporation (CMHC) announced on Monday the results of the Rental Market survey. During the period from October 2015 to October 2016, supply and demand rose by similar proportions, allowing the […]
News on the national real estate market starts and sales can now be found at the CMHC’s website. According to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Housing Market Outlook, Canada Edition, we are […]
Canada Mortgage and Housing Corporation’s (CMHC) 2009 Mortgage Consumer Survey results were released last week, and indicate that nearly 90% of recent home purchasers across the country believe that home ownership is a good long-term investment and that almost 70% think that now is a good time to purchase a home in their community.
Buyers are knowledgeable about the mortgage process and their lender’s assessment of eligibility. For example, 86% are of the view that the level of total housing and other monthly payments should generally not exceed 40% of gross household income, which is in line with generally accepted mortgage lending practices.
Recent buyers are prudent mortgage managers.
According to the survey, 75% of purchasers have a goal to be mortgage free sooner than their original amortization. In fact, 20% of recent purchasers report having made a lump sum payment to their mortgage.
CMHC (Canadian Mortgage and Housing Corporation) is now offering a 10% refund on the Mortgage Insurance Premium when purchasing a energy-efficient property. There are several green projects in the market right now, we’ve talked about […]
In 2009 the Montreal Real Estate market will become gradually more balanced, according to the CMHC 2009 market forecast.
Given that sales will fall and listings will rise, the market will ease slightly over the coming year. Average resale prices will continue to increase, but more slowly than in recent years.
A higher proportion of condominium sales will take place in the suburbs and in the less expensive sectors on the Island of Montréal, which will contribute to limiting the growth in prices. For the market overall, prices will therefore rise by 4 per cent in 2008 and by 3 per cent in 2009. Still, on the whole, the market will remain favourable to sellers in the short term and gradually ease toward more balanced conditions in 2009.
Here is the breakdown of the report:
- Mortgage rates are expected to be relatively stable
- Resale market will be moderately slow
- Condominiums will maintain more demand than single family houses
- Supply of home listings with a slight increase.
- Affordable homes are expected to register increases in starts.
- Prices for single family homes and plexes will go up by an average 4 % in 2009
- Condo prices are expected to grow by 3%
Great news for home buyers. This is a clipping from the Newsletter of the Montreal Real Estate Board. The government injecting money to maintain the market growing, although no news for the 40 year mortgage […]