Home Prices Expected to Climb in 2024 CREA | Budget & Housing Plan | Rev Can to Confirm Income

View this email in your browser I hope this message finds you well. I'm thrilled to share some fantastic news that will significantly impact first-time homebuyers across Canada. The federal government has recently announced several initiatives aimed at making homeownership more accessible for first-time buyers.  Starting August 1st, first-time homebuyers purchasing newly built homes will be eligible for 30-year amortization periods on insured mortgages. This extended period provides greater flexibility in managing mortgage payments, easing the financial burden for those embarking on their homeownership journey.  So Let's Break This Down...  Consider the following example:  ●  $750,000 purchase price for a new build ●  Minimum down payment of $50,000 ●  5 year fixed rate of 4.99% Under the current rules with a 25 year amortization, your mortgage payment would be $4,230. With the new rules and a 30 year amortization, your mortgage payment would be $3,881. That's $349 in monthly savings!  This rule change will also provide eligible homebuyers with an additional 5% in purchasing power. For instance, on a $750,000 home purchase, the minimum household income requirement decreases from $179,062 to $169,689.  Contact Me if You Have Questions!  Have questions about these rule changes or want to discuss your options? Please reach out to me for personalized guidance - I'm here to help!  What cottagers need to know about housing affordability measures in the new federal budget (Cottage Life) Here’s how much house prices have increased in 10 years in Ontario (Insauga) Real estate investors, cottage owners could be hit with bigger tax bill following Ottawa’s capital gains change (Toronto Star) Cambridge holds out hope for provincial cash for reaching housing targets (CBC News) 50% of Guelph listings are now condos (Guelph Today) Financial Post – ‘Don’t drag your feet’: Some cottage owners face big decision after budget's tax change National Post – Ontario’s housing supportive infrastructure will benefit from provincial and federal support to increase housing supply Toronto Star – Real estate investors, cottage owners could be hit with bigger tax bill following Ottawa's capital gains change CBC Kitchener Waterloo – Cambridge holds out hope for provincial cash for reaching housing targets Micro-units: A chance to rethink urban living, prioritize affordability & build a better Toronto for all (Real Estate Magazine) Budget 2024 housing highlights: capital gains inclusion rate on secondary homes rises to 66.7% (Canadian Mortgage Trends) Housing starts down seven per cent in March from February: CMHC (Canadian Mortgage Trends) New report suggests Canadian households are turning to 'creative solutions' to get into housing market (CTV News) Does Budget 2024 make it easier to buy a first home in Canada? (Global News) Solving shortage of construction workers key to housing growth: experts (The Hamilton Spectator) Mortgage interest still driving inflation, as overall rate nudges up to 2.9% (CBC News) Asking rent prices in March up 8.8% from year ago, but down from February: Urbanation (Canadian Mortgage Trends) Some fixed mortgage rates are up despite hints of Bank of Canada cuts. Why? (Global News) Sky-high mortgage rates aren’t just crushing homebuyers: Nearly 8 in 10 sellers regret missing the hottest market in decades, survey shows (Yahoo! Finance) The dirty secret of the housing crisis? Homeowners like high prices (Radio Canada) Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud (Canadian Mortgage Trends). The full announcement can be found here. Home prices expected to climb 4.9% in 2024 as sales rise last month: CREA (Canadian Mortgage Trends) Toronto Star - A Toronto condo sat on the market for months — then the seller tried open bidding. It sold in just over a week CBC News – Do Ottawa's proposed capital gains tax changes affect inherited properties? Financial Post – Canada's budget 2024: Housing strategy could inflict short-term pain, say industry watchers Financial Post – Canadians boosting down payments with family money to enter housing market Financial Post – Pain of Canadians' mortgage payment shock is not over — not by a long shot Financial Post – Ottawa hikes capital gains tax to raise billions for housing Globe and Mail – RBC economist Robert Hogue on where housing prices are heading - and why affordability won’t make a quick return Fixed mortgage rates are rising. What’s the deal? (Canadian Mortgage Trends)Fraud Hitting Canadian Auto and Mortgage Sector (Morning Star) "Success is not final, failure is not fatal: It is the courage to continue that counts." – Winston Churchill We are ready to help you achieve your real estate and mortgage goals. Don't hesitate to contact me for personalized assistance and expert advice. Have a great weekend! d   Check out this view from 7th Heaven on Blackhomb Mountain Fitness Progress Video    Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com  |  SearchBestMortgages.com  

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Federal government announces their Housing Plan

The Canadian government has released Canada's Housing Plan. What follows is the TL;DR overview - for the detail click here.   1) Build more homes: •Introducing an Accelerated Capital Cost Allowance for apartments •Expanding the removal of federal taxes (GST) for rental housing •Increasing the annual limit for Canada Mortgage Bonds •Providing low-cost loans to build apartments for the middle-class •Making the Apartment Construction Loan Program easier and faster to use •Launching Canada Builds, a team Canada approach to building affordable homes for the middle class, including on under-utilized public lands across the country •Building homes on top of shops and businesses •Launching a Historic Public Lands for Homes Plan •Modernizing housing data •Offering low-cost financing for homeowners to add additional suites •Further incentivizing density to existing homes •Investing in Indigenous housing and infrastructure •Supporting Indigenous people living away from their communities in urban, rural, and Northern areas •Helping municipalities legalize housing and streamline approvals •Attaching housing conditions on public transit funding •Building the necessary infrastructure to support growing communities •Leveraging the Canada Infrastructure Bank •Implementing an industrial strategy for home building •Introducing a standardized housing design catalogue •Scaling up new tech to build new homes •Investing in new approaches to home building •Providing low-cost loans to prefabricated housing projects •Simplifying the way that Canada builds homes •Making building codes digital •Training the next generation of skilled trades workers •Improving labour mobility to connect more people to opportunity   2) Make it easier to rent or own a home: •Launching a Tenant Protection Fund •Creating a new Canadian Renters’ Bill of Rights •Leveraging rental payment history to improve credit scores •Extending mortgage amortizations for first-time buyers buying newly built homes •Strengthening the Canadian Mortgage Charter •Leveraging the Tax-Free First Home Savings Account •Increasing the Home Buyers’ Plan withdrawal limit •Extending the grace period to repay Home Buyers’ Plan withdrawals •Making home cheaper to heat, and easier on the environment •Helping municipalities enforce regulations limiting short-term rentals •Removing tax deductions for certain short-term rental operators •Extending the ban on foreign home buyers •Combatting mortgage fraud •Cracking down on real estate fraud •Confronting the financialization of housing   The Canadian Real Estate Association has applauded the Plan - read their press release here.   MPC’s official press release on the 2024 Budget can be found here.   The federal government’s full statement on the 2024 Budget can be found here.  

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Relief for First Time Home Buyers | Check out the Brantford Fun Guide | Brantford Housing Statistics | 30 year Amortizations

View this in your browser   The Government of Ontario announced the Cutting Red Tape to Build More Homes Act, the Province’s sixth piece of housing legislation since 2018.OREA is pleased to see progress on several important solutions from our recent housing supply report and our advocacy on modular construction, aimed at streamlining approvals and getting more homes built. While we commend the actions put forward in this legislation, we hope to see the Province go further to accomplish the goal of building 1.5 million new homes by 2031.Read the full statement here. Ford government unveils sweeping new changes to housing rules (Global News) London Free Press – How's this for a move-in bonus? Buy a house, get a Tesla Hamilton real estate market shows signs of balance for first time in a decade (Hamilton Spectator) Here is where you can buy a home for under $500K in Ontario (insuaga) Brantford Expositor - Brant County landowners could face drainage bill of up to $50,000 Brantford Expositor - New safety measures to be added at Wilkes Dam Brantford Expositor - Residents pan apartment building proposal in BrantfordTracy ValkoStarting August 1st, first-time homebuyers purchasing newly built homes will be eligible for 30-year amortization periods on insured mortgages. This extended period provides greater flexibility in managing mortgage payments, easing the financial burden for those embarking on their homeownership journey. This rule change will also provide eligible homebuyers with an additional 5% in purchasing power. For instance, on a $750,000 home purchase, the minimum household income requirement decreases from $179,062 to $169,689. Beyond the updates on purchasing new builds, the federal government has also addressed various aspects of housing affordability. 📈 Increase in RRSP withdrawal limit for first-time homebuyers from $35,000 to $60,000, starting April 16. 💼 Budget focusing on housing measures to be unveiled on April 16. ⏰ Repayment period for RRSP withdrawals extended to five years from two, for withdrawals between January 1, 2022, and December 31, 2025. 💰 Over 750,000 First Home Savings Accounts opened since last year, offering a tax-free savings option for home down payments up to $40,000. BREAKING NEWS - The Bank of Canada has left its benchmark rate unchanged at 5.00%  As expected, the Bank of Canada has left its overnight target rate unchanged at 5.00% today. In its statement, the Bank said, “While inflation is still too high and risks remain, CPI and core inflation have eased further in recent months. The Council will be looking for evidence that this downward momentum is sustained.” In its latest forecast, the Bank said it expects headline inflation to remain near 3% for the first half of this year before moving below 2.50% in the second half and reaching the 2% inflation target in 2025. This is the Bank’s sixth consecutive rate hold, though expectations are that rate cuts will be forthcoming by the middle or second half of the year. The next rate announcement is scheduled for June 5th, 2024.    Read Bank's Full Statement Here READ THE MONETARY POLICY REPORT The federal government announced it will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes! CBC News - Freeland announces housing affordability measures for first-time buyers, current owners Strong U.S. inflation could delay rate cuts on both sides of the border (Canadian Mortgage Trends) What's the most expensive home you could afford? (CBC News) Overbidding wave sweeps the GTA’s housing market in March (Real Estate Magazine) Mortgage Minute: Your questions answered (CTV News) Canadian Mortgages Just Had One of The Slowest Quarters Ever (Better Dwelling) A ‘weird’ March shows real estate market still off balance (The Globe and Mail) What to expect from the spring housing market (CTV News) Spring housing market surge unlikely as affordability, cost of living weigh on buyers (Canadian Mortgage Trends) Canada’s unemployment rate surges in wake of strong population growth (Canadian Mortgage Trends) 'Extremely stressful for Canadians’: Housing affordability unlikely to improve anytime soon, RBC says (Toronto Star) Financial Post – Home prices set to hit record in 2026 amid unrelenting demand: CMHC Financial Post – Surge in luxury home sales signals stronger spring market, Re/Max says Globe and Mail – Home prices could reach peak levels by next year, set new highs in 2026, CMHC report shows Canadian Mortgage Professional – Homebuyers ready to return – report Population surge and the impact on housing (Global News) Bloomberg - Canada to Cut Temporary Residents by 20% Over Three Years Canada likely to avoid recession, begin recovering in second half of 2024 (City News) Canada’s luxury property market going strong as buyers benefit from lower prices (Real Estate Magazine) Near-term inflation expectations remain high, BoC surveys show (Canadian Mortgage Trends) Financial Post – Canada to allow 30-year mortgages for first-time homebuyers Financial Post – RBC urges Canada to prioritize construction skills in immigrants to tackle housing crisis Globe and Mail – First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change Globe and Mail – Canada’s housing crisis poised to worsen without major reforms, RBC report says Toronto Star – Entry to housing market feels out of reach for 76% of non-owners: CIBC poll Storeys – No regrets: Vast majority of Canadian homeowners don’t have buyers’ remorse Canadian Mortgage Professional – Why Multiple Listing Service Canada is a game-changer for agents and brokers Check out this view from 7th Heaven on Blackhomb Mountain Fitness Progress Video    Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com  |  SearchBestMortgages.com  

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