ERIC  GLAZENBERG

ERIC GLAZENBERG

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Sutton Group - Admiral Realty Inc., Brokerage *

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ERIC GLAZENBERG's blog

Change coming to Canada's mortgage stress test

Ottawa, February 18, 2020 - The federal government is changing the stress test rate for insured mortgages starting April 6.  These are high-ratio mortgages where buyers are making less than a 20% down payment.

The new minimum qualifying rate will be the greater of the borrower’s contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. (Insured mortgages are those in which the borrower has less than a 20% down payment. They’ve been subject to the stress test since 2016 .)

RBC: Toronto Real Estate Market is Heating up Like Early 2016

Toronto, February 10, 2020 - The housing market in Toronto is starting to look a lot like it did in early 2016 warns a new report.

GTA REALTORS® Release January 2020 Stats

Toronto, February 5, 2020 - TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 per cent compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8 per cent compared to December 2019.

2019 Begins "New Era" in GTA Rental Market History Says Urbanation

Toronto, January 20, 2020 - The supply of purpose built rental homes in the Greater Toronto Area was soaring at the end of last year.

Urbanation’s figures for Q4 2019 show that there were 12,367 units under construction by the end of the quarter, the highest level since the 1970s when modern rent controls were enacted.

GTA REALTORS® Release December & Annual 2019 Stats

Toronto, January 7, 2020 -  Toronto Real Estate Board President Michael Collins reported that December 2019 residential sales transacted through TREB's MLS® System by Greater Toronto Area REALTORS® were up by 17.4% year-over-year to 4,399.  Total sales for calendar year 2019 amounted to 87,825 – up by 12.% compared to the decade low 78,015 sales reported in 2018.

US-Iran Tensions Could Impact Canadian Mortgage Rates

Vancouver, December 19, 2019 - The increased tension between the US and Iran following the sudden airstrike that killed a top Iranian general is set to help maintain lower mortgage rates.

Any escalation of conflict typically drives investors to buy US-backed bonds and mortgage-backed securities, leading to lower mortgage rates both in the US and in Canada.

Canadians are cutting back on debt amid fears of recession

Toronto, January 2, 2019 - Most Canadians held back from increasing their debt burden in 2019 and 1 in 5 say debt repayment is their top financial priority for 2020.

A new poll from CIBC has discovered that 71% are concerned about paying more for household goods in the next year while 55% are worried about a potential recession.

CRA Acts Against Real Estate Tax Evasion in British Columbia

Vancouver, December 19, 2019 - The Canada Revenue Agency continues to ramp up enforcement action against those believed to be involved in real estate related tax evasion.

Fitch: Canadian Mortgage Performance To Remain Stable In 2020

Canadian mortgage lenders shouldn’t worry too much about the performance of their loans in 2020 according to a new report from Fitch Ratings.

TORONTO, December 18, 2019 - The firm says that performance should remain solid next year as strong employment, projected income growth, and low interest rates support mortgage performance across North America.

For Canada specifically, a slight increase to 0.3% is forecast, but this is near historic lows.

The Multiple Offer Strategy From A Seller's Perspective

TORONTO, December 16, 2019 - If you're a home owner looking to sell in the new year, one strategy recommended by many realtors involves setting up your home listing for multiple offers.  While this approach can pay dividends if executed properly, it also runs the risk of backfiring, potentially causing a listing to fail at its initial attempt at selling.

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