• Guelph Weekly Home Sales Report Blog

    Wednesday, November 15, 2017   /   by Aidan Forsythe

    New Mortgage Rules Coming in 2018. Are you Prepared?

    On October 17, 2017, the OFSI (Office of Superintendent of Financial Institutions) from the Canadian Government announced new mortgage rule changes to take effect on January 1, 2018. Under these new rules all borrowers regardless of the downpayment amount are subject to a "Stress Test" when qualifying for a mortgage for a purchase or a refinance. 

    This "Stress Test" means borrowers must qualify at either the benchmark rate of 4.99% set by the bank of Canada or the actual (contract) rate + 2%, whichever is greater. The effect of this for most borrowers is a reduction in purchasing power by 15-18%. 



    Prior to the announcement of these new rules, only borrowers with less than 20% down were subject to this stress test. Given this, it is very important if you are considering a purchase, move up for even a refinance that you contact a mortgage professional for a pre-approval as soon as possible so they can advise on how these new rules will impact you. 

    The good ne ...

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      guelph homes, guelph real estate, luxury homes, mortgages

    Wednesday, November 15, 2017   /   by Dustin Davis

    New Mortgage Rules Coming, Are You Ready?

    On October 17, 2017, the OFSI (Office of Superintendent of Financial Institutions) from the Canadian Government announced new mortgage rule changes to take effect on January 1, 2018. Under these new rules all borrowers regardless of the downpayment amount are subject to a "Stress Test" when qualifying for a mortgage for a purchase or a refinance. 

    This "Stress Test" means borrowers must qualify at either the benchmark rate of 4.99% set by the bank of Canada or the actual (contract) rate + 2%, whichever is greater. The effect of this for most borrowers is a reduction in purchasing power by 15-18%. 



    Prior to the announcement of these new rules, only borrowers with less than 20% down were subject to this stress test. Given this, it is very important if you are considering a purchase, move up for even a refinance that you contact a mortgage professional for a pre-approval as soon as possible so they can advise on how these new rules will impact you. 

    The good ne ...

    Read More


      guelph homes, guelph real estate, luxury homes, mortgages

    Friday, August 25, 2017   /   by Paul Fitzpatrick

    Economics 101

    Issue: 65 August 25th, 2017


     


    Guelph Weekly Sales Reports


    Depending on which side of the transaction you are on you will have a varying perception of what the Guelph real estate market is doing.


    Many of our firms buyers have been smiling recently.  Buyers have been cautious since July, backing away from competing on most properties and have shown incredible patience when compared to April and May.  Expectations with many buyers and agents that predominantly work with buyers, is that prices will retract a bit more as inventory levels continue to climb. Many buyers are hoping for a steeper price pull back and more inventory in order to set the stage for a strong buyer's market.


    Sellers on the other hand have shown equal patience in holding onto their price expectations.  This is evident in the days on market stats as they climb toward 30 days and beyond.  Market sales over the past 4 weeks have been strong in some neighbourhoods but ...

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      guelph homes, guelph real estate, luxury homes