It seems to be on the tip of everybody’s tongue recently and I am sure will be heavily debated for months to come. There are always two sides to every story and the Harmonized Sales Tax (HST) is no different. It is an issue for a lot more than Real Estate but given what we do, thats where we will focus.
HST is applicable on NEW residential Real Estate with a purchase price of $400,000.00 or greater. The HST is not applicable on NEW homes or condos with a purchase price… Read the rest
On April 19, 2010, the Canadian Federal Government implemented changes to the lending requirements for government-backed insured mortgages. In the words of Jim Flaherty, Minister of Finance, these actions will “help prevent Canadian households from getting overextended, and… prevent some lenders from facilitating it.”
1) 5-Year Fixed Qualification Rates
Borrowers will need to qualify using a 5-year fixed rate, regardless of what term they choose (replacing the former 3-year fixed rate).
Under the new rules, all… Read the rest
