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Archive for the ‘Need to Know’ Category

Department of Finance Announces New Mortgage Rate Stress Test

Thursday, October 13th, 2016

Recently, Canada’s Department of Finance announced new measures related to the housing market to address long-term housing affordability.

 
1] All new mortgages that are insured – whether high or low ratio -will be subject to a mandatory mortgage rate stress test. For example, all insured mortgages will be tested at the higher rate (latest Bank of Canada 5 year fixed rate – 4.6%), instead of the lower market rates which are generally available (2.5%).

 
**Prospective buyers who may have qualified for a mortgage prior to these rules may not be able to qualify now at that same sale price.

 
2] Regulators are banning a wide array of mortgages from being insured. (thereby limiting options for prospective buyers)

If you are currently in the market to buy a new home it may be a good idea to sit down once again with your banker or mortgage broker to discuss how these changes affect you.

The Importance of Home Inspections

Monday, February 29th, 2016

home-inspection1

When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues.” After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.

That being said, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”

However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement.

But you won’t pick up all the issues a home inspector can.

Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components — and then report the findings to you.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So getting one is highly recommended — even for recently built homes.

A good REALTOR® can recommend a trusted home inspector for you.

Looking for more ideas on making smart decisions when buying a home? Call today.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. Trademarks used under license from CREA.
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