Stress Test Rate Change 

If you are in the market for a new home, you may have already noticed some changes with your pre approval or mortgage rate when qualifying for a new home. Since June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The process of of approving an uninsured new mortgage against a qualifying interest rate is known as a stress test and is meant to ensure you can still pay your mortgage even if rates rise. In either case borrowers will need to prove they can afford payments based on the higher of the contract rate plus 2% or a new floor rate of 5.25%, up from the current 4.79%. Currently, the qualifying rate is your contract interest rate plus 2% or…

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Canadians invest in home renovations to improve quality of life, not to add value in current Canadian real estate market

  • Challenging Canadian housing market conditions put additional importance to home renovations since the start of COVID-19, both for those looking to stay and those selling
  • More than half of Canadians renovated their home in 2020 with the intention of living in it, with 29% renovating to enhance their lifestyle for non-essential reasons (aesthetic and/or recreational purposes) and 29% doing so for essential reasons (safety and maintenance)
  • Only 16% of Canadians said they renovated to increase the market value of their home in order to sell within in the next one to three years 

A new report by…

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The average cost to build a house in Canada ranges from $120 to $195 per square foot for a detached home. For many Canadians, the dream of building a home is more appealing than just buying one. Building a home comes with many benefits, and if we’re being perfectly honest, some headaches.

What is the cost to build a house in major Canadian cities?

When it comes to the average cost to build a home in Canada, according to Altus Group’s 2021 Canadian Cost Guide, the price per square foot for a detached home in major Canadian cities is as follows:

  • Vancouver: $145 – $265
  • Calgary: $125 – $195
  • Edmonton: $125 – $195
  • Winnipeg: $120 – $185
  • Greater Toronto Area: $140 – $240
  • Ottawa: $120 – $200
  • Montreal: $105 – $175
  • Halifax: $90 –…

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