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Monday , 22 December 2014
  • Freddie Mac gives American home buyers a nice Christmas gift

    Freddie Mac gives American home buyers a nice Christmas gift

    Here’s news that would make Canada’s finance guardians wince and wag their fingers at us, and many would-be home buyers jump for joy: a 3 per cent down payment mortgage. The US government-backed mortgage agency known as Freddie Mac will offer the deal, called Home Possible Advantage, beginning in March, 2015. It says it is doing so to increase access to mortgage credit for low- and moderate-income earners and first-time buyers who don’t have a bigger down payment. As anyone who has gone through it knows, saving a sufficient down payment in an expensive housing market like Toronto or New York is one of the biggest obstacles to buying a home. In the US, 20 per cent is the standard down payment required. For a person looking to buy a home costing $500,000, that would mean saving $100,000, which must seem impossible to most people. The US Federal Reserve found ... Read More »
  • Groundbreaking ceremony at 101 Erskine condos from Tridel

    Groundbreaking ceremony at 101 Erskine condos from Tridel

    Tridel announced this week that preparations for construction are now underway on its mid-town condos, 101 Erskine. The architectural, engineering and construction drawings are finalized, says the announcement, and the excavation equipment has arrived on site. The official groundbreaking ceremony has taken place. From an urban planning perspective, important both for those who intend to live in a particular neighbourhood and for those who may consider investing in it, 101 Erskine is extremely well located. The Yonge and Eglinton neighbourhood is a textbook example of good mixed use development. Erskine Avenue itself has a long-standing mix of single-family dwellings and apartment buildings. Both Yonge Street and Eglinton Avenue provide a rich mix of retail, entertainment, dining and office space. The surrounding streets, this being an old established neighbourhood, have schools, churches, parks and other community assets. It is the kind of neighbourhood in which it is possible to take care of ... Read More »

Recent Posts

  • Peer-to-peer lending slow to take off in Canada

    Peer-to-peer lending slow to take off in Canada

    In Britain, they are predicting that the practice will “revolutionise” the mortgage industry. In Australia, where it is still new, they’re talking about “upsetting the applecart.” In the US, where it is well established, they make it sound as wholesome as mom and apple pie: “We help lenders make loans they feel good about.” And in Canada, where we take our finances very seriously, it will be “displacing traditional financial intermediaries.” “It” is peer-to-peer, or P2P, lending. Despite the talk of revolutionising the mortgage industry, it is still very small, so small that it doesn’t even show up in a pie chart representing the Canadian mortgage market by share of lenders. Banks have about 75 per cent of the approximately $1.2 trillion Canadian mortgage market locked up. P2P is still young, however; the first lender in Canada was IOU Central, which launched in 2008. But the mortgage world, and lending ... Read More »
  • Construction industry needs BIM to spark innovation

    Construction industry needs BIM to spark innovation

  • Lowest rate not the only feature to look for in a mortgage

    Lowest rate not the only feature to look for in a mortgage

  • Household debt higher, net worth too: Statistics Canada

    Household debt higher, net worth too: Statistics Canada

  • Execs don’t like texting at meetings: survey

    Execs don’t like texting at meetings: survey

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