Mortgage carrying costs to rise 8% next year

Scotiabank is forecasting a big bump in mortgage carrying costs:

New buyers can expect home ownership to become even less affordable next year as mortgage costs rise, while current owners will be largely insulated from higher rates.

Add it all up, and the bank forecasts that Canada’s housing market seems to have “peaked” and is expected to cool down from its recent breathtaking pace.

Read the full article here.

CMHC looks to make mortgages easier to get

The CEO of the Canadian Mortgage and Housing Corporation has said that requiring new Canadians and the self employed to prove income is ‘discriminatory’ and they are looking to make mortgages easier to get:

“Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can’t do that,” Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The Canadian Press.

“It discriminates against entrepreneurs, as well, because they can’t prove their income as well, so we’re looking at our own policies to try and make sure that there is more equity in our mortgage insurance programs,” he said.

Read the full article here.

Friday Free-for-all! September 29 2017

It’s that time of the week again, time for another Friday Free-for-all!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

what happening with housing policy?

what could be done for housing?

20% of homeless have jobs

risk of housing bubble

lose 25% of buying power?

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an amazing weekend!

Vancouver leads nation in low income families

We’re number one when it comes to inequality and percentage of low income families!

The study was released following recent discussion in the Lower Mainland about the under-reporting of income for tax avoidance. There are areas in north-west Richmond that are sharp anomalies, with very low-income levels despite high home values.

But, Yan emphasizes, the study also highlighting pockets of low-income populations throughout Metro Vancouver and, increasingly, the suburbs, where there are higher levels of poverty compared to the rest of Canada.

Others who have looked into the census data agree that both dynamics are at play.

Read the full article here.