February 2016

Found 3 blog entries for February 2016.

For a long time, homebuyers in Canada looking to purchase properties for over $1 million have been required to put down at least 20% before acquiring a mortgage. Those buying less expensive properties were, however, allowed to put down as little as 5% of their home’s purchase price before getting a mortgage. Now, thanks to new rules implemented by the Canada Mortgage and Housing Corporation, that down payment requirement will go up from 5-10% for people buying homes valued between $500k and $1 million.

So if you’re buying a $900K home, you’ll now have to put down at least $90K instead of the $45K you previously would have been able to get away with as your up-front payment. And if you’re buying a $1million home, you’ll have to come up with at least

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Calgary may not be experiencing a boom in its real estate market, but new figures coming out of Vancouver prove that an exploding market is not quite as wonderful as it may initially seem.

According to data collected by Demographia, a U.S.-based consultancy, Vancouver is now the third-least affordable city in the world in which to live (it is the number one least affordable city here in Canada).

For the purpose of the survey, affordability was calculated as follows: divide the median home purchase price by the median income in any given city; the multiple produced shows how much you need to earn above the average income in order to buy a home. In the least affordable city in the world, Hong Kong, residents needed 19 times the average income to buy

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When the market gets tough, sometimes you need to go that extra mile to get your home sold. I’ve seen people include high-end furnishings, cars and even prized artwork in their listings, all in the name of a sale.

In case you’re thinking these bonus incentives are only for listings that are tough sells-think again: I just came across an amazing listing in the incredibly hot Miami market that takes add-on incentives to a whole new level.

To begin with, this property is a rare jewel: situated in the Tony Bal Harbour neighborhood (on one of only two inlets in Miami Beach), the 17,000 square foot home was designed by award-winning architect Chad Oppenheim. The pool on the property is 75 feet long and its floor was constructed from one giant piece of

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