Friday, April 30, 2010
Stefania Moretti with QMI Agency reported recently that Tighter lending rules and rising interest rates means Canadians looking to buy their first home may face an uphill battle. New government-backed mortgage lending rules aimed at protecting Canadians from getting in over their heads with debt once rates comes off historic lows came into effect just recently. All homeowners must now qualify for a five year fixed mortgage rate, even if they are choosing a shorter term product. Other new rules on mortgage lending include higher minimum down payments on investment properties,lower refinancing maximums and eligibility changes related to the stated income program. Also self employed Canadians are only eligible for the program during their first three years of business. there is also the HST coming in July that will increase costs slighlty.
Thursday, April 8, 2010
Tuesday, April 6, 2010
The London Free Press today reported that March was another solid month for London-area home sales, boosting confidence the real estate market is back to pre-recession levels. The London and St. Thomas Association of Realtors said 859 homes sold last month, up 28% from the same month last year when the market was still in the grip of the recession. The association said the March totals were in line with average sales for the month over the last 10 years. "It's a question of recovering lost ground rather than any kind of boom," said association president Richard Thyssen While real estate crashed in most major markets last year, sales in London and St. Thomas dipped only 3.42% overall, compared to 2008. "Now, we're pretty much back where we were before the financial meltdown and gaining momentum," Thyssen said. He noted the number of homes listed for sale is also up, 20.6% for detached homes and 6.3% for condos. "That's good news for our spring market and for our local economy as a whole, given the considerable economic spin-off of real estate sales," he said.
Sunday, April 4, 2010
Wishing everyone a Happy Easter and may they enjoy this fantastic weather we are having...The beach has been busy, Main Street is a mess with the detours and construction going on and all the visitors trying to get around the town on the back streets, makes for a very busy town these days.