Four mortgage trends to watch in 2016, like more missed payments and private lending
Posted by Steve Harmer on
Mortgage rates weren’t supposed to make record lows in 2015, not if you asked economists and the Bank of Canada two years ago. But they did. And despite all the chatter about the first U.S. rate hike since 2006, Canadian rates could do it again in 2016.
But interest rates won’t be all that’s changing in the coming 12 months. Here are four mortgage trends you need to watch in 2016.
More missed payments?
Seemingly every year the government throws new rules at the mortgage market, lending gets tighter and the housing market gets safer. But one thing Ottawa can’t control is world economics. Despite manufacturing gains from a cheap loonie, global growth is slowing. That and plunging oil means more Canadians could be out of work, and when people lose…
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The Canadian Real Estate Association has updated its forecast for 2016, with two provinces expected to lead the way.
Two out of three adult Canadians do not have a will. One out of four Canadians will die suddenly. You can’t take the risk that the Canada Revenue Agency or your provincial government will end up with your money because of poor tax planning and lack of a will. However, there are some classic pitfalls to avoid when preparing your will and doing your estate planning.
Spring is the busiest selling season when it comes to real estate and the latest headlines show that even with the significantly lower price of oil, homes in Toronto and Vancouver are selling like hotcakes. (Real estate in other cities across Canada have already experienced a cooling market, prompting confirmation of the predicted soft landing I discussed back in December.)
Thousands of homeowners speak to their real estate agent this time of year to consider their sale options — typically for the spring. It takes a few months for the agent and seller to plan and prep to list the home, so starting now makes sense. There's a common misconception that the only time to buy a home is in the spring and summer, with plenty of homes on the market, you're bound to find the right house, but if you just can't wait, don't fret. Here's why you should reevaluate your idea of the home buying seasons.