Canada’s new mortgage rules – What you need to know

On January 1, 2018, the revised Guideline B-20 came into effect, governed by the Office of the Superintendent of Financial Institutions (OSFI). The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated mortgage lenders (FRML) remain vigilant in their mortgage underwriting practices. The full outline of the revised Guideline can be found on their website.

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How do these new changes affect you?

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The Risks of Overpricing Your Home

Most real estate brokers will tell you: overpricing your home from the moment you put it on sale is asking for trouble. You have so little to gain and so much to lose. Here are the reasons why.

A seller may be tempted to ask for an exaggerated price in case a buyer, too naive to realize it or too rich to afford wasting time, finishes by taking the bait. That is wishful thinking. The odds of that happening are slim. Very slim.

Perhaps the homeowner thinks, since there is no hurry, that he will patiently wait for his price, comfortably seated at home. A buyer will eventually come knocking. Wrong!

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Perhaps the seller overestimates the value of his property or demands an unreasonable price to compliment his homeowner’s pride. No matter the case, he will regret his decision. Continue reading

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Buying a Condo: An Overview

The last article of our series on buying a condo focuses on additional information the buyer should know before signing the ultimate contract: services, property taxes, new home warranty program, developer, and insurance.

Ask the condo manager about the municipal taxes and the services offered: garbage pickup, road repairs, snow removal, etc. Are the general services included in the monthly fees? Some co-owners pay independent contractors through an additional condo service charge.

To get an idea of the property tax amount you will have to pay, contact the municipality if the building is new. In the case of a resale condo, ask the property manager to provide you with a copy of the most recent property assessment and most recent tax statement. The real estate broker may also have this information on hand. Continue reading

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Grey’s Sweet Elegance

Is it a crime to talk about a colour as dull as grey when spring is right around the corner ready to show off its vibrant colours? Not at all. On the contrary! Grey is a lively colour once you learn how to adopt it. Who knows, maybe it’s the colour you’ve been looking for!

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Grey is a neutral colour, like black and white. It is the perfect backdrop to make all the colours of the artist’s palette stand out, from lime green to yellow, followed by pink and purple. However, unlike white and black, the contrast is less intense with grey. It is much softer. Grey’s main attribute — its magical trait so to speak — is creating contrasts in a soft and cozy atmosphere. Continue reading