Amortization – this is the length of time it will take to pay off a mortgage in full, and is calculated using the principle and interest. A typical amortization period for new buyers is 25 years. Conditional Offer A conditional offer is an offer made on a property where certain conditions must be met prior to the contract becoming binding. Most common conditions are financing, home inspection and condo document review, but can also include a sale of buyer’s home condition, well water and septic test conditions, or even getting a pet approved in a condo purchase! If these conditions are satisfi ..read more

March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month. “We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie ..read more

We don’t hear much about mortgage fraud, but it has been increasing in frequency, and it is important to know the red flags to watch out for, and how to protect yourself. Red flags: Someone offers you money to use your name and credit information to obtain a mortgage You are encouraged to provide false information on a loan application You are asked to leave signature lines or other important areas on a loan application blank The loan amount on the mortgage is significantly higher than the value of the property The mortgage has been refinanced several times and in each instance, the loan amoun ..read more

Low inventory and high demand drive price gains in February New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79 per cent, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year. “Purchas ..read more

January sales rose to 1,650 units, a significant gain over last year's levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000. The rise in new listings relative to sales did little to change the low inventory situation in the city.  With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month. "Supply challenges have been a ..read more

A conditional sale is when a buyer is in the process of buying a home. The buyer and the seller have come to an agreement on purchase price, terms and conditions, and now the buyer must do their due diligence to make sure they can afford the home (financing condition), that the condo documents are satisfactory (condo document review condition) or that the home inspection is favourable (home inspection condition). They may have additional conditions depending on their circumstances and the type of property they are purchasing. The length of time the property will be under contract depends on th ..read more

Moving into 2024, we anticipate that potential buyers who were previously on the sidelines due to limited supply choices may reenter the market as lending rates ease and listings improve. At the same time, with more mortgages set to renew, we could see some gains in resale listings as existing homeowners who were previously hesitant to change their housing situation may be motivated to capitalize on rising prices and favourable seller market conditions. The combination of improved listings and heightened activity in the new home sector is anticipated to foster some growth in overall supply. Ho ..read more

Savings or Short Term Investments If you've saved for your down payment, you may need to show three or more months of banking history, and explain any large deposits during this time period. Copies of statements for other investments and savings accounts may also be required. Monetary Gift If you have been gifted your down payment, you may have to provide a letter stating that the gift given is from an immediate relative (parent or sibling) and that the gift is not repayable.  You also need to confirm that the funds are in your possession at least 15 day ..read more

New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000. Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months. “Like other large cities, new listings have been increasing,” said CREB ..read more

Step 1: Getting Pre-approved for a Mortgage Once you have decided to purchase a property, you need to speak to a mortgage professional and get pre-approved for a mortgage. Preapproval is a tentative approval from a lender for a mortgage based on your qualifications (i.e. income, amount of down payment, debts) made in advance of your purchase. It does not guarantee you will qualify for a mortgage, as circumstances may change prior to finalizing a mortgage. It is crucial to know how much you qualify for before you begin shopping, so you can focus your time on the properties you can afford. Your ..read more