Canadian Real Estate News Headlines (June 12th 2019)

Hello everyone. How are you?

I provide you with Canada’s news headlines for real estate news for today.

Canadian Housing Starts Fall By 13.3 Per Cent In May: CMHC 

Canadian housing starts continue to be rocky. After a huge 23 per cent spike in April, the number of new builds slowed their pace in May, the Canada Mortgage and Housing Corporation reports. 

Housing starts dropped from 233,410 units in April to 202,337 units in May. That’s a 13.3 per cent decline in the seasonally adjusted annual rate.

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Hamilton among the best places to buy real estate in Canada, magazine says

Hamilton is among the top 10 places to buy real estate in Canada.

That’s according to MoneySense Magazine.

The publication says Hamilton is the seventh-best real estate market in the country, with Corktown listed as the best neighbourhood to buy a house, followed by Stinson, Beasley, Hamilton Centre and Crown Point East.

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Regulator defends mortgage stress test in face of pushback from industry

Canada’s top federal banking regulator says a stress-test for uninsured mortgages is “working,” but that it is still keeping an eye on lending practices.

The Office of the Superintendent of Financial Institutions published an information sheet on Monday for its B-20 guideline, which covers residential mortgage underwriting practices.

A revision to the guideline came into effect at the start of 2018 and included a minimum qualifying rate for mortgages not insured against default. The rate is set at whichever is higher: the Bank of Canada’s five-year benchmark rate or the rate on a borrower’s contract plus two percentage points.

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Immigrants less likely to own single-detached houses, StatsCan report finds

Immigrants own proportionally fewer single-detached homes than Canadian-born residents, a new report has found, but in Vancouver, the ones they do own likely come with a higher sticker price.

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