Canadian Real Estate News Headlines (June 25th 2019)
Hello everyone. How are you?
I provide you with Canada’s news headlines for real estate news for today.
First-Time Home Buyers Incentive Limits Torontonians To Buying Condos
The First-Time Home Buyers Incentive is meant to help Canadians with housing affordability. But unfortunately for Torontonians, the program won’t make a difference for those hoping to buy a house in the city.
That’s because the restrictions of the incentive put a price cap on the homes Canadians can purchase. Only those with a household income of less than $120,000 are eligible for the program. Additionally, the mortgage cannot exceed more than four times that income, or up to $480,000.
Canadian Reverse Mortgage Debt Is Up Over 28%
Screw HELOCs. Canadian homeowners in their golden years have a new favorite way to use their home like an ATM. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of reverse mortgage debt jumped in April. Reverse mortgage debt is now at a new all-time high, and still posting above 20% growth.
Jethro Seymour, Top Toronto Real Estate Broker
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