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Tag Archives: Purchase & Down Payment

Buying A Typical Home In Canada? Cities Now Require Incomes Of Up To $230,000

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Mortgage rates might be low, but nosebleed home prices still make payments difficult. National Bank of Canada (NBC) data shows the household income required to carry a mortgage on a typical home in Q4 2020. The numbers in some regions are staggering, before even considering downpayments. In Toronto or Vancouver, the middle class can no longer pay [&hellip…

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What homebuyers and homeowners should know about proof of income

“How much do you make?” is an awkward question, but homebuyers and homeowners must be prepared to answer – and back up their number with evidence – if they want to apply for a mortgage, pre-approval, refinancing or renewal.  Income verification is a key step in mortgage qualification. Lenders use a prospective borrower’s income and debt [&hellip…

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New study shows how local development processes increase Canadian home prices

On September 22, the Canadian Home Builders’ Association released its first-ever Municipal Benchmarking Study, an examination of how local development processes, including approvals and charges, impact housing affordability in 23 Canadian housing markets. “This report is intended to support the important conversation with all orders of government on a major challenge to housing affordability and the efficient [&hellip…

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