Hi Mark
I was just on the website Mississauga 4sale and was reading that RBC may
offer zero down payments for new homes, Is this still the case?
V.
Hi V,
This plan was only available for a very short period of time, about 7 months and then the government removed it from options. 5% downpayment is the minimum now.
Read more at this page:
http://www.mississauga4sale.com/Zero-Down-Payment.htm
Please let me know if you have any other questions or require further information.
Thank you,
Mark
Release: The Canadian resale housing market softens in April
* After the mortgage rule changes that came into effect in March produced a "rush-to-buy" in the first quarter, existing home sales fell back 4.4% in April, to 36,564 units.
* Regionally the largest declines were seen in some of Canada's most active and expensive markets namely Toronto, Vancouver and the Fraser Valley - areas which had seen the biggest rush-to-buy ahead of the rule changes.
* However, sellers remained optimistic with new listings up 1.3% in April, after falling in March. An increase in new listings combined with softer sales pushed the sales-to-new listings rate to 0.525, from 0.557 in March, well within the territory of a balanced market, defined as a ratio between 0.45-0.60. On the whole, the Canadian Real Estate Association (CREA) characterizes two-thirds of local markets in Canada as balanced in April, with only half of the remaining markets classified as a "sellers'" market.
* Those "balanced" markets produced a 0.5% softening in home prices in April, although prices are still up 8.0% year-on-year. Lately a hot market in certain segments of Vancouver real estate has left an indelible mark on the price increase nationally national tally. Excluding Greater Vancouver, Canadian home prices are up a more moderate 5.1% year-on-year.
Key Implications
* April's decline in existing home sales shows the impact of the March 18th changes to mortgage rules that lifted existing home sales in Q1 to their highest level in a year as buyers rushed to buy ahead of the change. We don't expect the first quarter's pace to be sustained and April's reading
sets the stage for an expected softening.
* That said, decent employment and income gains and a still-low interest rate environment continue to provide a relatively favourable backdrop for home sales, and so we expect Canada's housing market to land softly. And after the rule-change inspired gyrations are in the rear-view mirror, we see sales gradually moderating as interest rates rise in the second half of this year.
* For the most part, Canada's housing market remains in a well-balanced position with few price pressures on the horizon. However, the national average price tally continues to be skewed by higher flying markets in Greater Vancouver and this area remains a key one to watch in the coming months.
I hope this finds you Happy and Healthy!
All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
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