Tibor Olah CIM ASA Casora Realty Inc. Brokerage

Tibor Olah CIM ASA Casora Realty Inc. Brokerage Real Estate infromation

It just got harder to qualify for a mortgage!An important number that affects the ability of millions of Canadians to qu...
05/10/2018

It just got harder to qualify for a mortgage!
An important number that affects the ability of millions of Canadians to qualify for a mortgage has changed.

The Bank of Canada has raised its conventional five-year mortgage rate from 5.14% to 5.34%.

The rate is the one used for stress tests under the B-20 mortgage lending guideline so any borrower with less than a 20% down payment seeking mortgage insurance must be able to afford payments.

For those who do not require mortgage insurance, the rate is one of the two stress test benchmarks used, the other being the contractual mortgage rate plus two percentage points.

The Canadian Press says that the rate increase coincides with an estimated 47% of mortgages that are due for refinancing in 2018, based on a CIBC Capital Markets report.

The big five banks have also recently increased their 5-year FRM rates. When Toronto Dominion increased its rate it was called the “biggest move in years”. Article provided by Canadian Real Estate Wealth

04/03/2018

Michael Bourque: Growing cannabis at home poses huge problems for the health and safety of people and buildings.
Want to live in a former grow-op? That's why we can't allow home pot farming

The government deadline for the legalization of cannabis is fast approaching, with legalized pot set to be available to Canadians sometime this summer.

At the same time, potential problems with the legislation are coming into much sharper focus. Now is the time for the Senate to live up to its role as the chamber of sober second thought and give greater consideration to issues overlooked or disregarded in the House of Commons.

In recent weeks we have seen Ottawa Public Health as well as apartment owners and landlords speak publicly about challenges the Canadian Real Estate Association (CREA) raised over a year ago with government officials. Namely, growing cannabis at home poses huge problems for the health and safety of people and buildings.

Currently the legislation allows individuals to grow four plants at home. On the surface, this sounds reasonable, even moderate. But it doesn't limit the number of crops, or the size of each plant. With very little effort (proper irrigation and lighting) one could easily harvest three or four crops a year, which could cover a large section of a home, depending on the strain of cannabis. The consequences are myriad and significant.

First, that type of cultivation is a grow-op, with all the potential risks and hazards of a commercial operation. Health authorities are calling it a public health concern. Health Canada and the Canada Mortgage and Housing Corp. (CMHC) both place indoor air quality as one of the most important elements to maintaining a healthy home.

Risks associated with regular growing of cannabis include mould, spores and fungus. People living in these surroundings with any type of respiratory illness could be adversely affected. And the damage to the home or apartment is well known to REALTORS® who have encountered grow-ops across the country.

In fact, there are virtually no remediation standards for mould-infected homes and there is no requirement to disclose a grow-op when selling a property. In addition, lenders and insurers are often reluctant to service former grow-ops, potentially taking a home off the market.

In addition to health risks, improper installation and the use of grow-op equipment, including high-wattage lights and irrigation tools, pose safety risks. With just three crops a year of certain strains, moderate yields could reach over five kilograms a year. At that level of production there is the potential for criminal activity, including easier access by minors, and apartment dwellers could be subject to health effects from smoke, odours and the consequences of a grow-op.

While it is difficult to estimate the size of the cannabis market, or to forecast usage post legalization, U.S. states like Colorado, which legalized pot in January 2014, have seen a marked increase in consumption. The situation in Canada may be even more pronounced. Cannabis has been illegal here for decades and in one day it will become legal, across the entire country. One comparison, which comes to mind, is what happened at the end of Prohibition in the U.S. when alcohol consumption shot up significantly.

For all of these reasons, the government and the Senate must make the time to seriously consider the Cannabis Act, also known as Bill C-45, and its provisions around home cultivation.

It's pretty clear that Canada has the production capacity to deal with new demand for cannabis products thanks to a rapidly growing, well-funded and capitalized cannabis industry. CREA and Canada's 125,000 REALTORS® hope that governments ban home cultivation, as has been done in Manitoba and Quebec. Failing that, we feel there is a clear case to proceed with caution and prepare for the coming into force of the home cultivation regulations.

Regulators need time to gauge the broad-based consequences of national legalization and offer solutions for all three levels of government to create rules, regulations and standards that will ensure the safety of Canadians and to protect their homes and investments.

Canadians voted for the legalization of cannabis, but it is a huge undertaking. We believe there is a strong case for getting the legislation right, versus getting it right now. We look forward to working with the government and senators to improve the legislation on behalf of home and property owners.

More than a third of Canadians aren’t aware of the upcoming changes to mortgage regulations or how they will affect thei...
12/05/2017

More than a third of Canadians aren’t aware of the upcoming changes to mortgage regulations or how they will affect their ability to purchase a property in the future, says a recent survey.

More than a third of Canadians aren’t aware of the upcoming changes to mortgage regulations, says a recent survey conducted by Leger on behalf of Re/Max.

A major change in buying a home.Even homebuyers who don't require mortgage insurance because they have a down payment of...
10/17/2017

A major change in buying a home.Even homebuyers who don't require mortgage insurance because they have a down payment of 20 percent or more will have to prove they can continue to make payments if interest rates rise.See full article and other changes click.

Canada's banking regulator has published the final changes to its guidelines for residential mortgage underwriting, including a financial stress test for buyers who don't need mortgage insurance

It has been 3 years that Burlington experienced flooding that affected over 3,000 residents. The City of Burlington is i...
08/07/2017

It has been 3 years that Burlington experienced flooding that affected over 3,000 residents. The City of Burlington is introducing the Home Flood Protection Program to help identify flood risks, and offer preventative maintenance support activities that reduce risks over the long-term. Details can be found at http://www.homefloodprotect.ca/

The Home Flood Protection Program helps homeowners reduce the risk of basement flooding and minimize damage if flooding occurs.

04/01/2017

How many of these habits do you have?

03/14/2017

They built this country. They deserve our respect, gratitude and support in their golden years.

Central Hamilton has become one of Ontario’s most intense hotspots for housing demand, if recent numbers are anything to...
02/13/2017

Central Hamilton has become one of Ontario’s most intense hotspots for housing demand, if recent numbers are anything to go buy.The Realtors Association of Hamilton-Burlington revealed that home prices in the area have posted spectacular growth from 2006 to 2016, increasing by 129.5 per cent.This represented a staggering upsurge from a median cost of $120,529 (across all housing types) to $276,549 in just a decade, CBC News reported.

Fire alarms and Co2 detectors have been proven to save lives, that is why keeping them up to date is so important. But m...
02/07/2017

Fire alarms and Co2 detectors have been proven to save lives, that is why keeping them up to date is so important. But many seniors are not able to perform this simple task. The City of Burlington has the Alarm Assistance program to help the elderly live safely in their homes. There are 2 requirements, they must be a Burlington resident over the age of 65 or a person with a disability or limited mobility and a homeowner who needs help to install and maintain home smoke and carbon monoxide (CO) alarms. If you know someone that needs this service then contact the department at 905-637-8207, ext. 6236 or [email protected]. And make arrangements before it is too late. Please like if you find this interesting.

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2465 Walkers Line
Burlington, ON
L7M4K4

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