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Andriy Levytskyy - Mortgage Agent - PhD P.Eng. PMP
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How Much Does It Cost to Build a House?
For many Canadians, the dream of building a home is more appealing than just buying one. Building a home comes with many benefits, and if we’re being perfectly honest, some headaches. ...more 
3 ways to change the mortgage stress test that will actually help Canadian homebuyers
Canada’s stress test for uninsured mortgages has been under fire from the real estate industry, but it appears policymakers are unlikely to budge and scrap the year-old measure....more 
How the federal budget could tweak the mortgage stress test
When the federal government rolled out a mortgage “stress test” last January, it was meant to keep Canadians from taking on more real estate debt than they could afford....more 
A first-time homebuyer’s guide to purchasing home insurance
If you’ve ever nervously watched water drip from your apartment ceiling, or have nearly set your oven ablaze by neglecting a tray of chicken fingers, you’ve probably found comfort in your tenant’s insurance coverage. Homeownership is no different — something will inevitably burst, break or leak, and you’ll want the safety of home insurance for when accidents happen....more 
Homeownership is still affordable for singles in the Prairies and Atlantic Canada
Affording a home in some of Canada’s major housing markets can take what seems like a herculean effort, even for households with two typical incomes. ...more 
5 essential finance tips that every first-time homebuyer should know
The buying process might appear straightforward to any first-time buyer— you find the house you love, sign on the dotted line and get the keys. But prior to those months of browsing MLS and late-night offer negotiations, are months —even years— of carefully coordinated financial planning, budgeting and discipline....more 
Canada considers applying mortgage stress test rules to private lenders, sources say
Canada is considering subjecting private lenders to the same mortgage stress test rules faced by banks to prevent housing markets from being destabilized by the lenders’ rapid growth, three sources with direct knowledge of the matter said....more 
3 reasons high household debt in Canada won’t contribute to a US-style housing crash
By one measure, conditions in Canada are reminiscent of those present in the US right before a stateside housing bubble burst, yet a repeat performance to the north is unlikely....more 
The problem with the Canadian government’s mortgage stress test
On a recent segment of BNN Bloomberg, Toronto realtor John Pasalis voiced support for extended mortgage stress testing nearly a year to the day after the federal government introduced it....more 
Mortgage stress test takes a toll on Toronto renters, too
Mortgage stress tests aren’t just affecting would-be homebuyers in Canada. Renters, even those with no intention of buying any time soon, are facing increasing rents in Toronto as a result of the federal policy, a popular real estate analyst suggests....more 
Money for Life: Should my bonus go to the mortgage or RRSP?
Q: My husband and I recently bought a new house in Stoney Creek, and my employer has just paid me a nice bonus for this past year. Should I use the extra cash to pay down our mortgage or should I put it in my RRSP? I don't want us to just spend it....more 
Lower interest rates by the end of 2019? This economist thinks Canadians should expect rates to take a dive
Not everyone is on the same page when it comes to where mortgage rates in Canada are headed....more 
Is your mortgage insurable? It could save you thousands if it is.
The new mortgage rules have created three categories of mortgages: insured, insurable and uninsurable. Currently five year fixed mortgage rates typically range from 3.69% for an insured mortgage to 3.99% for an uninsurable mortgage. Based on current interest rates and a typical mortgage amount $300,000 that would be a savings of more than $20,000 over the life of your mortgage....more 
Central bank holds rate amid oil slump; casts doubt on future hikes
The Bank of Canada left its trend-setting interest rate untouched Wednesday as fresh economic developments — including the sharp drop in oil prices — threatened to delay future hikes....more 
Why Real Estate Builds Wealth More Consistently Than Other Asset Classes
If you lived through the recent real estate and economic recessions, the very headline of this article might cause you some emotional pain. Less than ten years ago, the country was swept with an economic crisis the likes of which our generation had never seen. I personally remember driving down the street in California’s Central Valley and seeing “for sale” signs on practically one of every four houses. It felt like the market would never recover. Fast forward a few short years and now massive wealth is being built through real estate—often by average Joes....more 
Haunted House? How Stigmas May Affect Its Value
Superstitions, stigmas and the supernatural – whether you believe in them or not, they can have a very real impact on how long it takes to sell your home and the price you’ll get for it. ...more 
Interest rates were just hiked — here’s what it means for the 2019 Canadian housing market
As was widely expected, the Bank of Canada (BoC) hiked the overnight rate to 1.75 percent....more 
How to Choose a Neighbourhood
9 key questions to answer when you’re location shopping. ...more 
Housing affordability is more important to BC Millennials than fighting climate change, childcare: poll
There are many big issues looming over BC Millennials ahead of next year’s federal election, from climate change and trade relations to government spending and tax cuts....more 
Mortgages Soar For Canadians In Their 80s, 90s
With new mortgage rules and higher interest rates putting the squeeze on Canadian homebuyers, some have found a new approach: Get the parents (or grandparents) to bankroll your purchase....more 
My Mortgage Planner App is Here!
We’re making it easier for you to navigate the Canadian mortgage landscape....more 
Buyer beware: How purchasing property from a non-resident of Canada could leave you with a hefty tax bill
You could be personally liable for the vendor’s Canadian capital gains tax if you don’t take certain precautions. Here's what you need to know....more 
Making the most of your mortgage broker
The process of becoming a homeowner can be long and arduous, and your mortgage broker is one of your key allies in getting a mortgage in order to buy a home. But if done right, the relationship between you and your broker doesn’t stop once you have the keys....more 
Can Appliances Really Impact My Mortgage?
When you’re shopping for your new home, you might fall in love with the kitchen that will let you host the parties of your dreams. Or it could be the mudroom that’s perfect for your family to toss in their sports jerseys right after practice. But are you falling for the functionality and flow of the rooms, or are you really attracted to the matching stainless steel fridge and stove or the high-efficiency washer and dryer?...more 
Canada’s Most Competitive Housing Markets Are Not Where You Think
With just 43 sales for every 100 homes listed, Vancouver is the country's second-weakest housing market....more 
Bank of Canada holds interest rates steady, but October hike looms
The Bank of Canada (BoC) kept its trend-setting interest rate steady at 1.5 per cent on Wednesday but appeared to keep the door open to a possible rate hike at its next meeting on Oct. 24....more 
This bank says that the Canadian housing market is poised for a comeback
After months of slumping activity, economists and industry watchers alike have been waiting to see when the Canadian housing market would get back on its feet. Now, according to a new report from TD, the stage is set for a major comeback....more 
What exactly affects your credit score?
On the hunt for your first home? Getting pre-approved is crucial so you are aware of how much you can afford. That way you don’t fall in love with something out of your budget. But what determines your qualifying amount? Your credit score is a major factor. ...more 
Mortgage brokers vs. banks: the pros and cons
If you’re looking for a mortgage on a home purchase — or to renew one on a home you already own — is a mortgage broker or a bank your best option?...more 
Single women leading the charge as demographics of homebuying change
Going forward, as their incomes grow, Canadian women are expected to continue to invest even more in housing, as data in the U.S. already suggests...more 
Higher interest rates to hit younger, middle-income households, federal analysis reveals
Twelve per cent of all Canadian households carry debt-to-income levels of at least 350 per cent...more 
Did You Fib On Your Mortgage Application? There May Be Trouble Ahead
Canada Mortgage and Housing Corp. wants better income checks to prevent mortgage fraud....more 
CMHC wants to make it easier for self-employed Canadians to get a mortgage
CMHC is giving lenders more guidance and flexibility on determining whether a self-employed person qualifies for a mortgage...more 
Here are the cities with the highest – and lowest – real estate taxes in Canada
Buying a house in Canada briefly became a little less challenging late last year, but that small gain is now already gone, as rising interest rates erase the impact of a cooling housing market, according to RBC. But home prices and borrowing costs aren’t all that homebuyers and homeowners have to contend with. There are also, of course, taxes....more 
Buying a Home? Ask Your Partner These 4 Questions First
Buying your first home is incredibly exciting, but there's also more than a little bit of stress that comes with it. A house is a big purchase, and it brings a whole host of new hurdles beyond the initial price tag....more 
Mortgage Borrowing Among Canada's Millennials Sees Major Pullback
Canadians are managing their payments well, despite growing debt levels, TransUnion finds....more 
Odds of a July rate hike are dropping — and the loonie is taking the hit
Canadian dollar weakens to almost year low as traders bet Bank of Canada will turn dovish amid escalating trade tensions...more 
B.C. intends to crack down on hidden ownership of real estate with first-of-its-kind registry
B.C. government says registry is aimed at improving transparency in the real estate market while ensuring owners pay their share of taxes...more 
3 ways the new mortgage stress test affected the Canadian housing market last month
Ever since new mortgage rules came into effect on January 1, the Canadian housing market has seen month after month of slumping sales numbers. ...more 
Reverse Mortgages may be the least costly way to access the equity in your home!
One of the consequences of all the mortgage rule changes made by the government is that lenders are now required to place more emphasis on the borrower’s income and their ability cover the cost of their mortgage payment....more 
4 major hurdles for first-time buyers and how to get over them
When it comes to buying your first home, there are many hurdles to leap. The high prices in the Greater Toronto Area (GTA) add to the intimidation factor if you’ve never gone through the homebuying process before. ...more 
TD Bank drops 5-year variable mortgage rate as competition among big lenders heats up
TD lowered its five-year variable closed rate to 2.45 per cent, or 1.15 per cent lower than its prime rate, for the month of May...more 
Canadian Mortgage Defaults Haven’t Been This Low Since 2006
Canadian real estate borrowers are paying their mortgages at a near record pace. Filings with the Canadian Bankers Association (CBA) for the first quarter, show mortgages in arrears have fallen to new lows. The largest markets of Ontario and BC are just off of record lows. That sounds like great news, but more often is a sign of an overly liquid market....more 
Here’s the income you need to pass the mortgage stress test across Canada
The latest set of federal mortgage rules has been blowing a cool wind over almost every Canadian real estate market....more 
High Debt Loads Or Not, Canadians Are Rocking This Mortgage Thing
But with a slowdown in the housing market likely ahead, that probably won't last. ...more 
Two ways variable-rate mortgages are the better deal right now
The safe and sound choice in today’s mortgage market is to lock down a rate for five years and let borrowing costs do what they may....more 
Review of sales practices at Big Six banks finds risks of 'mis-selling' to customers
Watchdog warns the banks’ sales-focused culture elevates the risk that employees may flout consumer protection rules...more 
Uninsured mortgages surge amid cooldown in housing activity
Canada’s uninsured mortgage market reached an 8-year high in January as government steps to reduce taxpayer exposure to the housing market gained traction, according to fresh numbers from the country’s banking regulator....more 
Three real-life signs that interest rate hikes are already starting to bite
The three interest rate increases since July are starting to have an impact on Canadian consumers....more 
What Is Mortgage Fraud? Steer Clear of These 3 Offenses
There are white lies, and then there's mortgage fraud. Yes, sometimes it can be hard to tell the difference, but it's essential for home buyers to understand exactly where the line is drawn, because the consequences can be dire if you cross it. So what is mortgage fraud?...more 
5 ways millennial couples can prepare for homeownership
While millennials make up a large portion of potential homebuyers, high prices, mortgage rules, and many other factors make it extremely difficult for them to realize their dream of homeownership. ...more 
As Canada’s new mortgage rules impact home buying, here’s where industry experts think prices are headed
Canadian home prices have been climbing for years, but with the introduction of new mortgage rules and January’s Bank of Canada rate hike, will prices continue to rise in 2018? According to some industry experts, the answer is they likely will. ...more 
20% more mortgages are being denied by big banks, sending borrowers down the credit ladder
Stricter mortgage rules are sending borrowers towards more risky lenders that are out of the regulator's purview...more 
Real estate board predicts flat prices and sales this year
The board based the forecast on consumer research showing fewer people, particularly first-time buyers, anticipate a home purchase this year....more 
Canada’s mortgage changes could hurt overall economy
‘Stress test’ will drive borrowers into more expensive financing options, brokers warn...more 
What to do about your debt after the interest rate hike
Should you act upon future rate hikes now? ...more 
Five reasons the Bank of Canada might NOT raise its rate next week
But with all six big banks calling for a rise, markets could get a jolt if Stephen Poloz actually holds ...more 
Five ways to cure your Christmas debt hangover
The average adult spent an estimated $1,700 this season ...more 
Stress tests, foreign buyers and higher rates likely to impact housing market in 2018
New OSFI regulations and a requirement for more open data have changed the rules....more 
7 Important Things Home Sellers Often Forget to Do
When you’re selling your home there’s so much to do: find a Realtor®, do touch-ups, get that balky air conditioner fixed, look into staging… It’s no wonder that sometimes things fall between the cracks. Big things. (We’re not pointing fingers, promise!) Our arsenal of experts—aka real estate agents who have worked with many home sellers—identify the to-do’s that sellers typically overlook. We promise you, these tasks are well worth the time it will take to complete them (which isn’t very long at all)....more 
Home sales seen to fall more than 5% as new mortgage rules kick in
Canadian Real Estate Association cuts forecast, saying tougher rules on qualifying for a mortgage will erode home affordability...more 
How to Move in Bad Weather Without Destroying Your Stuff or Your Sanity
You’re moving out. The new place is ready. Time’s up and you’ve got to go. And then, right when you were feeling like you’d make it to the finish line without going completely nuts, the weatherman lets you know a storm might be headed your way on moving day. Super!...more 
Tougher mortgage rules could shut out 50,000 potential home buyers a year
Tougher mortgage stress-testing rules could make it impossible for 40,000 to 50,000 Canadians to buy a home each year, driving down real estate sales and reducing the anticipated pace of new mortgage-lending growth, according to a new analysis....more 
Agent and broker advice will be crucial in 2018
A new REMAX survey revealed most Canadians are in the dark about the looming mortgage lending rules, but that doesn’t mean they have to be left behind when they’re ready to buy....more 
Canadians rush to get mortgages ahead of tougher tests in new year
RBC says it is seeing increased demand before new rules in January which it expects will affect 5% of new mortgages...more 
Expenses first-time buyers should expect to pay
If you’re currently renting, you may be lucky enough to have all your home expenses bundled together into your monthly rent. That makes your payments quick and easy – you’ve either given your landlord post-dated cheques already or you just need to remember to send an e-transfer at the beginning of the month....more 
Home sales may spike in November and December
The Canadian Real Estate Association (CREA) released its monthly home sales statistics for October 2017, announcing that national sales edged up again....more 
7 Credit Score Myths Even Shrewd Home Buyers Fall For
That small balance you keep on your credit card? Not helping at all....more 
One last gasp for the Canadian residential market as rule changes cloud 2018 outlook
Realtors are predicting a busy Christmas selling season as homebuyers rush to beat the latest deadline designed to further cool the market...more 
One in three Canadians already feeling the pinch on finances from rising interest rates: poll
'It's clear that people are nowhere near prepared for a higher rate environment,' says president of insolvency firm MNP, which had the poll done...more 
Home sales gain ground in September
The number of homes sold in September climbed for the second month in a row after a slowdown earlier this year that was led by a cooling in the Toronto market....more 
What you Need to Know About the Latest Mortgage Rule Changes
If you’ve tuned into the news today, you’ve probably heard that there are new mortgage rules coming into effect on January 1st. 2018....more 
3 tips that could save you thousands on your mortgage, as interest rates rise
Sean Cooper wiped off his $255,000 mortgage in exactly three years and two months, at age 30....more 
These are the homeownership costs Canadians forget about
There's more to buying a home than the cost of a house. Things like property tax and inspections can add up. You might also need more home insurance than you think....more 
Here’s how Vancouver and Toronto home prices per square foot stack up globally
Vancouver and Toronto are known for their expensive real estate but compared to other cities around the globe, home prices in Canada’s two hottest cities markets aren’t as staggering....more 
How to pay less capital gains tax on a rental property
If it used to be your principal residence, this exemption could save you a huge tax bill...more 
New financing rules could drive more consumers into more volatile mortgages
The rules under consideration would force consumers to qualify for loans based on the rate on their contract plus 200 basis points...more 
Prices in this hot Canadian market just dropped for the first time since January 2016
Balanced market conditions in Toronto have dampened gains in the nation’s monthly home price index in August, according to the latest Teranet-National Bank House Price Index....more 
Canadian real estate posts world-leading Great Recession recovery
Advanced economies continue to recover from this millennium’s first global financial crisis, and in terms of residential real estate, Canada is seeing the fastest pace of price gains in the world, according to the Bank for International Settlements....more 
After rate hikes, Canadian housing braces for 'biggest rule change of all time'
Interest rate hikes might be the last thing the housing market needs as sales in Toronto plunge and Ottawa considers even tougher measures for qualifying for loans...more 
Coming soon, another costly burden on harried homeowners — mandatory energy audits
Green groups are lobbying for the $400-$600 audit to be a requirement for every house on the market — for Ontario residents it is soon to be a harsh reality...more 
Rent in the city, own in small towns: Canada’s new real estate trend
With prices sky-high in some of Canada’s largest cities and real estate markets softening across the country, many city dwellers are choosing to rent the home where they live and buy properties — especially in smaller towns — as an investment....more 
Common Misconceptions Renters Have About Home Buying
There are plenty of legitimate benefits to home ownership (like tax credits and one day—in 30 years—getting to own a home outright). And of course there are obvious differences between renting and buying in terms of what you can and can't do, but there are also a lot of myths—and unnecessary moral implications—surrounding home ownership and renting that you absolutely don't need to buy into. ...more 
4 Home-Buying Mistakes That Trip Up Unmarried Couples
First comes love, then comes ... a mortgage?! That’s right: Many couples are buying a home together before tying the knot....more 
7 expert tips on moving in with your significant other
If that drawer you were gifted at your significant other’s apartment has turned into half a dresser, and your toothbrush is now a permanent fixture in their medicine cabinet, it might be time to consider cohabitation. Moving in with a partner is a major relationship milestone, and both parties are likely to feel nervous in the weeks leading up to the big day. ...more 
What is a Mortgage Broker?
In recent months, it has come to my attention that consumers are still a bit unfamiliar with what exactly a mortgage broker is and the essential role we play. A mortgage professional can provide you with the options and expertise that is essential in getting you the right mortgage that best fits your immediate and future needs. ...more 
Toronto home buyers and sellers play the waiting game
Toronto in mid-August feels like a city waiting with bated breath. The real estate market is drowsy and buyers and sellers are anxious to know what will happen when it comes back to full consciousness in September...more 
Closing Costs
That final step in buying your home comes with some unexpected costs....more 
Even condos are now unattainable for most of Toronto’s middle class
The latest numbers from the Toronto Real Estate Board pointed at a steady rise in the costs of purchasing a condo—once thought to represent an opportunity for home ownership among less-moneyed families—in the city....more 
Canada's economic growth just blew past expectations — and you know what that means
The data bolsters expectations for another interest rate hike from the Bank of Canada this year...more 
Was the CMHC premium increase really a tax increase?
On June 29, 2017 CMHC announced that it would pay a $4 billion dollar special dividend to the federal government. This dividend will be paid out over period of time not longer than two years. A spokesperson for CMHC was quoted as saying that the special dividend returns excess capital to the Government of Canada....more 
Government measures are cooling off the housing market, Morneau says
The finance minister says the real estate price increases seen in Toronto and Vancouver were “unsustainable.”...more 
The anatomy of historic housing bubbles (and how Canada’s market compares)
DBRS has compared several housing bubbles dating back to the late ‘80s with Canada’s rapid growth in home prices and credit in recent years....more 
Canadian home sales see biggest monthly drop in 7 years
Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday....more 
What do high GTA home values have to do with Cottage Country prices? A lot, apparently
While runaway home prices in the Greater Toronto Area may be frustrating the average house hunter, windfalls from soaring land values are helping sellers fund purchases of recreational properties nearby....more 
9 Essential Things Every New Homeowner Should Have
These must-haves will make things a lot easier in the first few weeks. ...more 
Expect Canada’s housing market to crash like America’s did? Don’t count on it.
Major US-based credit-rating agency Fitch Ratings has some good news — and some bad news — for Canada’s housing market....more 
Study Reveals The #1 Reason Millennials Want to Pack Up and Move
Think about the last time you moved into a new place—why did you leave? If it was because you needed a change of scenery, you're not alone....more 
How to break free from the vicious circle of renting
Tenants living in downtown Toronto are caught in a vicious circle of renting. They want to live downtown Toronto where there is a wider selection of rental units, where there’s more job opportunities, and everything is within walking distance. The issue is that rent has gotten so high that tenants can’t put aside money to save for a downpayment on a home....more 
Predicting the future of Canada’s largest market
Toronto’s market has shown signs of cooling, but how long is it expected to last? Not long, according to one industry veteran....more |
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