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The preceding commentary is the opinion of Baldo Minaudo and does not represent the interests or opinions of Real Estate Homeward, Brokerage or the Toronto Real Estate Board. Therefore, Real Estate Homeward will not be held responsible and/or liable for any of the opinions herein. Not intended to solicit individuals under contract with a brokerage.

Baldo Minaudo – Broker

Real Estate Homeward, Brokerage

1858 Queen Street East, Toronto, ON M4L 1H1

Office: 416-698-2090 | Direct: 416-564-0245

Licensed in the province of Ontario.

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There is a reason why Canadian banks have tightened shut their lending purse: Consumer debt in Canada is above 100% of GDP, the only country in which that is the case. Debt servicing ratios are at highest levels at around 60% (in U.S. it is slightly above 40%). Banks and government should be scared. The Federal government is relying on immigration to reduce the impact, but what amount of immigration is going to solve what is quickly approaching down the road? ...

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OSFI Changes May Signal Expectations of 2% Increase in Mortgage Interest Rates

This month the Office of Superintendent of Financial Institutions for Canada is finalizing changes in legislation that will include requiring those that purchase a home with a minimum down payment of at least 20%, not needing mortgage insurance, to prove they could still afford their mortgage payments if interest rates were 200 basis points (two percentage points) higher than the rate they negotiate.

Jeremy Rudin, the Superintendent of Financial Institutions, told reporters. “But we do know this: Housing prices are still near their all-time highs, and mortgage rates are still near their all-time lows. And while sound underwriting is always important, it’s never been more important than it is now.”

Though OSFI, nor the banks have stated that interested rates are headed 2% higher, the fact that they are stress-testing for this to happen, tells me that they are planning for it to happen.

Meanwhile, the Bank of Canada has already announced that they are expecting to increase interest rates again later this month.

Banks have already tightened their lending policies and I’m getting reports of strong applicants having their mortgage applications turned down by the banks.

Globe and Mail article on OSFI announcement

Recreational Properties Poised to Increase in Demand

Record Toronto home prices may have tipped the scales for those looking to make significant lifestyle changes. A few months ago, when the Toronto housing market was at its hottest, I noticed individuals selling their Toronto homes with no intention of getting back into the market. Instead they were deciding to rent in Toronto and… Continue Reading

EXCLUSIVE: 1381 Queen St East in Leslieville Toronto For Sale

EXCLUSIVE LISTING: 1381 Queen Street East, Detached Victorian Income Property Listed for Sale at $1,539,000 This Is A Stunning, Solid, Detached Victorian Home In Leslieville! Three (3) Self Contained Units,  Renovated Including Mechanics.  Beautiful Victorian Detailing…Leaded Glass Windows, High Baseboards, With Soaring Ceiling.  Two 1068 SF Self Contained Suites Tenanted ($1420.00 Per Unit), and One… Continue Reading