December 2017

London Market Update

Posted on Dec 20, 2017

It has been quite the year in the London and St Thomas real estate market and one with a lot of historic numbers, especially with the amount of homes that have been sold this year. The number of homes that did exchange hands in November was 637. Sales of homes in London, Ontario are down 13.6%,from the same time last year. However the year-to-date...

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Core Housing Need in Canada

Posted on Dec 19, 2017

A household is in core housing if its housing does not meet one or more of the adequacy, suitability or affordability standards, and it would have to spend 30% or more of its before-tax income to access acceptable local housing. 
  • Adequate housing is reported by their residents as not requiring any major repairs.
  • Affordable housing costs less than 30...

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New Mortgage Rules

Posted on Dec 07, 2017

Starting January 1, 2018 new mortgage rules will come into effect. One of the biggest changes this will have is on uninsured mortgages (mortgages where home buyers put down 20% or more) will now be required to pass a “stress test”. Since 2016, only buyers with less than a 20% down payment and an insured mortgage underwent a financial stress test. T...

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