First-time home buyers to see a tough mortgage market in 2017

If you’re a first-time homebuyer hoping to live in the big city, beware the government’s new borrower “stress test.” It could relegate you to the ’burbs. The new rule requires all insured borrowers to prove they can afford a payment at the posted five-year fixed rate (which is currently 4.64 per cent). 
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As home prices soar, some first-time buyers reconsider home ownership dreams

Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a house. The couple have purchased a condo in the Toronto area, where they both work, but Morrison says they wanted more space to be able to engage their hobbies and eventually, start a family.
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Central Canada


Toronto-area home sales set record high in 2016, average selling price soars

The Toronto Real Estate Board says the GTA's average home price soared to $730,472 last month, up 20 per cent from December 2015. The board says strong December sales volume helped make 2016 a record year for realtors in the Greater Toronto Area.
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New mortgage rules fail to cool GTA housing market as prices spike in the 'burbs

The latest mortgage rule changes have failed to slow the blistering pace of home sales, according to numbers released Friday and they may have actually pushed prices higher in parts of the GTA that are still considered affordable, realtors say.
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west coast


Province's attempt to tackle housing affordability still a work in progress

The B.C. government has made it its mission for nearly a year to make homeownership an affordable reality in Metro Vancouver. But if you take a look at this year's B.C. housing assessment numbers, it's clear that goal is still a long way from reality
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B.C. offers interest-free loans up to $37,500 to 1st-time homebuyers

The B.C. government is offering to help first-time homebuyers cover the cost of a mortgage down payment with an interest-free loan. The B.C. Home Owner Mortgage and Equity Partnership program will provide a maximum of $37,500 — or up to five per cent of the purchase price — with a 25-year loan that is interest-free and payment-free for the first five years.
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East coast