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Mortgage Bytes

  • forest Real estate is on fire in certain GTA neighbourhoods.  High-end home prices in Forest Hill, for example, popped 16.8% last year.  Condos in Mississauga jumped 32.7%.  Toronto Star article
  • Nationwide, house prices are up 11.2% over last year.  However, CREA says “Recent research shows that ownership rates among younger Canadians and newer Canadians have been on the decline, in large part due to lower incomes and difficulty saving funds for a down payment.”  Edmonton Journal story
  • Ever think of buying a 2nd home in Las Vegas?  You might find a good deal.  1 in every 69 homes there are in foreclosure.
  • Gordon Pape notes that it’s common for lenders to require that you include property taxes in your mortgage payments.  No interest is charged on this money, however.