Connect with us

Headlines

Trudeau upholds tighter mortgage rules

Editor

Published

on

Prime Minister Justin Trudeau has defended his government’s tougher mortgage-eligibility rules, saying they are keeping homebuyers from financially overextending themselves.

“As we saw from some of the challenges in the United States around the last recession, people can overextend in buying their housing,” Trudeau said at an event in Saskatchewan on Thursday. “So we made some modest changes to mortgage rules that are making sure that people are not getting more vulnerable than they have to, by not being able to afford the houses that they’re looking for.”

Trudeau was asked about the changes after the central bank stated earlier this week that soaring interest rates and government measures are having a larger-than-expected impact on the housing market. The new rules around who qualifies for a mortgage drove the slowdown in sales and prices across Canadian markets, particularly Toronto and Vancouver.

Many of the mortgage rule changes apply nationwide, raising the bar for homeownership even in energy-producing regions that are currently struggling with lower oil prices, such as Saskatchewan and Alberta.

Trudeau recognized concerns from the real estate industry that “maybe we’re making it too hard to buy a new house.” But he gave no indication that the government is considering a reversal anytime soon.

“We’re looking and collecting data, but I think we can all agree that we need to make sure Canadians don’t get saddled in mountains of debt if there is a recession or … housing collapse,” Trudeau told reporters, according to a Baystreet article.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


Source link

قالب وردپرس

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Halifax’s Scotiabank Centre reopens for Mooseheads’ season opener

Editor

Published

on

By

The home of the Halifax Mooseheads will reopen next month to host the team’s season home opener, although the experience will be different as a result of COVID-19.

The Scotiabank Centre will reopen on Oct. 3, after its reopening framework was reviewed by Nova Scotia’s public health and occupational health and safety departments, the company operating the centre and the Quebec Major Junior Hockey League (QMJHL) team announced on Tuesday.

“We’re thrilled to be reopening and welcoming our fans back to Scotiabank Centre,” said Carrie Cussons, the president and CEO of Scotiabank Centre.

The centre will be following all standard health and safety guidelines related to the wearing of non-medical masks, hand hygiene, physical distancing and contact tracing, the company said.

But there will be additional protections put in place as well in order to limit any possible spread of the novel coronavirus.

Scotiabank Centre will be divided into separate zones of up to 200 people with set washrooms, concessions and entrance/exit points for each zone.

The organization also announced that tickets will be sold in groups of up to 10 within the same bubble, respecting the province’s guidelines on gatherings.

Fans and attendees will be required to wear a non-medical mask at all times, except when they are consuming food or beverages, the Scotiabank Centre said.

Tickets will also be mobile-only in order to minimize close contact between individuals.

Continue Reading

Headlines

Candidate slate set for Halifax election as mayoral race grows to three candidates

Editor

Published

on

By

The slate of candidates for the Halifax Regional Municipality’s upcoming election has been finalized and it’s now officially a three-horse race for the municipality’s mayoral seat.

Incumbent mayor Mike Savage will face off against Coun. Matt Whitman, the current representative for the Hammonds Plains–St. Margarets, and political newcomer Max Taylor.

Whitman and Savage have previously announced their plans to run but Taylor’s inclusion in the race was a last minute surprise.

On his campaign’s Facebook page, the 22-year-old says his platform is “simple”

“Get out and vote. I don’t care who you vote for, I care that you vote,” he writes.

One of the more notable aspects of Taylor’s presence in the race is his status on social media platform Tik Tok.

He’s built a following of more than 600,000 people on the platform and his videos have generated more than 20.6 million likes.

What that will do for his candidacy is up in the air, but he’s sure to bring a youthful energy to the process.

 

Continue Reading

Headlines

Here’s what Toronto’s new 57-storey skyscraper will look like

Editor

Published

on

By

The corner of Bay and Harbour may be getting a new 57-storey office tower perched atop the heritage Toronto Harbour Commission Building.

Updated plans for The Hub — a skyscraper from multinational corporation Oxford Properties — have been submitted, and if approved, will see a building designed by London-based firm Rogers Stirk Harbour + Partners to 30 Bay Street.

The project near Toronto’s waterfront which was initially proposed in 2018 will add around 1.4 million square feet of office space to the neighbourhood. The building’s west side will also be directly connected to The PATH network.

The Hub will also sit overtop (but only lightly touching) its next door neighbour: the six-storey Toronto Harbour Commission Building, which was built in 1917.

Nicknamed “The T”, the historic building was sold to Oxford in 2017 for $96 million. Fun fact: The T is also reportedly haunted by the ghost of a janitor.

It’s not entirely clear how the interior of the old Commission Building will play into The Hub’s commercial workspace, but the design of the 57-storey building shows the strategic use of four columns to allow for distance between the main building and The T.

The two buildings will be connected by a “finely detailed glazed atrium.”

Windows will stretch from floor to ceiling in the four-storey lobby, which will be home to restaurants, retail spaces, meeting and event spaces, and maybe a fitness facility.

Floors five to eight of the podium will see larger office floors.

Continue Reading

Chat

Trending