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OSFI Sets Stress Test for Uninsured Mortgages

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Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), is setting a new minimum qualifying rate for uninsured mortgages that will come into effect on Jan. 1, 2018.

The minimum qualifying rate (or stress test) for consumers getting uninsured mortgages—borrowers with a down payment of 20% or more—will be the greater of the Bank of Canada’s five-year benchmark rate (presently 4.89%) or 200 basis points above the mortgage holder’s contractual mortgage rate.

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Hamilton Home Prices Continue Double-Digit Growth in the Third Quarter of 2017

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Increasing housing inventory pushes region towards balanced market

HAMILTON, October 12, 2017 – The aggregate price of a home in Hamilton saw significant double-digit growth in the third quarter of 2017, increasing by 27.9 per cent year-over-year to $548,521, according to the Royal LePage House Price Survey 1 released today.

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More Listings, Fewer Sales in September 2017 Market

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 2,296 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in September, which is 17.2 per cent higher than the same month last year and 16.7 per cent higher than the 10-year average.

All property sales were 23.4 per cent lower than the same month last year, and 13 per cent lower than the 10-year average.

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To-Dos: Your September Home Checklist

Mediterranean Bedroom by R / G Photography

Prep your home for cooler weather with these tasks to do in an hour, over a weekend and during the month

From the first days, which probably still feel like summer, to the last, when you may notice that first chill in the air, September is a time of transition. Get your home ready for the season ahead by ticking off these to-dos, from adding cozy layers to scheduling necessary maintenance — and then curl up in your favorite chair and savor the comforts of home.

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More Balance in August 2017 Market

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,748 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in August, which is 5.4 per cent higher than the same month last year and 4.2 per cent higher than the 10-year average.

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Bank of Canada Raises Key Interest Rate To 1%

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The Bank of Canada is forging ahead on tightening monetary stimulus, announcing Wednesday morning it’s raising its benchmark lending rate by a quarter of a percentage point from 0.75% to 1%. This is the second time since July that Canada’s central bank has raised its key interest rate amid what it calls a “more broadly-based and self-sustaining” economy.

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To-Dos: Your August Home Checklist

Beach Style Living Room by Andrew Howard Interior Design

As summer winds down, take these steps to get your home and family organized for fall

With the transition from summer travels to the beginning of a new school year (and maybe some back-to-work blues), August can feel like a sudden downshift from the fun of vacation. Stretch out these last days of summer by squeezing in a few more home projects, savoring simple pleasures and, when the time comes, cleaning up the beach toys and preparing the house for a busy fall. Pick from these 13 to-dos to create your perfect August plan.

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July 2017 Brings Home Buyers Relief from the Heat

July 2017 Brings Home Buyers Relief from the Heat

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 2,013 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in July, which is 17.8 per cent higher than the same month last year, 9.2 per cent higher than the 10-year average and the most new listings in the month of July.

All property sales were 20.4 per cent lower than the same month last year, and 12.9 per cent lower than the 10-year average.

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Tougher Rules And Higher Rates: What’s Next For The Mortgage Market?

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The rate increase itself is not the issue. It’s a combination of everything at once.

It all began last October, when federal Finance Minister Bill Morneau announced several new regulations aimed at ensuring that Canadian borrowers only take on mortgages they can afford, including enforcing that all insured borrowers qualify for loans based on the five-year posted mortgage rate.

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Bank of Canada Raises Key Interest Rate for First Time in 7 Years

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Canada’s era of ultra-low interest rates is coming to an end.

The Bank of Canada announced Wednesday morning it’s hiking its trendsetting overnight rate by a quarter of a percentage point to 0.75%, the first time the country’s central bank has raised its key rate in nearly seven years.

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