Tag: Bank of Canada
30-year mortgage option may spark London’s sluggish housing market: Brokers
A decision by Ottawa to allow first-time homebuyers to access 30-year mortgages for resale properties may give London’s sluggish housing market a much-needed jolt, with local industry watchers saying the move already is sparking interest among would-be buyers. Earlier this week, Finance Minister Chrystia Freeland announced changes to mortgage rules, moving the cap for insured […]
London mortgage delinquencies double, more headwinds loom
The number of Londoners behind on their mortgage payments has doubled in the the past two years, as the burden of higher interest rates overwhelms some homeowners.
So how is London doing on its goal to build 47,000 new homes?
More than 25 per cent of the way through London’s 10-year commitment to a provincial housing target, the city has seen 11 per cent of the expected homes built or started.
London-area home sales slump in August, despite interest rate cuts
In whatâs shaping up as one of the London region’s slowest years for home sales, the local market saw one of its worst Augusts in recent history
ANALYSIS: Interest rate cuts not expected to boost London home prices
If you were counting on interest rate cuts leading to a jump in home prices before putting your property up for sale, you may be in for a decent wait.
Analysis: As interest rates ease, variable rate mortgages regain appeal
Two interest rate cuts by the Bank of Canada, and the expectation more are looming, have started to make variable-rate mortgages more enticing for some homebuyers, including in London, industry watchers say.
As interest rates rise, small-time landlords look to sell off homes
Higher interest rates that have kept first-time homebuyers from entering the local housing market have now started to force mom-and-pop investors in London to sell their properties as their mortgage costs go up.
London-area jobless rate rises to highest level in a year
Amid job losses and a slowing national economy, the London-area unemployment rate rose more than half a point to 6.5 per cent in July.
Letters to the Editor: August 9, 2024
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Approval rate of new homes skyrockets at city hall, but developers want more
The number of new homes approved for construction by London city council so far this year is through the roof, nearly doubling the total from all of 2023 in just seven months, new city hall figures show.