Miguel Fernandez Morales, LLB, MBA's blog

Written by Miguel Fernandez Morales | Published on April 19, 2024

As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up.

After peaking in early October, Government of Canada bond yields—which lead fixed mortgage rates—plummeted by 125 basis points, or 1.25 percentage points, by early January. Since reaching that low, they've rebounded by approximately 60 bps, with around 25-bps worth of those gains seen in the past three weeks. As a result, fixed mortgage rates are being taken along for the ride.

Strong...

Written by Miguel Fernandez Morales | Published on May 3, 2024

TORONTO, ONTARIO, May 3, 2024 – April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.

Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – down by five per cent compared to April 2023. New listings were up...

Written by Miguel Fernandez Morales | Published on May 17, 2024

This is another case of buyers who could not finalize the purchase of new construction homes because the builder went into receivership.

Residents eagerly waiting to settle into a sprawling new community going up near the Barrie South GO Station will likely have to put their moving plans on hold, as the developer behind the project has gone into receivership.

Pace Developments, based in Richmond Hill, has already received flack for issues with the 1,000-home subdivision it is constructing at Yonge and Mapleview Drive just over...

Written by Miguel Fernandez Morales | Published on June 13, 2024

One of the biggest obstacles for many buyers is to save enough down payment to buy a house. Now there is a way to help Canadians to get 15% of their down payment (up to $250k) from investors with no interest. Ourboro is a Canadian company focused on helping individuals buy homes through a co-ownership model. The company addresses the challenge of high real estate prices by allowing people to purchase a portion of a home, with Ourboro covering the remaining share. This partnership helps potential homeowners overcome financial...

Written by Miguel Fernandez Morales | Published on July 12, 2024

TORONTO, ONTARIO, July 4, 2024 – June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023.

"The Bank of Canada's rate cut last month provided some initial relief for homeowners and home...

Written by Miguel Fernandez Morales | Published on August 19, 2024

In a game-changing move for renters across Ontario, a new program is set to transform how rental payments impact credit scores. For years, renters have diligently made monthly payments without seeing any benefit on their credit reports. That's about to change. As of now, Borrowell, a national credit-building organization, has introduced a groundbreaking initiative that allows renters to report up to 24 months of past rent payments to Equifax Canada.

This development aims to recognize the financial responsibility of renters...

Written by Miguel Fernandez Morales | Published on August 23, 2024

TORONTO, ONTARIO, August 6, 2024 – Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales. The better-supplied market meant that buyers also benefitted from a slight relief in selling prices on average.

"It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two...

Written by Miguel Fernandez Morales | Published on September 5, 2024

If you've been sitting on the fence about entering the real estate market, now may be the best time to buy a house.

Over the past few years, mortgage rates have been steadily increasing, making it more challenging to qualify for a mortgage. Many homeowners, particularly those in the construction and real estate industries, have been affected by job instability. Others, who were able to secure a mortgage when rates were at historic lows a few years ago, are now facing renewal dates that could significantly increase their...

Written by Miguel Fernandez Morales | Published on September 6, 2024

TORONTO, ONTARIO, September 5, 2024 – Home sales in the Greater Toronto Area (GTA) fell year-over-year in August 2024, while new listings saw a slight increase during the same period. Although the region's housing market remained well-supplied in August, average home prices dipped only marginally compared to August 2023.

"The Bank of Canada's rate cut announced on September 4 will enhance affordability, particularly for those with variable-rate mortgages. First-time buyers are especially sensitive to changes in borrowing...

Written by Miguel Fernandez Morales | Published on September 9, 2024

If you've been sitting on the fence about entering the real estate market, now may be the best time to buy a house.

Over the past few years, mortgage rates have been steadily increasing, making it more challenging to qualify for a mortgage. Many homeowners, particularly those in the construction and real estate industries, have been affected by job instability. Others, who were able to secure a mortgage when rates were at historic lows a few years ago, are now facing renewal dates that could significantly increase their...