Harder for Gen Y First-Time Home Buyers to Get Into Market?

Harder for Gen Y First-Time Home Buyers to Get Into Market?Andrew MacLeod is part of demographic that apparently is being priced out of Canada’s housing market, but that didn’t prevent the 34-year-old from finding a way to buy his first home. MacLeod and his wife, 33, overcame current economic hurdles such as high property prices, tighter lending conditions and shaky job markets to purchase their four-bedroom, two storey semi-detached house in Ottawa’s Lindenlea neighbourhood, which MacLeod cheekily describes as the…

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Canadian Housing Market Shows Signs of Stabilization

Canadian Housing Market Shows Signs of StabilizationThere were signs of stabilization in the housing market as prices continued to climb in January, while total sales fell from a year before, according to the Canadian Real Estate Association. The average national sale price of a home rose two per cent from January 2012 to $354,754 last month, while the number of homes sold in January declined 5.2 per cent from a year earlier. CREA says that’s due…

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Buying Your First Home is Now More Difficult

Buying Your First Home is Now More DifficultBuying a first home or taking out a loan against an existing residence will be more difficult for Canadians under new rules announced Thursday, but Finance Minister Jim Flaherty says it’s for their own good. For the fourth time in as many years, the finance minister moved to tighten the mortgage and lending landscape — changes that mean up to five per cent of Canadians who might be considering buying…

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Home Sales Rise

Home Sales RiseCanadian home sales climbed in February after a soft January and price gains picked up speed, confirming the country’s housing market remains buoyant and a potential concern for bubble-wary policymakers. February existing home sales in Canada grew by 1.4% from a month earlier, Canadian Real Estate Association data showed on Thursday. Sales had fallen 4.5% in January from December. The industry group said sales were up 8.6% from a year…

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How To Make Your Mortgage Interest Tax Deductible

How To Make Your Mortgage Interest Tax DeductibleFor US homeowners, mortgage interest is automatically tax deductible. But for Canadians, the write-off is not so straightforward. In order to make your mortgage interest tax deductible, homeowners must be able to prove that the money is being reinvested and is not being used for personal expenses. A properly structured mortgage-centric tax strategy has several key elements – the most important of which is a multi-component, readvanceable mortgage or line…

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