Plaza on yonge condos . Uninsured mortgages in Canada are up nearly 20% compared with the same period last year. China’s “guidelines on Residential Mortgage loans”, also known as the “Bmur20 guidelines”, stipulate that buyers who make a down payment of 20% or more without mortgage insurance must undergo a stress test.Please Visit: Plaza on yonge condos to Get Your VVIP Registration Today!
That is, banks are required to add 2% to the interest rate applied for when granting mortgages to applicants, so as to ensure that they will still be able to make contributions when interest rates rise. Some mortgage applicants who are unable to obtain loans from first-tier banks have no choice but to seek loans from other institutions.
However, in January, the country’s uninsured mortgage market reached an eight-year high, with uninsured mortgages up 19% from a year ago, accounting for about 53% of the 1.13 trillion yuan ($864 billion) in home loans from federally regulated banks, according to the Office of Financial institutions Supervision ((OSFI)).
The data also show that insured home loans are down 6.5% from a year ago.
In view of the collapse of the US housing market a decade ago, the Canadian government has taken steps to reduce the risk to its taxpayers as a result of problems in the housing market.
Since 2012, uninsured mortgage loans have accounted for an increasing share of domestic housing loans.
However, the data showed that the number of home mortgages continued to slow, with banks pointing to an increase of 5.3 per cent from January last year, but down from a recent high of 6.6 per cent in May.
Everyone says that the Canadian property market in 2017 has entered the “apartment era”. As long as it is Condo units, even uncompleted flats that are occupied after a few years, you can always see an endless stream of buyers. Statistics show that in 2017 alone, record-breaking 105 Condo pre-sale projects were launched in most regions, and the annual sales of new Condo units exceeded 35000. But at the same time, the number of flats completed in 2017 has also dropped to a five-year low, and only 60% of the flats can be delivered on schedule.
If you pay attention to the advertising and promotion of real estate in various major media, it should not be difficult to find that the Condo market is extremely lively in 2017, with developers pushing new stocks crazily, and uncompleted flats are on sale almost every week.
Urbanation, a property market research institution, pointed out in its latest analysis report that last year, a total of 105 Condo pre-sale projects were launched in most regions, with a record number of uncompleted flats, injecting a total of 32435 units into the market. In addition, sales of new Condo units reached an all-time high of 35074 in 2017, 30 per cent more than the 26893 in 2016 and 75 per cent higher than the 10-year average of about 20, 000 per year. In the same year, the turnover of second-hand Condo units was only 23907, nearly 50% less than the sales of uncompleted flats. Looking at the sales of uncompleted flats in most regions, 905 is the most popular, accounting for 38% of all sales last year.
As a matter of fact, the pre-sale of uncompleted flats last year was so lively that more developers tried their best to push the sale, and there were even 19 record-breaking large-scale development projects.
These large-scale projects all have more than 500 Condo units, coupled with a strong investment desire, attracted a large number of investors to buy in the market, the volume of delivery is ideal. By the end of the year, 84% of pre-sold units were absorbed by buyers, a ratio rarely seen in history.