Here’s an up to date look at real estate sales for the Sunshine Coast BC.
It’s a buyers market here on the coast, and the perfect time for that move or vacation home!
Well, that got RentSeeker.ca – Canada’s largest real estate search website and apartment finder – thinking about what it actually costs to live in Canada. More specifically, what the average house costs in every major Canadian city and therefore how much your annual household income needs to be to buy one of those houses*.
Keep in mind that Donald Trump’s presidency will likely drive these prices even higher.
A few interesting (and expected) takeaways from the info below:
1. Vancouver’s average home is the most expensive in Canada
2. An average home in Toronto will only cost you just $2,000 more than one in Abbotsford
3. Fredericton is the cheapest provincial capital to call home
4. It costs almost twice as much to buy in Mississauga as it does in Montreal
5. A home in Calgary is almost half as much as one in Kelowna
6. If you want to buy an average home in Vancouver you need a household income of more than $140,000 a year + 20% downpayment
7. To be able to afford a million dollar home anywhere in Canada you need to be pulling in roughly $170,000 + have a $200,000 downpayment lined up
Happy house hunting, Canada!
*Based the downpayment on 20% downpayment using CMHC requirement for minimum down payment for no mortgage insurance. The housing prices were based on CREA (Canadian Real Estate Association) and CMHC data.
Courtesy of Daily Hive
Elon Musk showcased his ambitions to make Tesla Motors Inc. a clean-energy behemoth Friday, unveiling a new “solar-roof” product at Universal Studios in Los Angeles, California.
As the sun set, Musk told hundreds of guests gathered in an outside courtyard on the “Desperate Housewives” set that Tesla and SolarCity Corp., the company that he chairs and which he aims to acquire, will make solar roofs that look better than normal roofs. He then showcased several houses with solar tiles gracefully embedded. Because the tiles are fully integrated into the roofs, many guests in attendance could not tell that they were solar.
“How do we have a solar roof that is better than a normal roof, looks better, last longer,” said Musk. “You want to pull your neighbors over and say ‘Check out this sweet roof.”’
Musk’s presentation was short on details about the proven efficiency of the solar cells, the roof’s warranty, cost or when it will be available to customers. The solar roof will be offered in four styles: Textured Glass Tile, Slate Glass Tile, Tuscan Glass Tile, and Smooth Glass Tile — due to a variety of architectural choices. SolarCity’s website says production will begin in mid-2017 and that the tempered glass is as “tough as steel.”
“The solar roof consists of uniquely designed glass tiles that complement the aesthetics of any home, embedded with the highest efficiency photovoltaic cells,” said Tesla in a statement. “Customers can choose which sections of their roof will contain the hidden solar technology while still having the entire roof look the same.”
Paula Mints, chief market research analyst at SPV Market Research, questions the economics of the new offering, which can be combined with a home battery.
“Tesla announced a solar tile — not new — with battery that is priced below cost,” said Mints in an e-mail. “Basically Tesla announced another way to lose money.”
The larger idea is that homeowners will generate electricity for their home with solar power, then store that electricity in a home battery known as a Powerwall. You can “fill up” your battery during the day, then discharge it at night when the sun sets. The latest product iteration, known as Powerwall 2, weighs 269 pounds and is designed to be floor- or wall-mounted inside or outside.
Musk and Tesla Chief Technology Officer JB Straubel have long envisioned a clean-energy future of electric cars powered by an increasingly solar grid, with Tesla’s batteries optimizing both. The company also offers much larger Powerpack systems to commercial and utility customers and has deployed almost 300 megawatt hours in 18 countries to date, according to a blog post Thursday.
Battery-based energy storage has the potential to revolutionize electricity for the world’s poorest citizens in the way mobile technology disrupted the telecommunications industry. Coupled with solar panels or wind turbines, powerful lithium-ion batteries can store energy and provide electricity for the roughly 1.3 billion people worldwide who don’t have access to electricity and face what’s called “energy poverty.”
Friday’s event is part of an effort to make the case for the SolarCity acquisition to investors. More details, including financial information, will be revealed Nov. 1, when Tesla has said it plans to “create a clear picture of how a combined Tesla and SolarCity will make solar and storage as compelling as electric vehicles.”
The proposed merger has been controversial because Musk is the chairman and largest financier of SolarCity, and the boards of both companies are deeply intertwined. Shareholders are to vote on the proposed merger Nov. 17.
In case you missed it, here's what the future looks like https://t.co/LQVM9jAyHK
— Tesla (@TeslaMotors) October 29, 2016
Lead image credit: Tesla
On October 3, 2016, the federal government released new rules that apply to your ability to qualify for a mortgage. The following statements will be released.
To help ensure new homeowners can afford their mortgages even when interest rates begin to rise, mortgage insurance rules require in some cases that lenders “stress test” a borrower’s ability to make their mortgage payments at a higher interest rate. Currently, this requirement only applies to a subset of insured mortgages with variable interest rates or fixed interest rates with terms less than five years. Effective October 17, 2016 (TOMORROW), this requirement will apply to all insured mortgages, including fixed-rate mortgages with terms of five years and more. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure.
What does this mean?
1. As of October 17, 2016, any arranged mortgage that is an insured mortgage has to qualify at 4.64%. This means:
How this affects you?
Your purchasing power will likely decrease. Historically, clients have been able to qualify at the 5 year discounted rate (for example, current 5 year rates are at about 2.49%).
2. As of November 30, 2016, any mortgage that is back end insured (regardless of down payment amount or equity) has to qualify at 4.64%.
How this affects you?
The amount of equity that you can take from your owner occupied home could decrease, based on you ability to debt service. Although you can still mortgage up to 80% of the appraised value of your home, you will have to qualify at 4.64%.
3. As of November 30, 2016, any low-ratio insured loans (mortgages with more than 20% down) will have to comply to new criteria. Monoline lenders are notably lenders that do low -ratio insured mortgages.
How this affects you?
Property has to be owner occupied. No rental properties
Maximum amortization of 25 years
Maximum property purchase of $1,000,000
Minimum credit score of 600
For more information on these announcements please click on the following link:
First time on the market in 25 years! Well maintained home on a large, level 50×125 ft. lot (6,250 sq.ft.) with a south facing rear yard in prestigious Shaughnessy location. Surrounded by multi-million dollar homes, here is your opportunity to live in Shaughnessy with the potential to build your dream home. This home has been recently updated and includes 5 bedrooms plus office and 4 bathrooms in a desirable location. Two-level living with fully finished basement offers spacious living, dining and family rooms, bright kitchen with breakfast bar & eating area which opens to your south-facing sundeck and fully-fenced yard. This home has many original features: classic cross-hall formal living and dining room, gorgeous original hardwood flooring and wainscotting. The main level has a good-sized den, office and a 2 piece bathroom, while the upstairs features a big master with 3 piece ensuite and a second bedroom with a 3 piece bathroom. The lower level has a large recreation room, two bedrooms, 3 piece bathroom and a wine cellar. The backyard has a south-facing sundeck and detached 2.5 car garage with lane access. Central location, close to King Edward Mall, Queen Elizabeth Park & all amenities along Oak St, Cambie St & Granville St. Great schools: Emily Carr Elem., Eric Hamber Sec. Vancouver College, Little Flower Academy & UBC.
Yesterday, the Liberal government announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates. The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.
Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday. To read more, click on the link below or feel free to ask me!
1. Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance.
2. As of November 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.
3. New reporting rules for the primary residence capital gains exemption.
4. The government is launching consultations on lender risk sharing.
To read more about these changes and who they impact, please click here.
For more information, please visit the website here.
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