-- 86 per
cent of these home buyers chose fixed - rate mortgages.
Fully 35 per
cent of home buyers in 2007 were retirees and that number is likely to increase in the coming years.»
With more than 80 per
cent of home buyers continuing to do their research online, agents must attach more photos to their listings for them to stand out and attract more potential buyers.»
Forty per
cent of home buyers put down five per cent of the purchase price, says Genworth, while 35 per cent make a down payment of 10 per cent.
In fact, 88 per
cent of home buyers and renters visit a property website before finding their next home according to the National Association of Realtors» recent survey.
More than 92
cent of home buyers start their home search online.
In reality, «91 per
cent of home buyers who used the Internet to search for a home purchased through a real estate agent, as did 71 per cent of non-Internet users,» says the study.
In 2001 about 69 per
cent of all home buyers worked with a real estate agent.
Furthermore, 90 per
cent of home buyers use the Internet at some point during the home - buying process.
-- 74 per
cent of home buyers in Toronto and the Greater Toronto Area say they are more likely to purchase a home outside of Toronto specifically because of the Toronto Land Transfer Tax;
-- 65 per
cent of home buyers who currently live in Toronto say they are more likely to leave Toronto when they purchase their next home, specifically because of the Toronto Land Transfer Tax.
We've all heard the statistics — over 90 per
cent of home buyers use the Internet to research homes before they ever see a property in person.
A new report to be released Wednesday by BMO Financial Group found that some 53 per
cent of home buyers in Ontario and 51 per cent in British Columbia will conduct personal «stress tests» to determine whether they can pay their mortgages in the event of a rate hike.
Not exact matches
Home sales across the country have dropped in the wake of several government policy measures, including a stress test for home buyers with a down payment of more than 20 per cent, that were implemented to cool the country's hot housing mar
Home sales across the country have dropped in the wake
of several government policy measures, including a stress test for
home buyers with a down payment of more than 20 per cent, that were implemented to cool the country's hot housing mar
home buyers with a down payment
of more than 20 per
cent, that were implemented to cool the country's hot housing market.
As
of Jan. 1,
home buyers with a down payment larger than 20 per
cent seeking a mortgage from a federally regulated lender are now subject to a financial stress test.
To be eligible, first - time
buyers must be pre-approved for an insured high - ratio mortgage for at least 80 per
cent of the
home's purchase price.
OSFI also proposed tightening some
of the rules around conventional mortgages (i.e. where the
buyer puts down more than 20 per
cent of the
home value).
Under the rules, a
buyer paying more than 20 per
cent down on their
home purchase must prove they can carry their monthly payments at either their contract rate plus two per
cent, or at the Bank
of Canada's benchmark rate — whichever is higher.
Detached
homes were selling for more than $ 1.8 million in April before the province moved in to cool the market by implementing a 15 per
cent tax on foreign
buyers and extending rent control rules, two
of 16 measures that were part
of its Fair Housing Plan.
But a year after its launch last April, industry observers remain unconvinced that Ontario's 15 per
cent non-resident speculation tax had the right target in its crosshairs and,
home buyers and sellers — caught mid-transaction by the ensuing plunge in
home values — say the government hasn't even acknowledged the casualties caused by its manipulation
of the market.
Given that many
of these markets are more affordable, we are also seeing a higher share
of the flipped
homes sold to FHA
buyers, with that share reaching a four - year high
of 19.6 per
cent in 2016.»
This appears to have contributed to a decline in the participation
of first -
home buyers in the market, with their share
of new loan approvals for owner - occupation declining over the past two years to be slightly below 20 per
cent in May.
Mr Osborne announced an increase in the threshold before workers start paying income tax to # 8,105, financial support for first - time
home buyers, a two per
cent cut to corporation tax this year, a tax on private jets, a clampdown on non-doms, the introduction
of # 140 flat - rate state pension, a review into a merger
of national insurance and income tax and a fair fuel stabiliser, including a 1p cut on fuel duty.
Sadly, many young
home buyers can't afford a 20 % down payment, especially considering that 37 %
of millennial renters have not saved a
cent for a down payment, according to a recent survey by Apartment List.
Home buyers must have a down payment of at least five per cent of the price of the home that they are buy
Home buyers must have a down payment
of at least five per
cent of the price
of the
home that they are buy
home that they are buying.
Its highest profile move has been a 15 - per -
cent tax on foreign
home buyers that came into effect at the start
of August and covered 22 communities in the Vancouver region.
The Property Transfer Tax First - Time
Home Buyers» Exemption program calculates the exemption at a rate
of one per
cent on the first $ 200,000 and two per
cent on the remaining value
of the purchase price.
VANCOUVER — A legal challenge
of a British Columbia levy on foreign
home buyers has been filed in Vancouver, seeking a class - action lawsuit on behalf
of those forced to pay the 15 per
cent tax.
He added that the province's move to control the city's overheated housing market by imposing a 15 per
cent tax on foreign
buyers of homes in Metro Vancouver as
of Aug. 2 could reduce its bubble risk rating.
TREB says its data show non-resident
buyers make up 4.9 per
cent of transactions and that most
of them purchase a
home «as a residence, a
home for another family member to live in, or as an investment to rent out.»
Sydney house prices have jumped more than 6 per
cent since the beginning
of the year, increasing pressure on first
home buyers.
Based on the bank's current posted fixed five - year mortgage rate
of 5.14 per
cent, the new rate will rise to 5.34 per
cent − although
home buyers can generally negotiate with lenders to get rates considerably lower than their posted rates.
About half
of first - time
buyers who bought a
home under $ 200,000 put down only 5 per
cent, according to Altus.
They include the increase
of the property transfer tax to five per
cent from three per
cent on
homes valued at more than $ 3 million, the increase
of the foreign
buyers tax to 20 per
cent from 15 per
cent and expansion
of the FBT to other parts
of B.C. rather than Vancouver.
According to the 2016
Home Buyer and Seller Generational Trends study conducted by the US National Association
of Realtors, millennials (aged 35 and under) made up the largest share
of US homebuyers − 35 per
cent − in 2015.
With the two - per -
cent down program,
buyers still need to make monthly payments during construction, «but the monthly payment
of $ 512 / month would go towards paying off your own
home and making up the difference
of a per
cent down payment,» says the release.
Will be interesting to see how long that lasts when
buyers engage RS's services to purchase a propertyguys listed
home where the seller is offering co-op commission
of 1
cent.
According to a recent poll, 67 per
cent of motivated
home buyers intend to use a real estate agent to assist in their
home buying, higher than any other source including family, real estate websites, friends and social media, says RBC.
Then, he promotes the property on his personal website, Facebook fan page and Twitter account — places where, he says, 90 per
cent of buyers begin their search for a
home.
Since energy use in the
home contributes to approximately 30 per
cent of individual carbon emissions, increasing efficiency in the
home presents an effective way to combat climate change, a factor that is a significant selling point for environmentally aware
buyers.
Nationwide, 55 per
cent of first - time
buyers settle on a fully detached
home with 17 per
cent opting for a condominium, 15 per
cent buying a townhouse and 13 per
cent purchasing a duplex.
The poll, conducted by Ipsos Reid, also says that 30 per
cent of recent first - time
home buyers in Toronto had to pay some Toronto Land Transfer tax.
For example, a
home backing on to a train line will (eliminate) 20 per
cent of potential
buyers.
-- 90 per
cent of recent
home buyers feel that they received little or no added value in municipal services for the Land Transfer Tax that they paid to the city;
The National Association
of Realtors»
Home Buyer and Seller Generational Trends report is full
of great insights that show popular marketing methods such as search engines or newspaper ads account for less than one per
cent each
of all closed seller leads.
A new study
of recent Ontario
home buyers and
home sellers, commissioned by RECO, found that 47 per
cent of those polled would consider paying up to 10 per
cent over their budget and 31 per
cent would consider offering 10 to 20 per
cent more to outbid the competition.
Some media suggest that from one - third to 40 per
cent of all first - time
buyers get family help to buy a
home.
For repeat
home buyers purchasing an average priced
home, this would mean a seven per
cent increase
of $ 750 on top
of the $ 11,000 that they already pay to the city.
In a recent Ipsos Reid opinion poll, 58 per
cent of British Columbians agreed that the Property Transfer Tax (PTT) places an unfair tax burden on
home buyers relative to other segments
of the population.
It says in Montreal, 50 per
cent of the market for luxury single - family
homes consists
of foreign
buyers, primarily from China.