Open House - The Real Estate & Mortgage Show
Real Estate and Mortgage Answers
Every Saturday morning at 11 AM, Paul Rushforth and mortgage broker Frank Napolitano join CFRA's Steve Gregory on Open House.
They provide expert answers to real estate and mortgage questions from people just like you. You'll find plenty of information on how the market is doing and why, and they also have plenty of fun along the way!
Whether you're new to real estate or have plenty of experience already, you'll find the latest updates you need to prepare for your next home purchase or sale.
You can play the episodes by following the link below, or click here to get a list of transcripts.
Here are some highlights from past episodes. If you'd like to listen to the episode, visit the podcasts page.
November 4, 2017: Mortgage Pre-Approvals and A New Coach Homes Seminar
Steve, Frank, and Paul spent the morning taking calls and talking about the pre-approval process.
Get Pre-Approved Again in January to Have Accurate Lending Information
New mortgage rule changes are coming into effect on January 1, 2018, which will mean that the mortgage you’re pre-approved for now may not be the one you actually qualify for come the new year.
Frank and Paul advise that you will either need to sign a purchase agreement BEFORE January 1, or get pre-approved again in January so that offers on homes won’t fall through.
Remember: You want to get the right home, so don’t rush your buying process.
Free Seminar on Coach Homes on November 13
There will be another free seminar about all things coach home on November 13 at the Jim Robillard Centre at 6:30PM. Reserve your seat now, and come prepared with questions about the benefits of having a coach home on your property.
What Else is New?
- The October numbers are in
- Pricing your home correctly is the most important step for selling your home
October 28, 2017: Mortgage Rule Changes and the Listing Process
Steve, Paul, and Frank were joined by special guest Paul Taylor of Mortgage Professionals Canada. They spoke about the 2018 mortgage rule changes and the importance of listing your home properly.
Industry Representatives Are Going to Parliament to Talk About the 2018 Mortgage Rule Changes
Recently the Canadian government announced mortgage rule changes for 2018, including a 2% qualifying rate increase for people with a down payment of 20% or higher. Buyers will have to qualify for a higher rate, and won’t be able to afford as much property as a result.
In response to this announcement, approximately 25 volunteers from Mortgage Professionals Canada will be attending meetings this week with MPs to discuss the implications of these changes across Canada.
Don’t Panic - It’s Not all Doom and Gloom
Paul R. wants to reassure everyone that this isn’t going to impact Ottawa as heavily, and you don’t have to panic. Ottawa is a safer real estate market, and will adjust to those changes.
If you’re worried about these changes, talk to a broker right away about your options. You may find that this winter is the time for you to buy and sell.
Don’t Rush Your Home Listing
You may want to put your home on the market as soon as tomorrow, but Paul strongly advises against this. Listing before everything is ready will hurt your home sale.
The Paul Rushforth Real Estate Team has a process that every listing goes through before actually hitting the market. This process will make sure your home is 100% ready by the time it actually hits the market.
October 21, 2017: Mortgage Rule Changes On The Way
Today’s show focused on the mortgage rule changes that have been announced by the Canadian government.
According to Frank and Barb, these changes are going to hurt hard-working Canadians who have saved a down payment of 20% or more. Even though they’ve proven their financial responsibility, they’ll now have to qualify at a rate that is 2% higher than the contract rate.
As a result of these rule changes, buyers will be able to borrow less money, which means they won’t be able to afford the same houses they would have been able to a year ago.
Mortgage Rule Changes Effective January 1, 2018
These rule changes will take effect on January 1, 2018. Unofficially, banks could start enforcing this sooner.
Paul Rushforth Real Estate agent Dora estimates that with the lower inventory Ottawa’s been experiencing and upcoming rule changes, there will be an influx of buyers trying to get ahead. This will potentially lead to more bidding wars.
Talk to Your Real Estate Agent and Mortgage Broker Now
Now is the time to get in touch with your broker or agent to discuss options for buying, selling, qualifying for a mortgage, or refinancing.
October 14, 2017: Selling Before Christmas and Potential Mortgage Rule Changes
Steve, Frank and Paul were back together again to talk about condos, why you should list now, and the potential mortgage rule changes.
Want to Sell Before Christmas? List Now
Like Paul says, “there’s never a bad market.” But if you want to sell your home before the Christmas holidays, it’s crunch time. He recommends listing your home now, especially if you’re looking at closing a sale before holiday plans.
Proposed Rule Changes Will Slow Market Down
Last October’s mortgage rule changes slowed down the markets across Canada. That could happen again if proposed rule changes are put in place this year.
The possible changes would mean that if you plan to put 20% down on your home, you have to qualify for a higher rate. The justification for this is that if the rates go up, homeowners need to be able to prove that they can afford to stay in their house.
Frank is skeptical that rates would hike back up into such high ranges like 5% and up, and shared his concerns that if the government continues to paint Canadian real estate markets with the same brush as Toronto or Vancouver, it’s going to hurt consumers.
What Should I Know?
October 7, 2017: Home Inspections and Reverse Mortgages
Paul and Steve were joined by Barb from Mortgage Brokers Ottawa to talk about new home inspector regulations and reverse mortgages.
Inspector Should Be Regulated, Insured, and Experienced
The government is planning to introduce more regulations for home inspections, which is good news for both buyers and sellers.
Paul shared the three things your home inspector should be: regulated, insured, and experienced. Having a knowledgeable appraisal will give you peace of mind, and help make sure that you get accurate information about the house in question.
Sue Pimento, regional vice president of Central Canada branch of the Home Equity Bank, called in to talk about reverse mortgages.
Reverse mortgages are a tax-free, payment-free way for seniors (55 or older) to turn up to 55% of the equity in their home into cash/income. This is a way for seniors to access funds to pay off debts, provide money for kids or grandkids, or even put a downpayment on a retirement home.
Sue assured listeners that the Home Equity Bank does not take ownership of the home, and you don’t get kicked out. They get paid out when the property gets sold. You just have to be able to pay interest, your property taxes, and insurance.
Looking to Sell?
Open House Transcripts
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