Episode 105: 2024-2025 Housing Forecast, New Mortgage Rules, and Expert Insights with Clay Jarvis
In this episode, we welcome listeners back and provide updates from the Canadian Real Estate Association, including a revised housing market forecast for 2024-2025. We discuss the impacts of interest rates on real estate momentum, featuring expert insights from Clay Jarvis of NerdWallet Canada. The episode covers the federal government's new mortgage rule changes, adjustments to mortgage amortization, and the insured mortgage cap. We introduce a refinancing program for secondary suites and examine September's rebound in Canadian housing starts. We also explore evolving regulations for mortgage brokers and anti-money laundering efforts in real estate. The episode concludes with closing remarks and a preview of upcoming episodes.
Key Points
- The Canadian Real Estate Association has revised its housing market forecast, predicting subdued home sales until the spring of 2025 due to buyer hesitation over current interest rates.
- The federal government will implement changes to mortgage rules on December fifteenth, aimed at making it easier for individuals to qualify for insured mortgages, including extending the maximum amortization period to thirty years for first-time homebuyers.
- Mortgage brokerages in Canada are adapting to new anti-money laundering and anti-terrorist financing compliance requirements set by FINTRAC, which took effect on October eleventh, placing them under the purview of the Proceeds of Crime and Terrorist Financing Act.
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Transcript
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