- What you need to know about Toronto’s new land transfer tax.
- 84% of Canadian baby boomers surveyed are not scared of buying real estate, despite the subprime crisis, says Mortgage Intelligence.
- MyNext Mortgage has a somewhat unique business model. They use all 3 major mortgage insurers to increase a client’s probability of approval. Deals go to the insurer with the best terms at the time.
- National Bank is supposedly launching a new readvanceable mortgage in 2008 that automatically increases your line of credit as you pay down principle.
- Stock in Xceed Mortgage is up 58% from it’s lows. The subprime lender just bagged $300 million in new financing. It should be “sufficient to meet Xceed’s funding requirements until market liquidity is restored,” says its CEO.
- CAAMP will push “responsible lending” in 2008.
- David Dodge suggests Canada’s commercial paper restructuring won’t meet the Dec. 14 deadline.
- Landlords beware.
- Home ownership percentages by age group (Source: StatsCan via the Vancouver Sun):
- 25-27-year-olds: 38%
- 31-33-year-olds: 63%
- 37-39-year-olds: 73%
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Last modified: October 24, 2007
Hi Melanie,
I am a bit confused about the new LTT as it applies to first-time buyers. I understand that first-time buyers are exempt up to $400K. So if I buy a $450,000 house am I liable to pay tax on the whole $450,000 or just the amount over $400K (i.e. $50,000). And if the latter is correct. what would the percentage rate be. Thank you.
It’s funny you should mention XCeed. I was watching their stock fall for a while and was kicking myself that I don’t have any money around. In my fake Yahoo portfolio I made a purchase at $3.80 and then again when it fell to $2.40.
Once this whole credit problem blows over in 18-24 months and they reissue their dividends at 0.24c a share, if you got them at $2.40 you’d be pulling a 10% yield. That one is worth watching in my book. Too bad I didn’t have spare cash lying around for that one.
Plus, was it any surprise that people that have only worked for (assuming from 20) 5-7 years have fewer houses than those that have worked for 11-13 years? Hmmm, fancy that.
Why do you think you only see old guys driving big fancy cars . . . (I know, excpetions to every rule, but generally).
I agree Traciatim. Xceed is a very well run company suffering from an external crisis. Once they’re able to securitize again they’ll be much more able to execute their business plan.