Ryan Out Loud - This Week in Housing (September 10th, 2022)

How Much Of A Down Payment Do You Need On A Second Home?

You don't need a 20% down payment to buy a home. You might need more money if you want to avoid paying for Private Mortgage Insurance, but you can still buy a home with 5% down. Read the article to learn more about this.

School is Back to Near Pre-Pandemic Levels

Around 310 students have enrolled in online learning at the undergraduate level, accounting for less than 2 percent of the total student population. Approximately 800 students wanted to learn online in the 2021-22, but only about 310 have done so so far this school year.

Sump Pumps to Blame

Some people may mistakenly connect a pressure-reducing valve to a sump pump. If this happens, the pump may not be able to handle the extra water, and this could lead to flooding. Last month, 432 properties were affected by flooding due to heavy rains.

Recently, the city council approved a plan to inspect homes for stormwater damage in an effort to reduce backups and flooding. So far, about one-third of properties inspected have sump pumps connected to the sanitary sewer line.

Meet with a Mortgage Professional

After the summer, some people may wonder if it is a good time to buy a home. Some people may wonder if now is the time to get pre-approved for a mortgage.

Before making an offer on your dream house, it is important to meet with a mortgage professional to figure out how much you can afford and what loan might be the best for you.

Possible Bank of Canada rate hike pause after September

The Bank of Canada might be done raising interest rates. One analyst at the Canadian Imperial Bank of Commerce thinks so, and September could be the end of rate hike trend.

References:

www.moneysense.ca/down-payment-second-home/

blackburnnews.com/school-september

globalnews.ca/mortgage-broker-questions-interest-rate

financialpost.com/bank-of-canada-could-put-rate-hikes-on-pause-after-september