RE/MAX Escarpment Realty Inc.

English

Aldershot

Burlington

Dundas

Grimsby

Hamilton

Stoney Creek

Central Burlington

East Burlington

South Burlington

West Burlington

Jacqueline Vincent-Gilmore

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Buyers

Condominiums

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Sellers

“Our agent had our needs first in mind. Always available with any answers to our questions. We felt confident that we were getting the best advice possible on our search for a new home.”Anthony Kendrick, Burlington

Richard and I would like to share our very professional experience with Jacqueline as our real estate agent recently. She was knowledgeable about the market in Ancaster and surrounding areas and advised us re pricing, staging and selling of our home after only one day on the market for over our asking price. The research and work that she put into her advice and help was amazing. We were delighted with the results and would highly recommend Jacqueline. She takes her position seriously and works very hard achieving the results that both we and she agreed upon. Thank you so much Jacqueline!!!! Karen and Richard Zizzo

“Very knowledgable of market , very supportive and didnt pressure us to do things we werent ready for , put our needs and wants above everything , went above and beyond to help us and kept our stress to a minimum , jacqueline worked fast and hard and Sold our home in 5 short days, we were very Impressed , she also found us our New home in the area we wanted to be and would highly reccomend her to friends and family , thankyou Jacqueline for making our Experience such a great one now we can start our new chapter in life”Jacqueline Kendrick, Burlington

Many thanks to Jacqueline on securing the sale of my Burlington home selling $150,000 over asking! She did an excellent job of explaining the process in this market. Jacqueline made it simple to understand and went above and beyond to make it happen fast! Her insight was extremely valuable and I could not have done this without her support. Jaqueline put everything in place from the photographer to the stager to a cleaning service, quickly and efficiently. I am very grateful for her professionalism &amp; knowledge from start to finish. HIGHLY recommended!

Jacqueline was amazing to work with. We've never experienced working with a relator on leasing a place, but we're so fortunate that we found Jacqueline. She is a great communicator with a fun personality and sense of humour. She made the process so easy for us to navigate by booking all of the appointments that worked with our schedule, giving us good advice on how we should navigate situations and was there every step of the way.

As a first time homebuyer, I was fortunate enough to have Jacqueline by my side. Jacqueline took the time to understand what I was looking for, and showed me amazing places, helping me find my dream starter home. Jacqueline is very knowledgable, friendly and passionate about her love for connecting buyers with homes. As a first time homebuyer who was new to the process, I wouldn't have wanted to work with anyone else. Whether you are a first time home buyer or are looking for your next place to call home, I couldn't recommend Jacqueline enough!

I was thrilled and extremely satisfied with Jacqueline’s professionalism, speed at coordinating photos, virtual tour and profile of my condo. We sold over asking within 2 weeks of listing, which was amazing! All documents for the transaction were efficiently processed, prompt and accurate. A smooth and effortless sale for me, due to her excellent business skills. Overall, I’d highly recommend Jacqueline for any real estate adventures and would gladly refer her to family and friends. It was a pleasure having Jacqueline as my selling agent from start to finish.

<img src="https://realintro.com/system/tenon/assets/attachments/000/015/342/article_image_full/DF1D11D4-7B9E-466F-A5D4-69A77863D37B.jpeg">Homebuyers entering in the Canadian real estate market are facing a slightly bigger obstacle starting today, with the Office of the Superintendent of Financial Institutions (OSFI) implementing a higher threshold for the mortgage stress test. Under the new rules, the minimum qualifying rate for uninsured mortgages – those where buyers have a down payment of 20 per cent or more – is either the mortgage rate offered by the lender plus two per cent, or 5.25 per cent, whichever is greater.The change was prompted by a number of challenges within the Canadian real estate market, such as high debt levels, rising prices, low supply and bidding wars.“In a complicated and sometimes volatile housing market, the need for sound mortgage underwriting cannot be underestimated. The rate in place as of June 1, 2021 will help support financial resilience should economic circumstances change, while our commitment to review the qualifying rate at least annually will contribute to continued confidence in the Canadian financial system,” said OSFI’s Ben Gully, Assistant Superintendent, Regulation.Will the Mortgage Stress Test Cool the Canadian Housing Market?While some have indicated that the higher threshold may cool the hot Canadian real estate market, industry insiders have their doubts.“Given the small increase in the qualifying rate that will come into effect under the new mortgage stress test rules, we don’t anticipate any significant long-term impacts to the housing market. In the short-term, this may work to slightly calm recently hot activity, but the affordability challenges seen in many Canadian cities will remain,” according to a joint statement by Christopher Alexander, Chief Strategy Officer and Executive Vice President and RE/MAX of Ontario-Atlantic Canada, and Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.The first iteration of the OSFI mortgage stress test took effect in 2016 and applied to insured mortgages, as a means of cooling the housing market. Then in 2018, it was expanded to all mortgage borrowers, to ensure their ability to service their mortgage debt, even if interest rates rose by a couple of percentage points. The mortgage tress test qualifying rate has undergone some changes over the years. Prior to June 1, the bar was set at 4.79 per cent.“As proponents of buyers purchasing within their means and avoiding financial infeasibility, and in also understanding the affordability crisis spanning the Canadian real estate market, we recommend that along with short-term measures, including the stress test adjustment, larger-scale solutions to housing affordability are also addressed,” said Alexander and Ash. “As the historically low interest rates eventually begin to creep up over time, these upcoming changes may need to be eased once again, to match current economic conditions.”The OSFI will be reviewing the stress test annually, at minimum, to ensure its relevance under changing market conditions.“While this happens, we’d also hope that regulators are simultaneously working on a long-term national housing strategy that increases supply and allows Canadians to be able to successfully enter the market.”Canadian Housing Market Needs More SupplyAffordability has been an ongoing issue within the Canadian housing market, with government-imposed cooling measures only providing temporary relief in the past. In fact, these have had unintended consequences and have actually exacerbated the current predicament. In many ways, Canadian real estate is still reeling from the pent-up housing demand of 2017, when cooling measures such as the foreign buyer’s tax and the early mortgage stress test pushed many homebuyers to the sidelines. People paused their purchasing plans, and over the years many have saved their money with the aim of getting back in the market at a later date.Yes, we have a problem given the unprecedented levels of activity in the Canadian real estate market ─ from soaring price increases from coast to coast spurred-on by overwhelming demand to profound challenges in housing affordability. While COVID-19 has made this significantly more pronounced, the issues facing the Canadian housing market were brewing long before the pandemic struck.Alexander and Ash have held that long-term solutions to the affordability crisis include increasing supply in the Canadian housing market to reach the majority of homebuyers, making all purchases conditional on financing to reduce financial overextension of buyers, and implementing regulations concerning listing price thresholds, will we find the answer to cooling the exuberance enveloping Canadian real estate.

New Mortgage Stress Test June 1/21

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