On April 6, 2018, a Superior Court held a couple, David Lea and Yixing Hu, accountable for reneging on a purchase of a multimillion-dollar home in Stouffville, Ontario. The judgment held that the couple must pay $470,000.00 for backing out of a real estate purchase where the value of the home dropped after the agreement of…
The following chart illustrates the amount of minimum household income required to purchase an average priced home in and around Canada in various markets under the new Canadian mortgage stress test rules. What is the mortgage stress test? How does it work? The Stress Test is a legal requirement that lenders assess whether…
What is Title Fraud? Title fraud occurs when fraudsters, using fake ID (ID theft), obtain a mortgage on an unsuspecting homeowner and steal the money but the homeowner is left with a mortgage on their house that they could be forced to repay or else lose their home to the lender. This article and corresponding…