Every week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.
This week brings two articles. The first, in a recurring theme, discusses the impact of the falling Canadian dollar on Canadian snowbirds in the United States. The second article reviews change mortgage rules in Canada.
How Canadian snowbirds are feeling the pinch of a falling loonie: ‘There are no deals anymore’ (www.financialpost.com) – HOLLYWOOD, FLA. — Even Harry Rosen can’t help but keep one eye on the falling loonie these days. The 84-year-old founder of the iconic Canadian high-end men’s clothing store chain that bears his name is one of a million Canadian snowbirds watching their expenses go up. In response, some are drastically reducing their spending, while others are cancelling their winter plans. Rosen, not an “official” snowbird given that he only winters in Florida a couple of months a year and is semi-retired, is obviously a person of means, but he still cares about the currency.
New mortgage rules for homes over $500,000 go into effect, as Liberals aim to limit housing risks (www.financialpost.com) – TORONTO — Canadians looking to buy homes between $500,000 and $1 million will have to put down larger down payments as new federal rules took effect Monday. Under the changes, homebuyers must now put at least 10 per cent down on the portion of a home that costs more than $500,000. Buyers can still put down five per cent on the first $500,000 of a home purchase. Homes that cost more than $1 million still require a 20 per cent down payment. Phil Soper, president and CEO of Royal LePage, says the new rules aim to slow the breakneck pace of price growth in the red-hot markets of Toronto and Vancouver without affecting markets that are lagging, such as those in oil-dependent provinces.
Come back next week for more interesting news and articles. Enjoy your weekend!