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Here’s How Much House You Can Afford Under Canada’s New Mortgage Rules

It’s January 2018, prospective homebuyers, and you know what that means: The new mortgage stress test is in play.

But what you may not know is how much it’s going to impact your homebuying budget. Nor would you be alone: A new study from RE/MAX estimates that 37 per cent of Canadians aren’t aware of how the changes will affect their ability to purchase a property in the future.

If you’re among them, you may be feeling the stress, indeed. But here’s our guide showcasing what you can afford with the new regulations.

Towards the end of 2017, the Office of the Superintendent of Financial Institutions (OSFI) introduced new, tighter mortgage rules, requiring borrowers with uninsured mortgages (those putting a down payment of 20 per cent or more) to undergo a stress test. As of Jan. 1, 2018, uninsured borrowers must now qualify at a new minimum rate — the greater of the Bank of Canada’s five-year benchmark rate, which currently sits at 4.99 per cent, or 200 basis points higher than their mortgage rate.

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House prices jump 23 per cent in Hamilton in 2017 | TheSpec.com

Housing prices rocketed upwards a whopping 22.9 per cent in 2017 in the Hamilton real estate market, the third highest jump in the country, according to a new housing survey.

The results released Wednesday showed the aggregate price of a home in Hamilton increased to $554,399 from $451,027 a year ago.

However, Hamilton’s condominium market was a different story. Amid a construction boom in condos, prices decreased by 2 per cent. The average condo sold for $321,128 in 2017 compared to $327,761 a year ago.

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CES 2018: The 10 biggest highlights from the Vegas tech show

Since 1998, the Consumer Electronics Show (CES), owned and produced by the Consumer Technology Association (CTA), has been held in the Las Vegas Convention Center, Nevada.

This year’s event started on Tuesday 9 January and ended on Friday 12 January 2018, kickstarting the year with a slew of the most exciting products, announcements and launches.

But, many tech firms jumped the gun and announced a bevvy of excellent products during the two-day media extravaganza before CES officially opens to the general public. Here’s our list of the best tech products announced at CES 2018.

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