First Home Savings Account – A new product on the market

  The First Home Savings Account is a new product geared toward first-time home buyers. It's almost as if an RRSP and a TFSA had a baby.  Here are a few details: - $8,000 contribution room per year, a total of $40,000. You can start contributing at age 18, but...

CMHC announces new rules targeting foreign home buyers

Canada Mortgage Housing Corporation has announced new regulations that will be used for the implementation of the “Prohibition on the Purchase of Residential Property by Non-Canadians Act,” which comes into effect for a two-year period starting January 1. The...

How the stress test is impacting qualification amounts

As of June 2022, we are currently seeing unnatural discrepancies in the size of mortgage loans borrowers will qualify for, and it’s all because of a rift in the space-time stress test continuum. You see, most 5-year fixed mortgage rates are already over 5%, making...

Core Inflations raises the odds of a January Rate Hike

  Canada’s headline inflation reading continued to fall in November, but core inflation rose, increasing the potential for an additional Bank of Canada rate hike in January. The headline Consumer Price Index (CPI) continued to slow to an annual growth rate of...

Cost of using a mortgage broker

From the first consultation to the signing of your mortgage, a broker's services are free to the client. There may be a fee for those with the most challenging of credit positions, but under those unique circumstances, a mortgage professional will be able to do what...

What is going to happen to Canadian house prices in 2023?

Home sale prices in Canada will go down by an average of 3.3% next year, with the biggest declines likely to be seen in Ontario and Western Canada, according to a new RE/MAX analysis. “In sharp contrast to 2022, most regions … will experience more balanced conditions...

B.C. Strata and Rental Property changes

Earlier this month, B.C will no longer be able to enforce bylaws that restrict or prohibit rentals. 📌Age restricted properties will no longer be enforceable with the exception for 55+ age restricted properties. 📌Bylaws that permit short term...

Over half of mortgage borrowers concerned about renewals

A new survey has found that 53% of Canadian mortgage borrowers are concerned about the prospect of higher monthly payments at renewal time. However, most respondents (52%) also said they have a plan in place to help deal with any potential payment shock, the...

Mortgage Penalty Box

It’s not often you can break a contract without a penalty. It’s important that you consider the impact when you must. There are circumstances when the penalty for breaking your mortgage early might result in the new mortgage paying for your penalty. Considering...