Mortgage Document Checklist
Whether you are on the hunt for a new house, purchased a new property, or are refinancing your existing mortgage one of the most daunting steps can be finding the mortgage that is right for you. It goes beyond simply choosing between variable or fixed rates and the...
More Canadians are carrying their mortgages into retirement
MORE OLDER CANADIANS HAVE MORTGAGES Between 2016 and 2021 the number of Canadians with a mortgage over the age of 65 increased. With the Bank of Canada raising the interest rate over the past year to curb inflation, these numbers may continue to rise. Conventional...
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 will household debt affect Canadians’ finances in the coming year?
Mounting debt levels are likely to become the greatest fiscal risk for Canadian households in the coming year, according to Peter Routledge, Canada’s Superintendent of Financial Institutions. The statement came in the wake of the latest figures from the national...
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...
