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Blog 2017-01-04T01:02:15+00:00

How Can I invest in the Canadian Real Estate?

By | November 16th, 2018|Categories: Investment Properties|Tags: , , , |

How Can I Invest in the Canadian Real Estate Market? Before deciding that you are going to invest in real estate it is vital to do your research, particularly when it comes to funding and mortgages. Taking out additional mortgages as a way to buy investment properties can be tricky - especially when so many [...]

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Mortgage Stress Test and First-Time home buyers

By | October 31st, 2018|Categories: Economy, Mortgage Rules, Stress Test|Tags: , , , |

MORTGAGE STRESS TEST ADDRESSED AT THE CONFERENCE On Monday Oct 29 2018, CMHC addressed a few questions regarding the regulatory changes in the mortgage industry at the National Mortgage Broker conference The mediator for this seminar was the President of the "Mortgage Professionals Canada". The discussion was mainly about the Mortgage stress test ie; B20.  CMHC [...]

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Canada’s Housing Market: Slow and Steady Wins the Race

By | October 30th, 2018|Categories: Economy|Tags: , , , , , , , , , , , , , |

Canada’s Housing Market: Slow and Steady Wins the Race Following the federal government’s latest mortgage requirements, the Canadian housing market has seen a dramatic downturn in sales. Over the past few months, cities such as Barrie, Toronto, and Vancouver have gone from having houses sell within 24 hours to houses sitting for weeks - in [...]

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How Have the New Mortgage Rules Impacted the Price of Homes throughout Canada?

By | October 10th, 2018|Categories: Mortgage Rules, Stress Test|Tags: , , , , , , , |

How Have the New Mortgage Rules Impacted the Price of Homes throughout Canada? The last few years have brought great change to the Canadian housing market, primarily due to the most recently implemented mortgage rules that were put in place. While these changes and rules have been put in place as an attempt to protect [...]

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Your mortgage is about to get more expensive

By | January 20th, 2018|Categories: Economy|Tags: , , , |

The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signaled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in [...]

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What you need to know before buying a home

By | December 7th, 2017|Categories: Mortgage Tips|Tags: , , , |

Many first-time home buyers are surprised to discover just how many ways you can mess up the home financing when buying a home. You may received your pre-approval, found a home you loved and made an offer. But if you want to avoid messing up the transaction, you will need to be extremely careful until the sale [...]

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Pay less tax on rental properties

By | November 24th, 2017|Categories: Investment Properties|Tags: |

Q: I have five rental properties in my name. Should I switch them to a numbered company? –Travis A: Hi, Travis. Incorporating a holding company to own rental properties has some advantages and disadvantages depending on the objectives you have in mind in both the short and long term. However, you should first speak with a [...]

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Canadian Spring Real Estate Market Shows Promise for 2017

By | May 15th, 2017|Categories: Economy, Mortgage Products|

Spring is a unique season in real estate terms. It’s the time of year when we see the most activity, with “For Sale” signs dotting nearly every neighborhood, and open houses and showings become the norm across the country. The Star has already dubbed it “a ... spring real estate season like none in memory.” [...]

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New Measures to Cool Red-Hot Property Market

By | March 23rd, 2017|Categories: Economy, Mortgage Rules, Mortgage Tips|

The Canadian Real Estate Association (CREA) recently reported that February home sales across Canada rose 5.2 percent on a month-over-month basis to reach a level that’s just 0.8 percent below the highest peak ever seen in April 2016. There have been reports on the likelihood of policy intervention by different levels of government to address [...]

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Complex mortgage rules boost value of mortgage brokers

By | February 8th, 2017|Categories: Mortgage Rules, Mortgage Tips|Tags: , , , , |

   More complex mortgage rules boost the value of mortgage brokers.  The last quarter of 2016 brought considerable change to Canada’s residential mortgage business. In October, the Department of Finance Canada announced new mortgage rules that have had a tempering effect on the market. Then, in late December, the Office of the Superintendent of Financial [...]

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What the New Mortgage Landscape Means for You

By | July 22nd, 2015|Categories: Mortgage Tips|

Since the financial and housing crisis that gripped the world in the middle of the last decade, governments across the world have tightened regulations in an effort to reign in lending, and make the market more stable. Here in Canada, we did not suffer the same consequences of the U.S. housing crisis, but over the [...]

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Debunking Some of the Top Canadian Mortgage Myths

By | July 8th, 2015|Categories: Mortgage Tips|

Applying for a mortgage can be a worrying time for those looking to get onto the property ladder. There are countless myths about getting a mortgage in Canada - let’s look some of those myths and the truth behind them. Myth - You need a down payment of at least 25% to be accepted for [...]

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The 411 On Construction Loans

By | June 17th, 2015|Categories: Lines of Credit|

Construction loans are back by lenders who provide funding for newly built homes. These types of loans are typically obtained by home construction companies or by private builders that need the extra capital to manufacture a house from scratch. Most construction loans are offered to large construction corporations that manufacture homes on a mass scale. [...]

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Everything You Need To Know About Renewing Your Mortgage

By | June 2nd, 2015|Categories: Mortgage Tips|

With mortgage loans considered by banks and customers to one of the safest there is, mortgage loans have traditionally been among the most popular types of loans taken out by people. For that same reason many people choose to renew their mortgages once the term of their previous one has ended. Mortgage renewal is one [...]

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What You Need to Know About Debt Consolidation Loans

By | May 14th, 2015|Categories: Budgeting, Debt management|

A debt consolidation loan is a great solution if you are struggling to pay multiple creditors. A financial institution will offer you one large loan that enables you to pay off all your existing debts, leaving you to make a single monthly repayment to your loan provider. This is an attractive option as it basically [...]

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The Advantages of Qualified Mortgage Brokers

By | April 21st, 2015|Categories: Mortgage Products, Mortgage Tips|

Applying for a mortgage is probably one, if not the biggest financial commitments you will ever make. That’s why you need to have the right partner on your side as you search for the best mortgage. Although many people have always turned to their banks for this, working with a mortgage broker is by far [...]

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Mortgages for the Self-Employed

By | April 6th, 2015|Categories: Mortgage Tips|

In the past, getting a mortgage was relatively easy for self-employed people. However, recent changes on laws governing mortgages has made it more difficult for self-employed individuals to access mortgages even though they may have a higher median net worth than paid employees. Below are some issues self-employed individuals might face when applying for a [...]

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What You Need to Know about Mortgage Refinancing

By | March 23rd, 2015|Categories: Mortgage Tips|

There are several advantages to mortgage refinancing. Whether you are going through financial hardship and need extra money or simply want to take advantage of lower interest rates, refinancing your mortgage can help. If you are approved for a lower interest rate or switch from an adjustable rate to a fixed one, the savings can [...]

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A Home Renovation Loan May Be Just the Thing for You!

By | March 9th, 2015|Categories: Uncategorized|

Renovations are changes that add value to a house. Renovation planning can cover a lot of ground: from new bathrooms and termite damage repair to stair railings and plumbing. Obtaining a renovation loan brings many advantages. The lifestyle advantages are immediate, but the financial ones are more long-term: a more valuable property to live in [...]

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The Benefits of Using a Mortgage Broker Versus a Bank

By | March 9th, 2015|Categories: Uncategorized|

For many people, mortgage payments are their single largest expense. When they go into their local bank and fill out the mortgage paperwork they like believe they are receiving the best deal, but are bank-brokered arrangements really the best deal you can get? There are so many options available today that going to the bank [...]

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Home Renovation Loans

By | March 9th, 2015|Categories: Home Tips|

A house demands frequent maintenance, ranging from painting, replacing broken fixtures to remodeling a room and restoring the tiling. You can probably finance most of these needs yourself, but if a major overhaul becomes necessary, you may require more money than you have. Here are some renovations that can add more value to your home: [...]

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The Benefits of Mortgage Default Insurance

By | January 30th, 2015|Categories: Uncategorized|

Many people actively seeking home ownership have to put their dreams on hold because they haven’t saved up enough money to pay the down payment on a home. What is a down payment? A down payment is a portion of your home price that is not financed by the lender. The buyer must pay the [...]

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Mortgage Refinancing Saves You Money

By | January 30th, 2015|Categories: Uncategorized|

When executed correctly, mortgage refinancing can offer homeowners an opportunity for significant savings. Despite these obvious monetary benefits, many homeowners continue to miss out on refinancing opportunities. This is mainly because they have erroneous beliefs about what it means to refinance a mortgage. What Does It Mean to Refinance a Mortgage? One common misconception is [...]

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The Advantages of Fixed Rate Mortgage Loans

By | January 30th, 2015|Categories: Uncategorized|

Mortgages come in all shapes and sizes, making it difficult for a potential home buyer to make up his or her mind on what kind of loan to opt for. In this blog post, we will be focusing solely on fixed rate mortgages - how they work and the benefits of singing up for one. [...]

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Are Private Lenders a Better Fit for You?

By | November 12th, 2014|Categories: Uncategorized|

A private mortgage is a primary form of agreement that is legally binding between two different parties: the lender and the buyer. The lending party in the case of a private mortgage is privately owned, unlike conventional loans which are issued by government-regulated financial institutions. Considering the status of the current economy, more and more [...]

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The Sky Financial Amortization Calculator Takes the Guesswork Out of the Mortgage Loan

By | October 27th, 2014|Categories: Uncategorized|

   The term “amortization” comes from the Latin word "mort," meaning death. It literally means to kill a loan. It commonly means to repay it, combined with interest, over a specified period. When you shop for a loan – lenders will calculate your monthly payments based on the cost of the house and the interest [...]

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Refinancing a Mortgage Loan

By | October 9th, 2014|Categories: Uncategorized|

Refinancing a loan essentially means taking one loan and replacing it with another. Refinancing is done to allow a borrower to obtain a different and even better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the [...]

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Affordable Mortgages for the Self-Employed

By | October 1st, 2014|Categories: Uncategorized|

Working patterns are changing as an increasing number of us become self-employed, take on contract work or have more than one job. A job for life is no longer the norm. As a result, many people are experiencing difficulty in getting a mortgage from banks. Self-employed mortgages are aimed at those who find it difficult [...]

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 What is a Construction Loan?

By | September 17th, 2014|Categories: Uncategorized|

A construction loan is a specific type of agreement that caters to those wishing to undertake a major construction or renovation project. This type of loan structure is the answer to a growing need on the property market. How does a Construction Loan Work? A construction loan differs from a regular home loan in how [...]

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Benefits of Debt Consolidation

By | August 29th, 2014|Categories: Debt management|

The consolidation of financial obligations, bills, debts, and loans is an arrangement to pay your creditors, debtors, or mortgage holders with a new loan making total monthly payment less than the total of previous individual loans. Usually the length of time for scheduled payments is extended and a type of collateral or security is usually [...]

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Renewing a Mortgage

By | August 15th, 2014|Categories: Mortgage Tips|

At some point, the term of your mortgage will come to maturity and you will have to decide between renewing your mortgage with the same lender or refinancing with a different lender. Prior to the maturity date, the lender will generally send you a notice advising you that you will be offered a renewal and [...]

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Commercial Loans

By | August 1st, 2014|Categories: Uncategorized|

An entrepreneur on the threshold of starting a new venture will need a certain money base to kick-start his efforts. He/she can use a commercial loan to access sufficient funds to operate the business and to slowly take it to success. Most entrepreneurs will head to the bank for this source of much needed cash. [...]

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What is a Home Equity Loan?

By | August 1st, 2014|Categories: Uncategorized|

When you get a home equity loan, you are borrowing against your ownership in a property. The equity is the value of the house minus your mortgage balance. A home equity loan uses your equity as collateral. With the right approach, using your home equity can be a savvy way to manage your finances. A house equity loan and line of [...]

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The Advantages of Using a Mortgage Broker

By | June 10th, 2014|Categories: Mortgage Tips|

A mortgage is the largest and most complicated investment that most people will make in their lifetime. Given the number of mortgage products and lenders available, it can be difficult to try and navigate through the maze of mortgage options. Hiring a mortgagebroker has many advantages. A competent mortgage broker will help you meet your [...]

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Refinancing a Mortgage

By | May 21st, 2014|Categories: Uncategorized|

Interest can be a big headache for people who have limited resources to pay their bills, especially those who are facing what seems like a never ending list of mortgage bills due to an adjustable rate mortgage plan. Refinancing a home after having lived in it for many years has become the most profitable strategy [...]

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Home Equity Loans

By | May 5th, 2014|Categories: Uncategorized|

If you are in the market for credit, a home equity plan is one of the several options that may be right for you. Before making a decision you should shop for the credit terms that best meet your borrowing needs. Sky Financial Corporation – The Mortgage Centre can help match you with the right [...]

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Mortgage Refinancing with Sky Financial Corporation / the Mortgage Centre

By | April 11th, 2014|Categories: Uncategorized|

Sky Financial Corporation / the Mortgage Centre has assisted thousands of clients reach their home refinancing goals through our diverse range of mortgage and refinancing plans and options. Lower interest rates have increased the consumers buying power. Today however homeowners refinance their mortgage for a variety of reasons. This holds especially true for homeowners with [...]

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Sky Financial Corporation – Home Equity Loans

By | March 12th, 2014|Categories: Uncategorized|

A home equity loan is a loan or credit account in which homeowners borrow against the value accumulated in their home and property. Your home is your biggest asset and something you can fall back onto in difficult times. The cost of borrowing money against the equity of your home is considerably cheaper than other [...]

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Sky Financial Corporation Helps Consolidate Debt Even With Bad Credit

By | February 27th, 2014|Categories: Debt management|Tags: , , , , |

Finding the best debt relief solution is not always a simple task for consumers who are far behind in their mortgage and credit card payments. The key to a successful financial solution is to understand your options.   Sky Financial Corporation allows holders of private loans to manage repayment by combining their eligible loans into [...]

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Mortgage News – Condo buyers feel the pinch

By | February 20th, 2014|Categories: Newsletters|Tags: , , , , |

Condo buyers feel the pinch Tightened lending guidelines are particularly affecting one type of homebuyer in major cities, according to one broker. “In my marketplace … we are surrounded by so many condos, and a lot of our clients trying to purchase with bad credit are having a tough time,” said Phil Edwards, “They put [...]

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Mortgage Newsletter

By | February 19th, 2014|Categories: Economy|Tags: , , |

CMHC cutbacks announced The budget announcement quietly slipped in changes to government-backed mortgage insurance, including reductions to the amount of new guarantees CMHC will provide. “The Government continues to adjust the housing finance framework to restrain the growth of taxpayer-backed mortgage insurance and securitization,” the budget report states. “These measures will support the stability of [...]

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How to Get a Mortgage With Bad Credit

By | February 19th, 2014|Categories: Credit Bureau|Tags: , , , , , , , , |

You had a few financial setbacks when life’s speed bumps tripped you up, but now you’re on the right path and are ready to take the leap into home ownership. The only problem is: you’re not sure if your pesky credit history is going to prevent a lender from giving you a mortgage loan. The [...]

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Multi-Family Housing Makes Dollars and 6 Kinds of Sense For Investors

By | February 17th, 2014|Categories: Investment Properties|Tags: , , , , , |

Single-family home prices is on the rise again, yet incremental increases such as we are now seeing merely keep step with the economy, presenting no real threat to your investment plan nor a compelling reason to curtail your commercial real estate activities as a residential property investor. Nonetheless, in general- perhaps especially in times of [...]

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Before selling your home

By | February 16th, 2014|Categories: Home Tips|Tags: , , , , |

Before you start making repairs, before selling your home or marking dates on your calendar for an open house, it's smart to prepare a home selling plan. Of course, you want top dollar, but you could make costly home selling mistakes along the way if your enthusiasm for quickly selling causes you to run out [...]

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New Immigrants – Buying your first home.

By | February 10th, 2014|Categories: Uncategorized|Tags: , , , , , , |

GETTING PRE-APPROVED BEFORE SHOPPING It’s a good idea to sit down with your mortgage broker/ specialist to discuss your needs and get mortgage pre-approval.  Pre-approval means that your lender commits to giving you a mortgage up to a specified amount, at certain terms and conditions, including the interest rate. This commitment will be valid for a [...]

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Is This the Right Time for You to Buy?

By | January 15th, 2014|Categories: Economy, Mortgage Products|

There are really two questions involved in making the decision if the time is right for you buy.  The first thing you may want to consider is whether it is a good time in general to make home purchase.  Then you want to take the same principles and apply them to your own life to [...]

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New thinking on BoC rate hike

By | January 4th, 2014|Categories: Uncategorized|

Brokers are anticipating a particularly busy 2014 as clients look to move before the Bank of Canada does, although there’s new thinking on the timing of its long-awaited hike in the overnight rate. "The Federal Reserve calmed potential homeowners and investors by signalling it won’t raise the rate until the economy improves further, which by [...]

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Advice for credit challenged clients

By | December 13th, 2013|Categories: Credit Bureau|Tags: , , , , , , , , , , , , , , , , |

In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago. Your best solution is to consult your mortgage agent to determine whether your [...]

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Jim Flaherty Receptive to the idea of ending CMHC

By | December 12th, 2013|Categories: Economy|Tags: , , , , , , , |

The International Monetary Fund recently suggested that Canada should consider winding down government backing of mortgages — and Finance Minister Jim Flaherty is sounding receptive to the idea. Ending or limiting the activities of Canada Mortgage and Housing Corp., the government-run mortgage insurer, would certainly rock the country’s real estate business to the core, as [...]

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Flaherty charges CMHC new risk fee on mortgages

By | December 5th, 2013|Categories: Economy|Tags: , , , , , , , , , , , , , |

Finance Minister Jim Flaherty is taking another step to curb taxpayers’ exposure to the housing market, by charging Canada Mortgage and Housing Corp. a new risk fee. As of Jan. 1, the Crown corporation will have to pay the government a fee equivalent to 3.25 per cent of the mortgage insurance premiums it writes and [...]

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Thirty-year Mortgages

By | November 26th, 2013|Categories: Economy|Tags: , , , , , , , , , , , , , |

Canada’s banking regulator is still monitoring 30-year mortgages, the head of Canada’s financial regulator told a conference of mortgage brokers in Toronto on Monday. In recent years there has been a shift in the marketplace, with lenders offering more 30-year amortizations, and that’s something that the regulator is studying, Julie Dickson, the head of the [...]

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CMHC Mortgage default Insurance

By | November 25th, 2013|Categories: Economy|Tags: , , , , , , , , , , , , , , , , , , , |

No one wants to inflate a housing bubble by encouraging folks who can’t afford the debt to buy. But many creditworthy first-time homebuyers are paying much more than they should have to for a significant portion of their housing purchase. When it comes to mortgage default insurance, Canadians get little choice and sky high prices, [...]

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Home sales dip in October as market cools

By | November 25th, 2013|Categories: Economy|Tags: , , , , , , , , , , , , , , , , , , , , |

OTTAWA - Canadian home resales dipped last month for the first time since February in what many see as a signal that a so-called correction in the housing market remains in place. The Canadian Real Estate Association reported Friday that the number of transactions fell 3.2 per cent in October from September on a seasonally [...]

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Pay off your mortgage early

By | November 24th, 2013|Categories: Mortgage Tips|Tags: , , , , , , , , , , , , , , , |

Let the financial dust settle and relax, then think about what options you have to improve and shrink your long-term debt from the mortgage Everyone wants us to be in debt. Shops want you to take on debt so you will buy more stuff, banks want you in debt for the interest they receive from [...]

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Five things to do if you are over-extended on your mortgage

By | November 22nd, 2013|Categories: Mortgage Tips|Tags: , , , , , , , , , |

Mortgage default may be rare in this country, but nearly 9% of indebted households need 40% or more of their gross income to pay their debt service charges, says the Bank of Canada Financial System Review. If you can see problems coming, then you can take action to avoid foreclosure, which happens when lenders run [...]

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Is refinancing right for you?

By | November 19th, 2013|Categories: Mortgage Tips|Tags: , , , , , , , |

There are numerous reasons why homeowners choose to refinance their mortgages - everything from debt consolidation to freeing up money for their child's education to using their home equity to buy another property. But the most popular reason for refinancing at this time of year is for holiday gift buying and entertainment. Planning ahead really [...]

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What to do when your credit score is too low for a mortgage

By | November 8th, 2013|Categories: Budgeting|Tags: , , , , , , , , |

If you're preparing to buy a home, you probably know that your credit score is  important. Maybe you've already been turned down for a mortgage because of a low  credit score. Or maybe you've recently pulled your credit report, only to  realize that your credit is worse than you expected. Don't give up on buying [...]

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Canadian Mortgage Rules

By | October 31st, 2013|Categories: Mortgage Tips|Tags: , , , , , , , , , , , , , , , , , |

Changing regulations in Canada’s mortgage market Since 2008, the federal government has made several changes to the rules for mortgages insured through the Canada Mortgage and Housing Corporation (CMHC) and other private sector mortgage insurance providers. These rules affect home buyers with less than a 20 per cent down payment and these changes will impact [...]

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Real Estate continues to grow

By | October 30th, 2013|Categories: Economy|Tags: , , , , , , , , , , , , |

The Canadian real estate industry will get more good news today — not that it needs any more positive spin or Finance Minister Jim Flaherty even wants to hear it. The Canadian government has no plans for now to clamp down on the housing market even though prices are rising again, Finance Minister Jim Flaherty [...]

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Tips to improve your credit rating

By | October 29th, 2013|Categories: Credit Bureau|Tags: , , , , , , |

Improve Your Credit Score In Canada, your credit score plays a major role in your financial health, influencing everything from your mortgage rate and insurance rates to the interest rates you’ll be able to get on a credit card or car loan. Your credit score may even be considered when you apply for a job! [...]

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Reduce mortgage penalties

By | October 29th, 2013|Categories: Mortgage Tips|Tags: , , , , , , , |

A few quick tips to reduce mortgage penalties. You bought your house a few years ago at an interest rate of 5%.  Now everywhere you look banks and credit unions are offering rates of 3% and below on fixed-rate mortgages. You’ve decided it’s time to get a better deal, but when you speak to your [...]

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Canada won’t interfere in housing market — for now: Flaherty

By | October 29th, 2013|Categories: Economy|Tags: , , , , , |

OTTAWA — The Canadian government has no plans for now to clamp down on the housing market even though prices are rising again, Finance Minister Jim Flaherty said on Monday, but he pledged to investigate whether the price uptick looks to be more than temporary. Finance Minister Jim Flaherty says he will not only balance [...]

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Breaking News: CMHC CEO appointment

By | October 29th, 2013|Categories: Uncategorized|

The minister responsible for Canada Mortgage and Housing Corporation (CMHC), Jason Kenney, announced today that Evan Siddall has been appointed president and chief executive officer of CMHC for a five-year term effective January 1. "Mr. Siddall brings to the position extensive leadership and senior management experience," Kenney said. "His proven financial and capital markets expertise [...]

Why no rate hike means variable mortgages are safe again

By | October 25th, 2013|Categories: Mortgage Products|Tags: , , , , , , , , |

A signal from the Bank of Canada that it is not raising its key lending rate any time soon, coupled with the likelihood of falling mortgage rates, could be enough to keep the latest housing rally going. There have been signs the housing market is in recovery mode with year-over-year sales rising in many markets, [...]

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Bank of Canada drops rate-hike talk

By | October 24th, 2013|Categories: Economy|Tags: , , , |

The Bank of Canada has abandoned 18 months of warnings that interest rates will one day have to rise, saying on Wednesday that a soft economy and persistently weak inflation mean there is as much chance of a rate cut as a rate hike. The surprise policy shift, which knocked the Canadian dollar to a [...]

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Most boomers don’t want to move out of their home

By | October 24th, 2013|Categories: Economy|Tags: , , , , , |

Aging boomers don’t want to move out of their homes as they head into retirement, according to the results of a new poll. A majority of Canadians aged 50 and over – 83 per cent – said staying in their own homes and paying for home care is the most appealing option for them, says [...]

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Canadian Real Estate Association raises the future outlook for home sales this year.

By | September 25th, 2013|Categories: Economy|Tags: , , , , , , , , , , |

OTTAWA - The Canadian Real Estate Association has raised its outlook for homes sales this year as it reported an 11.1 per cent jump in August sales compared with a year ago. A sold sign in Oakville, Ont., Monday, July 23, 2012. The Canadian Real Estate Association is raising its outlook for homes sales this [...]

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The Importance of Choosing The Best Mortgage Term

By | September 17th, 2013|Categories: Mortgage Tips|Tags: , , , , , , , , , , |

Choosing the mortgage term that's right for you can be a challenging proposition for even the savviest of homebuyers, as terms typically range from six months up to 10 years. By understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is best [...]

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HOUSING TREND IN CANADA

By | September 3rd, 2013|Categories: Economy|Tags: , , , , , , |

  Housing affordability in Canada deteriorates marginally in the second quarter of 2013 The recent upswing in the Canadian housing market brought with it some mild erosion in housing affordability in the second quarter of 2013. Successive month-to-month advances in home resales and housing starts this spring seemingly marked an end to the cooling of [...]

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CANADIAN CONDO MARKET

By | August 30th, 2013|Categories: Economy|Tags: , , , , |

Canada’s condo market to dodge hard landing as population, job gains drive demand: study A contractor walks along the outer edge of a condominium under construction in downtown Vancouver. Ben Nelms/Bloomberg If you are sitting on the sidelines hoping for the condo market to crash, the Conference Board of Canada says you’ll have to wait. [...]

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5 Inspection Problems

By | August 23rd, 2013|Categories: Home inspection|Tags: , , |

Home buyers need to be extra vigilant about inspections in the early stages of a purchase because if problems are discovered too late in the process, it can "dash home owners' dreams and budgets," writes Yahoo! Finance in a recent article. One home buyer in Long Island, N.Y., explains in the story that she didn't [...]

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NO HOUSING BUBBLE

By | August 22nd, 2013|Categories: Economy|Tags: , , , , , |

Finance Minister Jim Flaherty said he isn’t planning new measures to restrain the country’s housing market because his past four rounds of action have already worked to avoid a bubble. Flaherty has warned consumers to avoid mortgages that could become unaffordable when borrowing costs rise, after Canadians took on record household debts relative to disposable [...]

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CMHC Mortgage Insurance

By | August 6th, 2013|Categories: Economy|Tags: , , , |

OTTAWA--Canada's government-backed mortgage insurer said it will cap the amount of mortgage-backed securities it is willing to guarantee, in the latest move by officials here to temper Canada's housing sector. In a directive to lenders issued last week, Canada Mortgage and Housing Corp. said that, "effective immediately," it will guarantee only 350 million Canadian dollars [...]

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Home Renovation

By | July 25th, 2013|Categories: Mortgage Products, Mortgage Tips|Tags: , , , , , , |

Home Renovation Financing Options   There are many  different reasons to renovate a home: to save energy (and save on utility  bills), to make room for a growing family, to improve safety or increase the  resale value of your home, or simply to bring a fresh new look to your home.  There are also a [...]

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Renewing and Renegotiating Your Mortgage

By | June 20th, 2013|Categories: Mortgage Products, Mortgage Tips|Tags: , , , , , , , , , , , , , , , , |

Overview When you bought your home, you probably signed a mortgage agreement that remains in effect for a certain period, called the term. When your mortgage term comes to an end, you will have to pay off your mortgage, renew it for another term or switch your mortgage to another lender. The end of your [...]

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Paying Off Your Mortgage Faster

By | June 14th, 2013|Categories: Mortgage Tips|Tags: , , , , , , , , , |

Ways to pay off your mortgage faster 1. Increase the amount of your payments One of the ways to pay off your mortgage faster is to increase the amount of your regular payments. Normally, once you increase your payments, you will not be allowed to lower your payments until the end of the term. Check [...]

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BUYING YOUR FIRST HOME; Mortgage Default Insurance

By | June 14th, 2013|Categories: Mortgage Tips|Tags: , , , , , |

Mortgage default insurance Mortgage default insurance (sometimes called mortgage loan insurance) protects the mortgage lender in case you are not able to make your mortgage payments. It does not protect you. You must pay for mortgage default insurance if your down payment is less than 20% of the purchase price of your home. This is [...]

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Mortgage Pre-payment: Know your options

By | June 13th, 2013|Categories: Mortgage Products, Mortgage Tips, Uncategorized|Tags: , , , , |

Overview Mortgage prepayment refers to paying more than the regular mortgage payments you have agreed to pay in your mortgage contract. Examples of prepayment: increasing the amount of your regular mortgage payments making lump-sum payments to reduce your mortgage balance paying off your mortgage in part or in full before your term is over. If [...]

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BUYING YOUR FIRST HOME; New Home Buyer Plan

By | June 13th, 2013|Categories: Mortgage Tips|Tags: , , , , , |

Home Buyers' Plan                                                                             The Home Buyers' Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to use for a down payment. You must meet certain conditions to be eligible for the HBP. For more information, contact the Canada Revenue Agency (CRA). How much can you withdraw? You can withdraw [...]

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Upbeat new housing numbers

By | June 13th, 2013|Categories: Economy|Tags: , , , |

New housing already purchased and in the pipeline continues to propel the Canadian real estate market but worries persist about what happens when that tap turns off. Condo building surge signals economy gaining momentum Canadian housing starts rose at their fastest pace in more than a year in May on a surge in condominium construction, [...]

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Overbuild Condo Market

By | June 13th, 2013|Categories: Economy, Uncategorized|Tags: , , , |

An overbuilt and overpriced condominium market is posing a risk to Canadian households, banks and the economy in general, the Bank of Canada warned Thursday in its latest review of the health of the country’s financial system. The central bank particularly singles out the Toronto condo market, which it notes continues to carry a high [...]

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Canadian non-mortgage debt shows decline

By | June 5th, 2013|Categories: Economy|

New data on consumer credit suggests Canadians are becoming more cautious  about making purchases that involve taking on debt. The analysis by TransUnion Market Trends shows average consumer debt in  Canada, excluding mortgages, fell by two per cent to $26,935 in the first three  months of 2013 from the fourth quarter in 2012. While total [...]

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Bank of Canada maintains overnight rate target at 1 per cent

By | June 4th, 2013|Categories: Economy|Tags: , , , , , |

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Global economic growth has evolved largely as anticipated in the Bank's April Monetary Policy Report (MPR).  In the [...]

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Housing market calming, Condo Report

By | June 3rd, 2013|Categories: Economy|Tags: , , , , , , , , |

Bank of Montreal economics published a Special Report last week on the Canadian housing market which seems to provide ample evidence that markets really are in the process of achieving the much sought  after “soft landing” after federal policy makers took steps to cool the market last summer. The bank also predicts that the soft [...]

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Preparing your Children for Financial Indenpendence

By | April 22nd, 2013|Categories: Budgeting|Tags: , , |

As parents, we want our children to be successful and happy in life, but teaching them financial independence often gets put on the back burner. Many parents wait until their children are graduating from high school or leaving for college to begin talking about money management. Here are three tips to help your children forge [...]

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What does a First time Home buyer look like?

By | April 21st, 2013|Categories: Economy|Tags: , |

The average first-time home buyer in Canada is 29 years old and expects to be able to put down a down payment of $48,000 on a $300,000 home, according to a recent poll by the Bank of Montreal. But the study, released Tuesday, also found that price expectations vary widely, depending on where the home [...]

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Spring Real Estate Market

By | April 14th, 2013|Categories: Economy|Tags: , , |

RBC Economics published research early last week on the growth of Canadian consumer debt in February. It continues to decelerate and especially encouraging is that non-mortgage debt grew by only 2.5% in February, on a year-over-year basis, its lowest level of growth in 20 years! Total non-mortgage consumer debt stood at $512 billion and mortgage [...]

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10 Great reasons to use a Mortgage Broker

By | February 19th, 2013|Categories: Mortgage Tips|Tags: , , , , , |

1. Get independent advice on your financial option As Independent Mortgage Brokers and Mortgage Associates, we're not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property. We'll start by getting to know you and your homeownership goals. We'll make a recommendation, drawing from [...]

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Tips for New Home Buyers

By | February 19th, 2013|Categories: Home Tips|Tags: , , , , , , |

Once you've decided to buy a home, there are a few things you need to organize before you start the process. The more you have carefully considered what you want from your home and neighbourhood, and how much you are able to comfortably afford, the more quickly you will be able to decide which property [...]

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The Smith Manoeuvre

By | February 18th, 2013|Categories: Smith Manouevre|Tags: |

The Smith Manoeuvre is a strategy that Fraser Smith developed as a financial planner and then wrote a book about it in 2002. Its basic premise is to make your mortgage tax deductible, but it can do so much more for your personal finances than just that. To properly execute a Smith Manoeuvre, you need [...]

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Canada has room for more interest rate cuts: IMF

By | February 16th, 2013|Categories: Economy|Tags: , , , , , |

OTTAWA — While Canada’s economy should pick up later this year, there are external and domestic threats that, if unchecked, could make a case for more interest rate cuts, according to the International Monetary Fund. The IMF said in its annual report Thursday that Canada’s economy will grow by 1.8% in 2013, hobbled by a [...]

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Canadian home sales edge higher in January

By | February 15th, 2013|Categories: Economy|Tags: , , , |

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged up on a month-over-month basis in January 2013. National sales activity has held fairly steady after gearing down last August in the wake of tightened mortgage lending rules. Highlights: National home sales rose 1.3% from December to January. [...]

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Residential Real Estate

By | February 12th, 2013|Categories: Economy|Tags: , |

The predicted slump in Canada’s housing market has failed to materialize. Apart from two areas of acute weakness – Toronto’s condo market and Vancouver in general – there has been an orderly retreat. While the December 2012 figures in Toronto, for example, showed a 20% drop in sales compared to the year before, the January [...]

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Cooling Housing Market

By | February 6th, 2013|Categories: Economy, Uncategorized|Tags: , , |

Canada’s cooling housing market may have some people re-thinking their desire to buy. Despite dropping sales,   prices are holding up. Nationally, Canada’s housing market closed-out 2012 with a 17% decline in sales in December, but a 1.6% increase in the average price. More than half a year has passed since the last round of mortgage [...]

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10 Closing costs when buying a home

By | February 5th, 2013|Categories: Mortgage Tips|Tags: , , , , , , , , |

1.    Land transfer tax When a home changes hands, many provinces and a few municipalities charge a property transfer tax or title transfer fee. Rates are usually on a scale of 0.5% to 2% of the home’s value and can add thousands to your purchase price. First-time homebuyers qualify for rebates or exemptions in some [...]

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Bad neighbours can make it hard to sell your home

By | February 5th, 2013|Categories: Home Tips|Tags: , , |

Bad neighbours are not just annoying, they can also cut into your property value by as much as 10%, says a leading U.S. appraisal group. Everything from annoying pets, unkempt yards, unpleasant odors, loud music, dangerous trees or poorly maintained exteriors can cut into the value of your home. The group suggests before you buy, [...]

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CANADA IS NOT USA; NO HOUSING BUBBLE IN SIGHT

By | February 2nd, 2013|Categories: Economy|Tags: , , , , |

No bubble, no trouble Forget about a looming housing crash—it’s not going to happen. But Canada’s real estate market is changing,  and both buyers and sellers will need to adapt if they want to thrive. Many Torontonians are struggling to find an affordable home.  But after a decade of staggering growth, the housing market in [...]

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How to become mortgage-free fast

By | January 23rd, 2013|Categories: Mortgage Tips|Tags: , , , , |

Buying a home and acquiring a mortgage is probably the biggest financial decision most Canadians will make in their lifetimes. According to a poll conducted by Scotiabank this month, 81 per cent of Canadians agree it is important to become mortgage-free as soon as possible, and almost three-quarters of Canadian mortgage holders are taking at [...]

Home sales plunge, prices still holding up.

By | January 23rd, 2013|Categories: Economy|Tags: , , , , |

Housing cools Canada's housing market continues to cool markedly, with sales plunging 17.4 per cent in December from a year earlier. Prices, however, still held up, with a gain of 1.6 per cent from December, 2011. On a month-over-month basis, sales were little changed from November, the Canadian Real Estate Association said today. New listings [...]

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My credit score is 788: What does it mean?

By | January 22nd, 2013|Categories: Credit Bureau|Tags: , , |

A good credit score is important if you plan to borrow money because it means you’ll qualify for lower interest rates on loans and have access to a variety of credit offers. Your credit score indicates the risk you represent for lenders when compared to other consumers.  Higher scores are viewed more favorably.  The two [...]

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13 Easy Ways to Save Energy in Your Home

By | December 17th, 2012|Categories: Home Tips|

13 Easy Ways to Save Energy in Your Home   Furnace Keep your furnace clean, lubricated and properly adjusted with annual maintenance. If your furnace is working at peak efficiency it will use less energy and cost less to operate. Clean or replace the filter every 1-2 months - a dirty filter reduces the airflow and [...]

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Why It Pays to Understand Your Credit Report

By | December 13th, 2012|Categories: Credit Bureau|Tags: , , , , |

Your credit report and score are important tools for obtaining a loan of any kind, including a mortgage. So, it’s in your best interest to understand what your credit report is and what is on it. There are two major credit bureaus in Canada- Equifax and TransUnionCanada. It’s advisable to get a copy of your [...]

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A Guide to Understanding Cash-Back Mortgages

By | December 5th, 2012|Categories: Mortgage Tips, Uncategorized|Tags: , |

A Guide to Understanding Cash-Back Mortgages Many banks are offering cash-back mortgages. A cash-back mortgage usually has a higher interest rate than does a regular mortgage. The trade-off is having extra money available when your mortgage closes. Cash-back mortgages can help when buying or refinancing a home. You can use the money you get for [...]

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What you need to know about lines of Credit

By | December 4th, 2012|Categories: Lines of Credit, Uncategorized|Tags: |

What You Need to Know About Lines of Credit One of the key advantages of credit is flexibility - having access to money when you need it for something important. Even if you don`t need it, knowing it`s there if something unexpected happens can offer a sense of security. Personal lines of credit have become [...]

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Calgary and Edmonton outpaced Toronto and Vancouver as top real estate markets

By | November 16th, 2012|Categories: Economy|Tags: , , , , |

CALGARY — Calgary and Edmonton have displaced Toronto and Vancouver as the  top-ranked cities for overall real estate prospects, according to the Emerging  Trends in Real Estate 2013 report released Tuesday. The report, by PwC and the Urban Land Institute, said the Canadian real  estate market is expected to remain steady with “modestly good” investment [...]

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Federal mortgage policies aimed at slowing residential real estate.

By | November 7th, 2012|Categories: Economy|Tags: , , , |

Back in the spring, the feds were wishing that housing wasn’t so hot. They wished that mortgage growth wasn’t so robust. And now, CIBC chief economist Avery Shenfeld is telling us: “Ottawa has to be careful what it wishes for.” Shenfeld issued that warning in this report released last week. He was, of course, referring [...]

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Affordable Housing Grant Program

By | October 26th, 2012|Categories: Home Tips, Uncategorized|Tags: , , , |

Affordable housing is a primary need for our vibrant capital city. The City Council approved this Plan is a five year plan designed to help increase the supply of safe, adequate, and affordable housing for citizens. Secondary Suites are an integral part of the strategy and offer an affordable rental option while providing a revenue stream [...]

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New home buyer Protection Act

By | October 26th, 2012|Categories: Uncategorized|Tags: , , |

Alberta Legislature: New Home Buyer Protection Bill Introduced The Alberta government has proposed a new legislation that would mandate that all new home buyers have warranty coverage. Bill 5, the New Home Buyer Protection Act, introduced in the legislature on Thursday would require builders to provide warranty coverage for all new homes built starting in [...]

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Mortgage: Fixed or Variable

By | October 25th, 2012|Categories: Mortgage Tips, Uncategorized|Tags: , |

Question I am a first time homebuyer and need a mortgage. The house I’m going to buy will cost about $400,000 and I am putting 10% down. My bank has  offered me a 3.09% fixed rate, if I lock in for 5 years. This sounds pretty  good, but I’m wondering if I should go with [...]

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How to make your home more energy efficient

By | October 25th, 2012|Categories: Home Tips, Uncategorized|Tags: , |

Want to slash your monthly bills in half? These simple improvements will save you thousands on electricity, gas and water Two years ago Reiner Hoyer lived in a squat 1950s-style bungalow in the north end of Toronto. Like most houses of that era, it was drafty, poorly insulated and cost a fortune to heat and [...]

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July 2012 Housing Starts

By | August 13th, 2012|Categories: Economy, Uncategorized|Tags: , , , |

OTTAWA, August 9, 2012 — Housing starts in Canada were trending at 219,600 units in July, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts. The standalone monthly SAAR was 208,500 units in July, down from 222,100 in June. [...]

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WHERE TO BUY NOW?

By | July 27th, 2012|Categories: Economy|Tags: , , , , |

Are there are any bargains left in Canadian real estate? You bet there are.  Which cities offer the best value for real estate investors. With the amazing gains enjoyed by real estate investors in the past several years, it’s been easy for prospective home buyers to conclude that investing in real estate is easy—almost a [...]

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A simple guide to Mortgage terminology

By | July 26th, 2012|Categories: Uncategorized|Tags: |

Understanding the nuts and bolts of your mortgage may seem intimidating at first, but it’s not as difficult as it sounds. Learning more about how mortgages work could save you thousands of dollars in interest or penalties. There are three basic parts to a mortgage: the amortization, the term, and the interest rate, which could [...]

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Why smaller down payments can lead to better mortgage rates

By | July 26th, 2012|Categories: Mortgage Tips, Uncategorized|Tags: , , |

It doesn't make much sense, but a skimpy down payment on a home might  actually get you a better mortgage rate in today's market. Blame the government subsidy known as mortgage default insurance, which  ultimately makes it less risky to lend money to someone who has only 5% down  compared to someone with 20%. Consumers [...]

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Toronto condo prices to cool, not crash: RBC report

By | July 26th, 2012|Categories: Economy|Tags: |

TORONTO - Prices will cool in Toronto’s booming condominium market in the year ahead, but concern about a bubble is overblown as demographics and strong investor demand will insulate the market from a crash, economists at Canada’s largest bank said on Tuesday. The research department at Royal Bank of Canada waded into the debate over [...]

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5 tips for screening property managers

By | May 24th, 2012|Categories: Uncategorized|Tags: , |

There are good property managers, and there are bad property managers – and the bad ones can cost you big bucks in damage and unpaid rent. Here are five hot tips for checking up on your current property manager or evaluating a new one. 1.Tag along Accompany your property manager on one of the periodic inspections of an [...]

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Mortgage Brokers giving a failing grade to the federal goverment

By | May 24th, 2012|Categories: Economy|Tags: , |

Despite the fact that the recent federal budget left mortgage regulations untouched, are brokers satisfied with how the government has handled the mortgage market? This is just one of topics being covered by CMP’s annual Broker Sentiment Pol, proudly sponsored by Broker's Choice. With just one week left to complete the survey, brokers are already making [...]

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New Refinance rules wil hurt Canadians

By | May 23rd, 2012|Categories: Economy|Tags: |

Mortgage brokers: Refinance rules will hurt Canadians Canadian homebuyers know that, when it comes to housing, they should always listen to their mortgage broker. Now, the nation's banking regulatory agency might want to heed their advice as well. New rules proposed by the Office of the Superintendent of Financial Institutions would present a "significant, significant [...]

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What’s the difference between a mortgage broker and a bank

By | May 23rd, 2012|Categories: Uncategorized|Tags: , |

Bank vs. Mortgage Broker In the past, prospective home buyers turned exclusively to their banks for their mortgage needs, but you now have more options at your disposal with the growing presence of mortgage brokers. Independent mortgage brokers are licensed mortgage specialists who have access to multiple lenders and mortgage rates. They essentially negotiate the [...]

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What the Banks Don’t Want You to Know…

By | May 19th, 2012|Categories: Mortgage Tips|Tags: , , , , |

People often wonder why they should entrust the services of a Mortgage Broker over that of a traditional bank. Why should they trust someone other than the person they have been comfortable dealing with for years? Did you know that most bank representatives are required to meet certain “Sales Revenue” (often referred to as SR) [...]

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Canada Banks Told Relying on Rules Isn’t Risk Management

By | May 19th, 2012|Categories: Economy|Tags: , , |

Canada Financial Institution need to assume responsibility for managing risks in lending to households and shouldn’t rely on regulators to avoid hazards, the head of regulation at the country’s banking watchdog said. Financial Institutions must “make sure they have the financial resources to manage those risks and the institutional capacity to manage those risks,” Mark Zelmer, assistant [...]

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Women more likely to be first-time homebuyers in next two years: RBC poll

By | May 16th, 2012|Categories: Economy|

Down payment, job security and readiness top concerns among women TORONTO, May 14, 2012 /CNW/ - Among Canadians who plan to buy a home within the next two years, women (49 per cent) are more likely than men (35 per cent) to be first-time homebuyers, according to the 19th Annual RBC Homeownership Poll. Overall, 51 [...]

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CMHC mortgage insurance may be reduced by feds

By | May 16th, 2012|Categories: Economy|Tags: |

Karen Kinsley was, until recently, among the most powerful women in Ottawa you’d never heard of. Since becoming CEO of the Canada Mortgage and Housing Corp. in 2003, she’s presided over an unprecedented expansion of Canada’s housing market. Politicians barely blinked as CMHC grew into one of the nation’s largest financial institutions. But now Kinsley’s [...]

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No housing bubble in sight

By | May 9th, 2012|Categories: Economy|Tags: , , |

The head of Canada’s biggest bank and one of the country’s leading developers said the housing market is not in a bubble, even as one economist said Toronto is caught in a “condo craze.” Canadian housing starts rose to the highest since September 2007 last month, led by multiple-unit projects, Canada Mortgage & Housing Corp. [...]

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Calgary’s housing market soars in April

By | May 3rd, 2012|Categories: Economy|Tags: , , , |

MLS sales up 26% from a year ago CALGARY — It was a very busy April for Calgary’s housing market. According to the Calgary Real Estate Board, overall residential MLS sales in the city of 2,200 for the month were up 26.07 per cent from April 2011 and the average sale price of $429,388 increased [...]

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Flaherty moves to tighten CMHC supervision

By | April 26th, 2012|Categories: Economy|Tags: , , , , |

Ottawa moved to bring the Canada Mortgage and Housing Corporation under the purview of the country's top financial regulator Thursday. Finance Minister Jim Flaherty outlined the proposed changes to Canada's national housing agency in a wide-ranging bill tabled in parliament on Thursday. The CMHC insures the vast majority of Canadian mortgages, as well as guaranteeing [...]

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Bank of Canada says may have to hike rates

By | April 17th, 2012|Categories: Economy|Tags: , , |

OTTAWA - The Bank of Canada left its key interest rate at 1 per cent on Tuesday as expected but said it may need to start hiking rates due to firmer-than-expected growth and inflation as well as a less hostile global backdrop. "In light of the reduced slack in the economy and firmer underlying inflation, [...]

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Alberta emerges on top after years of weaker housing starts

By | April 12th, 2012|Categories: Economy|Tags: , , , , , , |

   Home construction is booming in the Prairies, and Alberta, after years of tepid housing starts, is leading the charge. The rate of residential construction, especially condominiums, has lagged the oil boom in Alberta in the past few years. But blockbuster housing starts in March — they jumped 72% year over year — hint that [...]

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Calgary housing starts climb as economy picks up

By | April 12th, 2012|Categories: Economy|Tags: , , |

More than 1,000 housing units were started last month in Calgary, including a large jump in multifamily units, as the economy starts to pick up. "The activity in the housing market is certainly reflecting some of the positive growth we're seeing in the economy," said Richard Cho, a senior market analyst at Canada Mortgage and [...]

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Mortgage Planning Tips

By | April 6th, 2012|Categories: Mortgage Tips|Tags: , , , |

When financing a home, the following considerations can help you to save money and provide for greater economic stability in the event of financial challenges down the road such as lower income levels, increased monthly expenses and/or higher interest rates. Consider a lesser mortgage amount than the maximum you can afford Mortgage Professionals use two [...]

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Modest increase in sale for 2012, dip for 2013

By | March 5th, 2012|Categories: Economy|Tags: , , |

Sales of existing homes in Canada are projected to increase slightly this year, but dip in 2013, the Canadian Real Estate Association said on Monday. Sales are predicted to rise 0.3 per cent in 2012 to 458,800 nationally, up from 457,305 in 2011, said CREA. The modest increase is attributed to rising demand in Alberta, [...]

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Foreign Buyers Help Bolster U.S.Property Sales

By | March 4th, 2012|Categories: Economy|Tags: , , , |

Because of the housing market meltdown in the U.S., foreign governments and banks are shying away from bonds backed by American home loans. But individual foreign buyers are taking advantage of the crash to snap up U.S. bargains at a record clip. When housing was flying high, foreign entities were purchasing the lion's share of [...]

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Lines of credit: 10 things you need to know

By | March 3rd, 2012|Categories: Lines of Credit|Tags: , , |

It may be your year to renovate the basement or take a trip of a lifetime – even if your travel savings account isn’t quite where it needs to be. Or maybe you need cash for some big, unexpected and expensive thing like a leaky roof. If so, then a personal line of credit may [...]

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My better-than-expected credit score

By | March 3rd, 2012|Categories: Credit Bureau|Tags: , , , |

I decided to get copies of my credit reports and my credit scores because my husband and I will soon be applying for a much bigger mortgage.  I’m glad that I did. It was easy, and the reports from TransUnion and Equifax Canada were very positive – despite my massive line of credit debt.  Your [...]

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Mortgages for Self-employed could become more difficult.

By | March 3rd, 2012|Categories: Mortgage Products|Tags: , , , , |

  Mortgage brokers are taking a wait, watch and worry approach to news that CIBC’s wholesale mortgage arm, FirstLine, is no longer accepting new applications from so-called “stated-income” homebuyers. If other banks and mortgage lenders follow suit, it could become difficult for self-employed, new immigrants and higher-risk borrowers to get mortgages based on the “misleading” [...]

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Paying off your mortgage early can cost you

By | March 3rd, 2012|Categories: Mortgage Tips|Tags: , , |

Paying off your mortgage early seems like great financial planning since you’re freeing up money that can be put towards savings. But discharging a mortgage early can mean a prepayment penalty because the bank loses money. If you had a two-year term and paid the mortgage in full after 16 months, the bank is out [...]

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Weekly Market update Feb 27 2012

By | February 27th, 2012|Categories: Economy|Tags: |

  The title refers of course to a popular movie, in which the protagonist stands helplessly by as history endlessly repeats itself.  High oil prices were one of 2011’s main economic party poopers, prompting many observers to pare their initially high expectations for growth during the year.  Some observers may have thought they were caught [...]

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How To Increase your Credit Scores

By | February 27th, 2012|Categories: Credit Bureau|Tags: , |

If you are the a situation where you need to raise a credit score fast the first thing you will need to do is figure out why in the world your credit is bad. To do this buy a copy of your credit report, you can also use a copy of your free annual report.  [...]

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Economic Update Feb 17 2012

By | February 22nd, 2012|Categories: Economy|Tags: , , |

 Debt is no longer a four-letter word in the US. So far, the mother of all deleveraging has seen US household debt (ex student loans) falling by no less than 10% or $1.3 trillion since 2008. This decline is even more impressive when measured in inflation-adjusted terms, with real debt outstanding now 15% below their [...]

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CMHC Housing forecast

By | February 13th, 2012|Categories: Economy|Tags: , , , |

Updated: Mon Feb. 13 2012 Canada's housing market will remain stable for at least two more years, Canada Mortgage and Housing Corp. predicted Monday, with the expected slow growth in the economy keeping house prices in check. CMHC, the Crown corporation that insures Canadian mortgages, expects little change during 2012 in prices and sales of [...]

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Weekly Market Insight Feb 13-17 2012

By | February 12th, 2012|Categories: Economy, Uncategorized|Tags: , , |

The Week Ahead, As the week comes to a close, Greece is still at odds with European finance ministers on whether or not they have done enough to get their next cheque. In all likelihood, while the details from Greece’s political agreement won’t meet European and IMF demands to the letter, once approved by the [...]

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Weekly Market Update Feb 3 2012

By | February 6th, 2012|Categories: Economy|Tags: , , |

 Who Has the Bragging Rights?  Is Canada losing its bragging rights? Since 2007, we’ve been doing a lot of self-congratulatory back-patting, owing to our economy’s better performance through the recession, and the resulting better tone to our jobs market. But of late, it’s been three cheers for the red, white and blue, as America’s jobless [...]

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Weekly Market Insight

By | January 31st, 2012|Categories: Uncategorized|Tags: , , , |

  Economic update Jan 27 2012 There are some signs that the US economy is turning a corner. Real GDP rose by 2.8% (annualized) in the fourth quarter of 2011—the best showing since Q2 2010—but still relatively weak for a recovery. Key here was personal consumption which rose by 2% in the quarter vs. 1.7% [...]

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Why it’s a good time to buy a home

By | January 31st, 2012|Categories: Uncategorized|Tags: , , , , , , , |

   There has never been a better time to buy a home. Here’s why: Mortgage rates at historic lows: They can’t get any lower. Four to five-year fixed mortgages at 3 per cent are unheard of. It is lower than the variable rate that most Canadians have been paying for years. Rates have nowhere to [...]

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Canadian home prices dip for first time since fall, 2010

By | January 26th, 2012|Categories: Economy|Tags: , , , , , , , , |

House prices slip Home prices in Canada dipped 0.2 per cent in November from a month earlier, according to a new measure, marking the first drop since the fall of 2010. Prices fell in eight of the regions measured by the Teranet-National Bank index, notably in Calgary, where prices slipped 1.6 per cent, and Vancouver, [...]

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An iPhone App for the Canadian Mortgage Industry – Sky Financial Corporation.

By | January 21st, 2012|Categories: Uncategorized|Tags: , , , |

Sky Financial Corporation has recently released one of the best iPhone Apps for the Canadian Mortgage Industry. Features - Mortgage Calculator, News, Mortgage Rates, Quick Application Form, Office Locator & more.          _________________________________________________ The best iPhone App for the Canadian Mortgage Industry - Sky Financial Corporation Sky Financial Corporation, a leading company within the Mortgage Industry [...]

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Strong Canadian housing market to continue in 2012

By | January 15th, 2012|Categories: Economy|Tags: , |

Canada's housing market will continue to be strong this year, with rising property values expected in all major markets, real estate brokerage firm Royal LePage said Thursday. The company's forecast called for prices across the country to rise 2.8% by the end of 2012, after stronger gains last year. It said in the fourth quarter [...]

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Alberta and Saskatchewan to lead 2012 economic growth

By | January 8th, 2012|Categories: Uncategorized|

Saskatchewan and Alberta will have the best economic growth over the next two years of all the provinces, according to a forecast out today. Jacques Marcil, a senior economist with TD Economics, said the economic futures of Canadian provinces this year may largely depend on their connections to Europe and exposure to the strong possibility [...]

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Home Maintenance Tips for Fall and Winter

By | December 31st, 2011|Categories: Home Tips|Tags: , |

Home Maintenance Tips for Fall and Winter Protect Your Home — and Your Investment — In Every Season If you’re like most Canadians, your home is probably your most important investment. The best way to protect that investment is by taking a few minutes each month to inspect your home, and carry out a regular [...]

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NO MONEY DOWN MORTGAGE

By | December 31st, 2011|Categories: Mortgage Products|Tags: , , |

NO MONEY DOWN MORTGAGE Perfect For: First time home buyers just starting out with no down payment. Students that have a strong cosigner. Anyone who has their cash assets tied up and therefore has no down payment. Borrowers with excellent credit. 3 Ways to get a NO Money down Mortgage Gifted down payment:* If you [...]

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Lender offers investor new Home Equity Lines of Credit

By | December 7th, 2011|Categories: Mortgage Products|Tags: , , |

 ING will move this month to register all new mortgages as collateral charge, following on the heels of TD and some other lenders.   The change is set to take effect on Dec. 10, 2011, with the bank to make a formal announcement to the broker channel later this week.  The switch comes as the [...]

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5 reasons a fixed-rate mortgage could be your best bet

By | December 5th, 2011|Categories: Mortgage Tips, Uncategorized|Tags: , , |

It's a decision that millions of Canadian homeowners struggle with repeatedly during their time as homeowners: Do they choose the security of a fixed-rate mortgage, or opt for the flexibility (and usually lower cost) of a variable rate and hope that rates don't spike higher? But right now, unusual conditions in the mortgage market mean [...]

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MCAP buy out Resmor

By | December 4th, 2011|Categories: Economy|Tags: , |

MCAP is planning to hang onto the “vast majority” of ResMor’s residential mortgage team – its VP of communications suggesting that should give the lender an in with brokers loyal to the departing channel member. “MCAP has agreed to retain the vast majority of ResMor’s residential mortgage operation employees, including its originations and servicing teams,” [...]

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Canadians paying off mortgages early: CMHC

By | December 1st, 2011|Categories: Uncategorized|Tags: , , |

OTTAWA — Canadian homeowners are doing a good job of paying off their mortgages early, according to the Canada Mortgage and Housing Corp., which released its third-quarter results Tuesday. While mortgage repayments can be spread out over 30 years, the CMHC reports that the average amortization period for mortgages insured by the national housing agency [...]

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Canadians Comfortable with their Debt

By | November 23rd, 2011|Categories: Economy|Tags: , |

According to a new poll from RBC, when it comes to debt, most Canadians are not just keeping up with the Joneses; they feel that they  are setting the standard for them. “Three-quarters of Canadians (75 per cent) feel they are in better shape with their non-mortgage debt than their friends and neighbours and more [...]

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Buying a vacation home: 10 things to know

By | November 20th, 2011|Categories: Uncategorized|Tags: , |

Buying a vacation property is one of the most rewarding things you can do. But it can also be a complex and stressful experience with pitfalls that are different from those you encounter when you buy a house. Here are 10 things you need to know: 1. Why do I want it? Buying a vacation [...]

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Canada’s Housing Market to Stabilize

By | November 19th, 2011|Categories: Economy, Uncategorized|Tags: , |

Housing Starts: In recent months, housing starts have been supported by low interest rates and an improving employment situation. They are, however, expected to moderate through 2012. Housing starts are forecast to be 191,000 units for 2011 and 186,750 units for 2012.  Resales: Sales of existing homes through the Multiple Listing Service are forecast to [...]

In-law suite or a legal rental???

By | November 19th, 2011|Categories: Uncategorized|Tags: , |

Scanning real estate listings you’ll come across some coined terms time and time again – in-law suite, income potential, nanny suite – these are common. But what really is an in-law suite, versus a legal apartment? Finding a fully legal apartment within a single family residential home isn’t an easy task in many cases, for [...]

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How is your Credit score calculated

By | November 17th, 2011|Categories: Credit Bureau|Tags: , |

Many people often talk about wanting to increase their credit scores. Some will pay off their credit cards in full every month, others will choose not to use their credit at all. Before we can go about trying to increase our credit rating, we must first understand how Debt is calculated. 5 Main Criteria For [...]

Briefing from Governor Mark Carney

By | November 15th, 2011|Categories: Economy|Tags: , |

Nov. 15 (Bloomberg) -- Bank of Canada Governor Mark Carney said that North American banks may slow domestic lending as they use some of their cash to buy assets from European finanical companies dealing with the region’s debt crisis. “As they buy those assets, they aren’t necessarily lending to businesses in North America,” Carney said [...]

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Canadians save $2.7M renewing mortgages

By | November 13th, 2011|Categories: Economy|Tags: , |

Canadians saved $2.7 billion in the past year renewing or refinancing their mortgages, and the betting money among consumers seems to be that interest rates are not going up any time soon, according to a new survey. The Canadian Association of Accredited Mortgage Professionals says 37 per cent of Canadians opted for a variable rate [...]

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Securing a mortgage more complex for self-employed

By | November 11th, 2011|Categories: Mortgage Products, Uncategorized|Tags: , |

Securing a great mortgage deal can take a bit of work and planning, but if you are a salaried employee then you will be taking a well-trodden path. Experts and friends and family alike will all be there to offer advice and tell you about their experiences. However, if you are self-employed, the process can [...]

Retirement for Singles

By | October 30th, 2011|Categories: Uncategorized|Tags: , |

Life after work is a challenge for single people: they can’t just take the amount couples save for retirement and divide it by two — they need much more. Luckily they have a hidden advantage that couples lack. Sisters Andrea and Diane have a bone to pick. You see, the Winnipeg women  are both in [...]

Use a Mortgage Broker

By | October 29th, 2011|Categories: Mortgage Tips|Tags: |

Use a mortgage broker to help you shop for the best deal in their respective areas. Unlike salespeople who represent just a single bank, a Mortgage broker can show you products from several firms and steer you to the best deal. A Mortgage broker can compare features and policies from competing lenders; a mortgage broker can offer [...]

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Should I downsize??

By | October 29th, 2011|Categories: Uncategorized|Tags: , |

Five years ago, Bill and Karen Fung started planning for one of the most important days of their lives—the day they would both leave their full-time jobs for good and begin enjoying the long unstructured days of a carefree retirement. Their goal? To sell their $565,000 home and retire by age 60 to a small [...]

Canada is NOT heading towards a double dib recession conference board says

By | October 21st, 2011|Categories: Economy, Uncategorized|Tags: |

OTTAWA — A double-dip recession isn't in the cards for Canada, but the outlook is for little more than sluggish growth and relies on the "brave" assumption the European Union can solve its sovereign debt crisis, the Conference Board of Canada said Thursday.  "The ongoing volatility in equity and commodity markets is a reminder of [...]

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New code of Ethic for Financial Planners

By | October 21st, 2011|Categories: Uncategorized|Tags: |

In an effort to make acting in the best interest of clients a routine practice, Canada's Financial Planning Standards Council is overhauling its code of ethics. According to The Windsor Star, the code is positioned to be announced within the next month, and proponents of the change hope it generates consequences for financial planners who [...]

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September sales continue to increase

By | October 20th, 2011|Categories: Economy|Tags: |

In another show of strength by the Canadian Housing Market, figures released by CREA for September show an increase in sales activity. Sales for the month of September increased by 2.7%, compared to August nationally- driven by heavy activity in regional pockets like Toronto, although many regional market reported strong sales in September.  This latest [...]

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New home price continue to climb

By | October 14th, 2011|Categories: Economy|Tags: |

Home prices continued to climb in August, according to new data released by Stats Can.   Fuelled by a healthy demand, sound underlying economic fundamentals, as well as a continuing low interest rate environment that contributes to supporting affordability, August marked the fifth month in a row of price appreciation.  The New Home Price Index rose [...]

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Credit bureau explained

By | October 11th, 2011|Categories: Credit Bureau, Uncategorized|Tags: , , , , |

      Your Canadian Credit Bureau report provides crucial infromation in your quest for the best mortgage product and rate in Canada. The primary source of information that the bank has on you is from this report. You need to know how to find the potential problems before the bank so you can be prepared for their questions. This [...]

Is the Lowest Mortgage rate your best choice?

By | October 8th, 2011|Categories: Mortgage Tips|Tags: |

Mortgage clients constantly tell me "I need the best mortgage rate.  What rate do you offer?"  While the client is always right, and we always provide the best rate and terms, we do convey the need to look at the "extras" when selecting the best mortgage.  Extras include: Low or no prepayment penalties Generous pre-payment privileges [...]

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New Broker lender

By | October 5th, 2011|Categories: Uncategorized|Tags: , , |

It’s official:  MonCana has cleared the last of its regulatory hurdles, with its Calgary-based president setting a date to hang out his shingle. James Clayton, of the MonCana Bank of Canada, told MortgageBrokerNews.ca late last week. “We expect to be open for business later in October.” The business represents the latest broker channel incarnation for [...]

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Condo for University Students

By | October 4th, 2011|Categories: Mortgage Tips|Tags: , , |

Sometimes a parent decides to buy a place for their children while they hit the books in university or college. It can be a good alternative to paying thousands of dollars toward residence fees or rent. Just look at the math: Student rent of $500 a month = $6,000 a year = $24,000 over 4 [...]

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Don’t quit your job

By | October 1st, 2011|Categories: Mortgage Tips|Tags: , |

DO NOT QUIT YOUR JOB in the begining or the middle of the mortgage process. The worse thing a client can do to sabbotage his Mortgage application is to quit his job during the Mortgage Process.  Let's face it, you need a stable income to get a mortgage. Unless you are living on (and showing [...]

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Saving versus Spending

By | October 1st, 2011|Categories: Economy|Tags: , |

by Jason Kirby, and Chris Sorensen Steven Patterson and his family moved to Vancouver from Cambridge, Ont., in mid-2008, just as the financial crisis hit. After years of saving to pay off their first mortgage, they had earned a tidy profit when they sold the Cambridge house and put the proceeds into GICs, where the [...]

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Variable Rate vs. Fixed Rate

By | September 14th, 2011|Categories: Variable Versus Fixed rate|Tags: , , , |

With the most recent interest rate announcement last week, and the knowledge that interest rates are set to remain low for the foreseeable future, the debate for variable rate mortgage over fixed rate has gained new momentum. According to the Bank of Montreal, history would indicate that a variable rate is the way to go: [...]

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How to save $14,620 on your mortgage

By | September 12th, 2011|Categories: Mortgage Tips|Tags: , |

Calum Ross examines why refinancing might be the right strategy for you right now and shows you how you could save $$$$ on your mortgage A common question that I get from people is whether or not it is worth it to break an existing mortgage agreement in order to take advantage of today's low [...]

Alberta economic growth among Canada’s leaders

By | September 12th, 2011|Categories: Economy|Tags: , |

Alberta is positioned as one of Canada’s provincial leaders in growth, according to the latest RBC Economics Provincial Outlook report released Monday. The provincial economy is set to grow at a rate of 3.7 per cent in 2011 and 3.9 per cent in 2012, said RBC. Both years Alberta will be second overall in the [...]

Retirement Homes—The Future of Canada’s Housing Market?

By | September 2nd, 2011|Categories: Economy|Tags: , , |

It is well known that our population is entering an era of rapid aging. Population aging has wide ranging impacts for our country and while much of the policy debate surrounds the impact on areas such as health care, taxation revenue and our productive capacity, there is little discussion about the impact that it will [...]

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Home Purchase with Renovation

By | September 2nd, 2011|Categories: Mortgage Products|Tags: , , , , , , , , , , , , |

Many lenders receive calls and emails from Mortgage Brokers about the  purchase plus improvements program this year as Alberta is leading the country on a national basis for the amount of money spent on home renovations. Definition Purchase Plus Improvements : When a client is purchasing a home and wants to add cosmetic changes through a renovation [...]

CMHC hikes third-quarter forecast for housing starts, resales

By | August 29th, 2011|Categories: Economy|Tags: , , |

Postmedia News · Aug. 27, 2011 | Last Updated: Aug. 27, 2011 5:24 AM ET An expected correction in the Canadian housing market is not in the cards, says Canada Mortgage and Housing Corp.'s third-quarter outlook. CMHC forecasts the market will ease slightly but remain steady this year and next. Mathieu Laberge, deputy chief economist [...]

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RRSP Home Buyers’s Plan

By | August 28th, 2011|Categories: Mortgage Tips|Tags: , , |

One great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP). The Canadian government's Home Buyers' Plan allows you to borrow from your RRSP up to $25,000 for a down payment, tax-free. Since this is a loan, it must be repaid, and the repayment term is 15 years. First-time [...]

The PROS and CONS of “A Reverse Mortgage”

By | August 27th, 2011|Categories: Reverse Mortgage|Tags: |

While reverse mortgages are controversial, they are becoming increasingly popular in Canada. It’s a plan that gives older Canadians greater financial security. A reverse mortgage is a type of home loan that allows homeowners to convert a part of the equity in their home into cash. Through this mortgage, the homeowners in Canada can obtain [...]

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Housing Start expected to remain steady

By | August 24th, 2011|Categories: Economy|Tags: , , , |

CTV News.ca Staff Housing starts are expected to remain steady in Canada for the rest of this year and through 2012, the Canada Mortgage and Housing Corporation said Wednesday. The CMHC's Housing Market Outlook report for the third quarter projected that Canada's new home construction starts will slow slightly, but then remain steady for some [...]

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6 Signs It’s time to buy a house

By | August 24th, 2011|Categories: Economy|Tags: , , , |

If you've been considering buying a house but you're still unsure, consider some of the personal and economic conditions that favor home purchases. If you find that a number of these signs ring true for you, it might be time to contact a real estate agent and start shopping. 1. You're Ready to Commit First [...]

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The revised July 2011 Resale Housing Forecast

By | August 19th, 2011|Categories: Economy|Tags: , , |

OTTAWA – August 16, 2011 – The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012. Overall, sales activity and prices remained stronger than expected in the second quarter. Sales momentum was also [...]

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The Facts About Distressed Properties Real Estate Investing

By | August 13th, 2011|Categories: Uncategorized|Tags: , |

The key to making a profit in real estate investing is through purchasing properties for as low as possible then reselling them for a higher price. Such is the case with distressed properties real estate investing. This is one of ţħe most popular techniques used by real estate investors. Once you know how ţhe steps to [...]

New Home Prices Up: Stats Can

By | August 13th, 2011|Categories: Economy|Tags: , |

According to the latest release of the New Home Price Index from Statistics Canada, new home prices went up in June, led mostly by a rise in the Toronto and Oshawa areas. Stats Can’s key index went up 0.3% in June, building on a gain of 0.4% in May.  Prices in the Toronto- Oshawa region, [...]

Vancouver brokers face further ‘slowdown’

By | August 8th, 2011|Categories: Economy|Tags: , , , |

07/08/2011 Vancouver brokers faced a slowing market in July, a deficit stagnant home values were unable to compensate for, according to the latest sales numbers. While the benchmark price for a typical detached house fell a modest 0.1 per cent to reach $630,251, sales were down 21.2 per cent in July compared to June, according [...]

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