How Does a Mortgage Broker Help Me?

Buying and owning a home is a legally and financially complex undertaking. It’s never as simple as picking up an item and buying it from an online shop or a display stand. In fact, for most people, it’s the biggest financial transaction that many will have in their lifetime—and part of that transaction involves finding […]

Your Mortgage Application: 4 Tips for Getting Approved

You’ve finally found your dream home, and you can’t wait to live in it. But, before you can make your dream into a reality, you’ll need the money to buy it. Time to work on your mortgage application. Applying for a mortgage isn’t the easiest process to go through; after all, this is one of […]

Mortgage Deferral Information

General Information relating to Deferred Mortgage Payment Programs Deferred mortgage payments are discretionary. Lenders maintain the legal right to timely repayment of their mortgages and mortgage payment deferral programs are offered at their sole discretion and each lender has different policies on how they handle these requests. Note: These programs are generally restricted to ‘Institutional” […]

First-Time Home Buyer Incentive now available

The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers: 5% or 10% for a first-time buyer’s purchase of a newly constructed home 5% for a first-time buyer’s purchase […]

Bank of Canada Holds Interest Rate

The Bank of Canada is keeping its key interest rate unchanged and appears to be in no hurry to move the interest rate any time soon because the announcement today removed all mentions of a need for future increases. The bank says the economy was operating close to full tilt for most of the past […]

Michael Campbell on Interest Rates

The following is an excerpt from the VERICO Economic Report written by Michael Campbell The drastic change in the Bank of Canada’s stance regarding future increases in interest rates since October is a clear indication that the Bank and the Finance Department are surprised by the impact of rising rates on the real estate market […]

Fixed Mortgage Terms to Lower

Introduction Interest rates play a pivotal role in the housing market and the broader economy. The recent decision by the Royal Bank of Canada (RBC) to lower its interest rate for the five-year fixed-term mortgage has made waves in the financial sector. This article seeks to provide a comprehensive analysis of this decision, the context […]

B.C. Provides Deadline For Exemption From Speculation Tax

Introduction The housing market in British Columbia has, for years, been a topic of discussion among policymakers, economists, and residents. In response to the rising housing prices and the challenge of housing affordability, the provincial government introduced a new tax mechanism aimed at addressing the issue of vacant properties. This article elaborates on this tax, […]

Bank of Canada Holds Steady

Introduction The economic landscape in Canada is continuously evolving, shaped by various domestic and global factors. The latest statement from the Bank of Canada, the nation’s central bank, sheds light on its future monetary policy direction. This article delves into the Bank’s statement, providing a clearer understanding of the forces driving its decisions and the […]

New Mortgage Rules – Update

Introduction The mortgage landscape in Canada underwent a pivotal change at the start of 2018. New mortgage qualification rules were introduced, aiming to ensure the stability of the market and protect both lenders and borrowers from potential financial pitfalls. This article offers a comprehensive look at how these new rules were implemented, particularly concerning real […]