Breaking Down the Numbers: Is a 30-Year Amortization Right for You? Starting December 15, 2024, first-time homebuyers in Canada will have the option of a 30-year amortization on insured mortgages. Alongside this, the insured mortgage cap is increasing to accommodate higher home prices. Let’s dive into the details with an example. Example: $300,000 Mortgage with […]

Submitting a strong credit or mortgage application is essential to securing the best terms and rates and making the mortgage process quick and seamless. Lenders want to see a clear financial picture that demonstrates your ability to repay the loan.  It’s also important to apply with correct personal information (marital status, address history, and citizenship […]

We put in the work upfront to ensure no surprises when you write an offer on your dream home. Our thorough pre-approval process focuses on income, credit, down payment, existing properties, expenses, and other critical items to set you up for success. Income Documentation Employed Individuals: Letter of Employment, pay stubs, T4s, and bank statements […]

This week, OSFI (Canada’s banking regulator) announced an important and sensible adjustment to the mortgage renewal process: No More Stress Test at Renewal. Before anyone jumps to conclusions like, “Isn’t that risky?”, let’s break down how mortgage renewals work in Canada: Most Canadian residential mortgages are structured as short-term agreements. Over 95% of all mortgages […]

Thinking Beyond the Mortgage: Financial Planning for Homeowners When securing a mortgage, it’s easy to focus on rates and payments, but the true cost of homeownership goes beyond just the monthly mortgage. A solid financial plan can help set you up for success. Here are some critical questions to ask: Have You Considered All the […]

Stronger-Than-Expected Jobs Data and Easing Inflation: What Does It Mean for Mortgage Holders? The Canadian economy has had a surprising turn of events in September, bringing both a boost in employment and a further slowdown in inflation. Statistics Canada reported a robust increase of 46,700 jobs last month, reversing the flat growth seen over the […]

The federal government is rolling out new mortgage changes aimed at addressing Canada’s housing shortage, this time focusing on the development of secondary suites. Starting January 15, 2025, homeowners will be able to tap into up to 90% of their home’s value through a default-insured mortgage refinancing program to build self-contained secondary suites. This move […]

In today’s fast-paced real estate market, the pressure to make quick decisions can lead some buyers to take risks they wouldn’t normally consider. One of those risks? Making an unconditional offer to purchase a property. While the allure of securing your dream home may push you toward this decision, it’s critical to understand the consequences […]

  Today brought a mix of economic data and updates that could shape the future of mortgage rates in Canada. Let’s dive into how these developments, alongside some new government mortgage rule changes, may impact your financial plans. Good News: Inflation in Canada is Cooling Canada’s inflation rate dropped to 2.0% in August, the lowest […]