Good news for homeowners and investors for re-qualifying

It’s good news for homeowners, and, indeed, investors, with the federal banking regulator now clarifying its position on re-qualifying borrowers at renewal — effectively maintaining the status quo. “The following provides a brief description of OSFI’s decisions on key issues, which will be reflected in the final Guideline,” writes the regulator in a letter sent […]

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Smaller down payment better rates?

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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Don’t go to the bank – use a mortgage broker

I sold my property last week and I’m in a mad scramble to find a new home. With my wish list in hand and a pre-approved mortgage under my belt, I’m confident I’ll eventually find what I’m looking for. Much to the chagrin of my financial planner, a bank employee, I’ve decided to use an […]

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Pay down your debts before interest rates rise.

The decade’s most ignorable piece of financial advice: You’ve heard this warning a hundred times, you ignored it and rates held steady at historic lows. Now, the Bank of Canada is signalling that borrowing costs could rise if economic conditions keeps improving. Here are 10 reasons not to tune out this time around: 1. Rates […]

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Bank of Canada Holds Rate

17 April 2012 Contact: Jeremy Harrison 613 782-8782 Ottawa, Ontario – 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. The profile for global economic growth has […]

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Debt, debt, and more debt

The Bank of Canada today paints a troubling picture of what has become a vicious circle where consumer debt is concerned, and amid weak underwriting standards on some home equity lines of credit. The central bank unveiled its Monetary Policy Report, which puts more flesh on the bare bones statement it unveiled yesterday when it […]

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Strata Rule Changes

Depreciation Report Summary – excerpted from article prepared by Mike Mangan B.A., LL.B. On December 13, 2011, the provincial government changed several important strata requirements. The changes mainly concern depreciation reports and contributions to a strata corporation’s contingency reserve fund (CRF). Some changes are immediate, while others come into effect at different times over the […]

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Government concerned about stated income financing

Government tightens stated income mortgage lending The Department of Finance tightened lending rules in two sets of changes 2010 and 2011. In a continuing effort to control lending practices, the Office of the Superintendent of Financial Institutions (OFSFI) is increasingly worried about business for self underwriting practices at the country’s big banks. These practices include […]

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HST Changes for New Home Buyers – Effective April 2012

To help support workers and communities in B.C. that depend on residential recreational development, purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012. B.C.’s portion of the […]

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New First Time Homebuyer Tax Bonus

Thanks to our friends at Spagnuolo and Company for this important information THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS [ 1 ] THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March […]

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