Buying a Second Home or Vacation Property

Buying a second home or a vacation property requires special consideration when trying to access mortgage financing. First you need to understand the difference between the two types of properties. A second home is purchased for families wanting a home in or outside the city to avoid long commutes for work or as a home […]

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How to Pay Property Taxes

One of the most common questions I get from first time home buyers is how to pay property taxes. Property taxes are payable the first week of July every year to each municipality. This may vary by city so always check the city website to confirm. For example taxes in Vancouver are payable twice each […]

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CMHC Completes Review of Mortgage Insurance Business

Courtesy of  Canada Mortgage and Housing Corporation (CMHC) Canada Mortgage and Housing Corporation (CMHC) announced today two additional changes as it has completed the review of its homeowner and multi-unit mortgage loan insurance business. These are:   CMHC mortgage loan insurance for the financing of multi-unit condominium construction will be discontinued effective immediately. CMHC’s mortgage […]

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Down Payment Do's and Don'ts

One of the main requirements to secure mortgage financing is the down payment.  Here are some down payment do’s and don’ts. DO Source 5% for a down payment Consider your own savings or RRSP account Look at a 2.5 percent cash back Gifted from a family member   DO Show proof of your savings in […]

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CMHC Rule Changes for Second Homes

Effective May 30,2014 CMHC rule changes for second homes take effect.  CMHC introduced the second home product in 2005 to offer borrowers more financing options when purchasing an owner-occupied second home located anywhere in Canada.  The recent changes will limit the availability of homeowner mortgage loan insurance to only one property (1-4) units per borrower […]

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Is A Cash Back Mortgage A Good Deal?

If you are a home buyer with less than 5% in cash for a down payment you may want to consider some other options.  Is a cash back mortgage a good deal? There are some financial institutions offering cash back towards your down payment as incentive for a home buyers business.  At first glance the […]

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Documents to keep at tax time

With tax returns due for filing in April just a friendly reminder on the documents to keep at tax time.  Delays on approval for mortgage applications in most cases occur for the same reason, lack of documents for mortgage approval. For those who are paid hourly or with fluctuating hours each pay period or on […]

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CMHC Will Increase Mortgage Loan Insurance Premiums

Following the annual review of its insurance products and capital requirements, CMHC will increase mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not […]

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Property Transfer Tax First-Time Home Buyers’ Exemption

Effective February 19, 2014, under the Property Transfer Tax First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.   The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers […]

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What do you buy a condo or a house with a suite?

So you have worked hard and saved up a down payment of $25,000.  What do you buy a condo or a house with a suite?  Sometimes the decision is an easy one while for some it may not be as obvious. If you have a specific neighborhood in mind which is high density condo living […]

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