Knowing your closing costs as a home buyer is important.  Qualifying for the mortgage and having a down payment is essential to securing the mortgage.  In addition, lenders want to ensure you have sufficient funds to cover the closing costs before your are fully approved. The closing costs are made up of two main components.  […]

Fixed and variable mortgages are coming down and lower rates bring big savings for homeowners. We have seen fixed rates drop by over 2% since the beginning of 2024.  Variable rates have come down as well albeit slower as the Prime lending rate has dropped by .75% in recent months and more reductions are expected […]

Finally some good news the government sets new rules to help first-time home buyers in Canada.  Some changes to insured mortgages were set in August 2024 to allow first time home buyers access a newly built home with an extended amortization period to 30 years.  This was limited to high ratio borrowers (those with less […]

With the higher cost of living homeowners are looking for ways to save money each month and deferring property taxes can help with cash flow. Each province in Canada may have their own program where homeowners can apply to defer their property taxes.  The program in BC is included in the link below and includes […]

Finally some good news – all homeowners now have better options for mortgage transfer on renewal.  The Office of the Superintendent of Financial Institutions (OFSI) has announced that homeowners should have options on renewal of their mortgage at maturity or if they want to renew early. Previously any homeowners wishing to transfer their mortgage to […]

Buying your home now could save you thousands. With changes in interest rates, home prices and low real estate inventory, buyers continue to find it challenging to find a home. However, with lower home prices this is a good time for you to look at your options.  Even with higher interest rates buying your home […]

  In the 2022 Budget, the Government of Canada proposed the introduction of the Tax-Free First Home Savings Account (FHSA), a new registered plan to help Canadians save towards their first home by allowing account holders to contribute up to $40,000 over the lifetime of the plan The plan is set to launch in April […]

How will the trigger rate impact you? The trigger rate is when the homeowner is no longer paying sufficient interest on their mortgage.  The lenders may require the homeowner to choose from some options to correct the situation.  The next step is the trigger point and that is when the lender will require action IMPORTANT […]

It doesn’t matter if rates are up.  I realize that may seem like a strange thing to say. However, it all depends on how you look at the situation. We have seen low mortgage rates swinging from 1.59 – 3.69% over the past 10 years.  They go up and down like a ripple in the […]

Choosing the right rate and term in this market As the economy shifts and real estate pricing adjusts choosing the right rate and term in this market can make all the difference. When you listen to the news about interest rates there can be some confusion.  The media will typically talk about the Bank of […]