On January 1, 2023, The Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) comes into force. It prohibits the purchase of residential property in Canada by non-Canadians unless they are exempted by the Act or its regulations, or the purchase is made in certain circumstances specified in the regulations. This new legislation … Continue reading Foreign Buyers Prohibition
Blog
Effective Jan. 2023 the Government has introduced an "anti-flipping tax" to reduce the speculative demand and to help cool the housing market. To avoid paying tax on the profit, you will have to live in the home for a minimum of 365 days, before being able to sell. There are some exceptions to this new … Continue reading New Anti Flipping Tax
Firstly, we will not ever suggest you give up coffee! EVER. But maybe you might consider these numbers, because sometimes small budget changes can make the biggest impact. Instead of picking up your daily $6.00 shot of caffeine luxury, put it toward your mortgage. $6 x 365 = $2,190.00 annually If you take that $2,190 … Continue reading Small Budget Tweaks to Save Big
With inflation comes higher interest rates, and with higher interest rates your purchasing power decreases. So when looking to purchase at your maximum purchase price, a rate hold in place can make a huge impact! June of 2021- Significant changes to Stress Test Creating Huge Implications Today In June of 2021, The Bank of Canada … Continue reading Purchasing Power Impacted By Rising Rates
With inflation at an all time high, Canadians are feeling the pinch! Without a doubt, while we get through these inflated times, this is going to become a time of prudent budgeting where we push extras aside for a while and put essentials to the top of our needs. If you are paying your mortgage … Continue reading Switching from Accelerated to Non Accelerated Mortgage Payments
There 4 main areas that lenders evaluate, while also considering the 5 C's of credit. These are income, down payment, active and historical credit, and the property itself. 5 Steps to Get a Mortgage Income and Employment. You monthly income is what will be paying the mortgage. There is a maximum percentage of your taxable … Continue reading How To Get A Mortgage
In the past year we have seen fixed mortgage rates jump by 3% from the record low rates we had during the pandemic. At the same time variable rate holders have also seen substantial changes to their mortgage interest rates with the Bank of Canada increasing rates over 2% since its first increase back in … Continue reading Fixed Rates and Bond Yields
Fixed vs. Variable Rate Mortgages: What’s the Right Choice for You? When you're shopping for a mortgage, one of the decisions you'll face is whether to choose a fixed or variable (also known as adjustable) interest rate. Each comes with its own benefits, risks, and impact on your monthly payments and long-term financial goals. In … Continue reading Fixed VS Variable- Which is right for you?
Why are interest rates increasing so rapidly? If you own a house or have been thinking about buying, rising interest rates is a hot topic. The 'interest rate' in question is the Bank of Canada's (BoC) policy interest rate, also known as the target overnight or benchmark interest rate. Changes in the BoC policy interest … Continue reading Why are the Bank of Canada Interest Rates Increasing?
It would appear that qualifying for mortgages when you have 20% down or more is going to get a bit more "stressful" on June 1st, 2021. This the date that OSFI has planned for its proposal for a tougher minimum qualifying rate for uninsured mortgages to be in force. As planned, homebuyers/owners will need to … Continue reading Stress Test Increase