COVID-19 UPDATE Good Afternoon,  Our clients and business partners are our top priority, and we are taking the necessary precautions to ensure that everyone remains safe. We continue to monitor the situation and follow the guidance of the World Health Organization, Federal and Provincial governments, and Health Canada to reduce the spread of COVID-19. Effective March 16, all of our Mortgage associates can be contacted by phone, e-mail, social media.  We are continuing to provide a great service, it’s business as usual.  Whether your mortgage is up for renewal or you would like t ..read more

Vancouver and Toronto See Housing Prices Rise Again   The price of real estate rose again last month in Canada’s two most valuable real estate regions. The crisp winds of October brought with them a rebound in the Toronto and Vancouver markets as continued as interest rates remain low. Greater Vancouver home sales were up by more than 45 per percent last month compared with a year earlier, while the Greater Toronto Area sales were up by just under 15 per cent. Gains for the Vancouver region followed a similar jump this past September, which marks the fourth month in a row the area saw a s ..read more

If you have bad credit, you know that you are in a tight spot – especially if you are looking for a mortgage. However, even with what often feels like mounting financial woes and credit agencies calling your daily, there is a light at the end of the tunnel. And, believe it, or not that light might just come in the form of a bad credit mortgage. Currently, bad credit mortgages are available across Canada, however, let’s focus on Alberta & British Columbia; some specific criteria have to be met in order to qualify with a “B lender”   No one wants to hear that they have bad credit? Unfor ..read more

There are a number of ways that you can save for a downpayment on a home. But which ones actually work? Here we have put together a list of things that you can do that are proven to be effective in helping you to save for a downpayment on a home. While we focus on that goal, many of these methods can be used to help you reach other financial goals as well. Here are our tips.   Make a choice to Prioritize Your Goal When you decide to save for something, the reality is that unless you make it an actual priority, you aren’t going to reach your goal. You have to make choices that align with w ..read more

Canadian’s who are looking to enter the real estate market has been through a lot. Between sky-high prices and what feels like never-ending bidding wars in most markets, it is no surprise that many potential buyers have delayed taking the leap. And now, they face another dilemma: whether or not they should consider buying when some experts are anticipating a real estate crash.   This dilemma can be incredibly frustrating, especially when you consider the current real estate market in Toronto and Vancouver. Many potential buyers currently qualify for less than what they would have two year ..read more

Canadian Mortgage Stress Test to Become More Lenient   For the first time since the federal government implemented the new stress test rules on Canadian home loans, the standards have been lowered. In other words, a potential homebuyer could be approved for a bigger mortgage today than what they would have been yesterday. Since the initial mortgage stress test came into effect in January 2018, first time home buyers have had a challenging time getting approved. Because of this, they have had trouble breaking into the market, causing it to slow down noticeably. Regardless of what discounte ..read more

How Home Equity Can Be Used to Payoff CRA Debt   It is not unusual to learn that you owe some money to the Canada Revenue Agency (CRA) after you file your personal tax returns. This is especially true if you have neglected to do them for a year or two. Like any other unexpected expense, you need to tighten up your budget and work even harder to try to find ways to eliminate the debt before you run up interest charges and late payment penalties. You may find other, more immediate obligations that are more pressing. If this is the case, it is best to stay in touch with CRA and let them know ..read more

Mortgage Insurance in Canada   Mortgage insurance is a kind of insurance that was developed to compensate financial institutions or investors should a homeowner default on their loan. It is required for any mortgage where the downpayment is less than 20%. Whether the mortgage insurance is public or private will depend on the institution that lends the funds. Where Can I Buy Mortgage Insurance Throughout Canada, there are three companies that sell mortgage insurance, Canada Mortgage and Housing Corporation (also knowns as CMHC), Genworth Financial Canada, and Canada Guaranty Mortgage I ..read more

With the recent release of the 2019 federal budget, many Canadian’s were surprised to find out that the liberal government is making it easier for homeowners to purchase their first home. They are doing this by increasing the amount that buyers can borrow from their retirement savings to put towards their down payment – should they qualify.   Assisting people who want to enter the housing market has been something that the Liberal government has been struggling with since taking office in 2015. With a federal election looming this fall, it was now or never for the liberal government to ma ..read more

Mortgage insurance is a kind of insurance that was developed to compensate financial institutions or investors should a homeowner default on their loan. It is required for any mortgage where the downpayment is less than 20%. Whether the mortgage insurance is public or private will depend on the institution that lends the funds. Where Can I Buy Mortgage Insurance Throughout Canada, there are three companies that sell mortgage insurance, Canada Mortgage and Housing Corporation (also knowns as CMHC), Genworth Financial Canada, and Canada Guaranty Mortgage Insurance Company.   The Canada Mort ..read more