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Stress Test…Eight Months Later

The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in… Read More…

Millennials: How to get into the Housing Market

This particular period in time might be the most difficult ever for a Millennial to buy a home.  There are several factors at play here working against them; stagnant incomes, high home prices and the stress-test introduced by the Liberal government on January 1/18. In 1976 the average median income for 25-34 year olds was… Read More…

Bank of Canada Set to Raise Qualifying Rate

On Monday, May 14 the Bank of Canada will be raising the qualifying mortgage rate for prime mortgages to 5.34%.  It currently sits at 5.14%.  This will affect borrowers wanting a variable rate the most.  If you’re wanting to qualify for a mortgage before the rate increases, you only have a couple more days left. … Read More…

Pay Off Your Debt AND Reduce the Amortization on Your Mortgage

Paying down, and off, debt is a priority in everyone’s life.  Every family and individual should have a written household budget.  There are plenty of these online to be had.  If you don’t have one or would like me to send you one, please email me and I will do so. By paying off one… Read More…

How to Get a Mortgage After the New Rule Changes

Have you tried to apply for a conventional mortgage since the inception of the new rules the government implemented on January 1st?  If you have and have been either turned down or you can’t get as much of a mortgage as you need, call me today.  I have a solution that has helped other borrowers… Read More…

More Mortgage Changes Ahead!

Last week the government announced yet another set of rule changes that will impact the conventional mortgage market; those who have at least 20% equity/down payment on their property.  They have implemented what is called a “stress test”, effective January 1/18. In order to qualify for a mortgage, the financial institution will have to add… Read More…

Your Credit Bureau-What You Need to Know

Have you ever wondered why your credit score is as low as it is when you are diligent in meeting the monthly obligations?  It’s derived of more than your repayment history & how many inquiries you may have.  Below is the matrix that is used in determining your score: 35% of the score is based… Read More…

Bank of Canada Raises Rates

The Bank of Canada raised rates for the first time in seven years. The new benchmark rate is .75%, up .25%. The Bank says Canada’s economy has been “robust”. As for future rate hikes, the Bank didn’t give much indication. This will likely make it harder for consumers to qualify for a mortgage term other… Read More…

New Mortgage Rules=Lower Purchasing Power

Here’s a great article written by a colleague of mine, Dustan Woodhouse, about how the new mortgage rules have severely limited purchasing power. The average person if stopped on the street and asked; Are today’s low interest rates driving up house prices? Would likely say ‘yes’. They would be wrong. And we can let their… Read More…

If Only Your Dream Home Had…

If you’ve been house hunting for any period of time (especially in the GTA and surrounding areas), it usually won’t take long until you realize that it can be a very daunting experience.  Just when you think you may have “won” the bid on your new home, someone has out bid you. It may be… Read More…

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