Here is a question I’ve been hearing a lot recently: “Is now the time to lock in my variable rate mortgage?” Well, there are a lot of variables to be considered when trying to answer this question and at the end of the day there is no one size fits all answer, however I will […]
On March 12th, the Bank of Canada lowered the overnight rate again, cutting its policy rate by another .25%, to 2.75%. If you have a variable-rate mortgage or a secured or unsecured line of credit, you should see a decrease in your effective interest rate shortly. How does this affect you? The majority of lenders […]
More than ever homeowners are researching mortgage options more actively and reach out to me for additional information and advice on a daily basis. With interest rates outside of client’s comfort levels combined with non-stop talk from friends, family, colleagues, on top of social media and the “news”, it is no wonder many are finding themselves […]
Donald Trump is on his way in, Justin Trudeau is on his way out. Inflation is Canada is currently below the target of 2%, while inflation in the U.S has been a more stubborn target. The American economy has been strong and all indicators appear that it will strengthen over the course of 2025. This […]
Let’s talk about the age-old question of whether it is better to go with a fixed-rate mortgage or to roll the dice on a variable-rate mortgage. Some Background Historically, variable rate mortgage holders on average have come out ahead over their fixed rate holding neighbours. Whenever you look at long-term averages, there are always exceptions […]
The federal government has been under immense pressure from opposition parties to increase affordability, so to cap off 2024, they have announced several changes that came into effect on December 15th. The most notable changes involve high-ratio insurance mortgages, both of which will primarily affect first-time home buyers purchasing homes. Increase to Maximum Eligible Home […]
Good news! On October 23rd, the Bank of Canada reduced the overnight rate by one half percentage point, lowering it to 3.75%. This is a cumulative cut from the peak by 1.25%. This cut was the fourth consecutive one this year, and will bring much welcome relief to anyone holding a variable rate mortgage, or […]
The federal government has announced a new mortgage program geared to assist homeowners in adding space to their existing homes to create additional self-contained living spaces, such as basement apartments, in-law suites or converted garages. Currently, any refinance, no matter the purpose, is maxed out at 80% loan to value ratio (LTV). That means you […]
The federal government has announced two big updates to updates to CMHC eligibility for First-Time Homebuyers. Whether the changes are an effort to garner votes, or increase affordability is up for debate. THE FIRST UPDATE: INCREASE TO THE MAXIMUM VALUE Currently, CMHC-eligible insured or insurable mortgages are limited to home values of $1 million. The […]
There was a recent announcement from the Federal Government regarding the maximum amortization for insured mortgages for First Time Home buyers when purchasing newly built homes, up to 30 years, from the current maximum of 25 years. This change is effective August 1st, 2024. This change is in addition to the previously announced Tax Free […]