Canada has seen a surge of international migration over the last few years. With all these new faces in town wanting to plant roots in this great country, it’s a good time to review some of the details surrounding mortgages and how individuals new to Canada can qualify to be homeowners. Check out some details […]

Recently, Angela was invited onto the Stress Test, a podcast hosted by the Globe and Mail, to answer some questions about everything one would need to know about mortgages in the current market. Here is what she said: Pre-approvals, why do I need one and at what point should I get it? “They’re critical. If […]

The housing market continues to favour sellers as we move into the summer months. If you’re thinking of selling, this is a great time to do so! Not only will your home likely be listed on the market for a shorter period of time, but most sellers are currently receiving multiple offers on their sale. […]

Another Jumbo Rate Hike, Signalling More To Come The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year. The two back-to-back half-point increases are without precedent, but so were the dramatic pandemic rate cuts in the […]

Here at the Angela Calla Mortgage Team, we recognize the value of caring for our senior loved ones. In recognition of Personal Support Workers Day, we wanted to share this new award from our partners at HomeEquity Bank that highlights those who see to the care of some of the most vulnerable in our community. […]

Mortgages are required to qualify based on the stress test (the higher of 5.25% or your actual contract rate + 2%). Fixed rates are over 4%, putting the stress test at over 6%. Many people opt for variables as rates can be as low as 2.3% allowing them to qualify using 5.25% increasing the maximum […]

The trendiest type of home equity line of credit is in the crosshairs of Canada’s banking regulator, which is looking to curb risky borrowing as rising interest rates put added pressure on heavily indebted homeowners. The product under scrutiny is the readvanceable mortgage – a traditional mortgage combined with a line of credit that increases […]

Canadian Housing Market Feels The Pinch of Higher Rates Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. In April, national home sales dropped by 12.6% on a month-over-month (m/m) basis. The decline placed the monthly activity at […]

With interest rates increasing and market conditions beginning to change, we asked mortgage broker Angela Calla three questions about what’s happening in the mortgage market today. Here’s what she told us. What lending advice can Realtors give their clients as interest rates climb? Advanced planning is the key to success. Over the last few months, […]

If you have a static payment Variable Rate Mortgage (where your payment does not change, even if the Prime Rate rises), here is a decent article about the “Trigger Rate” (This was something I also wrote about in my book The Mortgage Code). The Trigger Rate is reached once your payment is no longer enough […]