Long-awaited tweaks to the government’s First-Time Home Buyer Incentive came into effect on Monday. Nearly five months after the changes were first proposed, the Department of Finance and Canada Mortgage and Housing Corporation (CMHC) have enhanced the eligibility criteria for buyers in Toronto, Vancouver and Victoria. As a recap, the FTHBI is a shared-equity program […]

Bank of Canada Scales Back Bond Buying Today, the Bank of Canada held its target for the overnight rate at the effective lower bound of ¼ percent. The Bank is also adjusting its bond-buying program from weekly net purchases of Government of Canada (GoC) bonds of $4 billion to $3 billion. This adjustment to the amount […]

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank continues to provide extraordinary forward guidance on the path for the overnight rate, reinforced and supplemented by the Bank’s […]

Reverse mortgages are continuing to gain popularity for homeowners above the age of 55 in Canada! For Canadians looking to retire, high debt, ongoing expenses, as well as a reduced income can be a challenge. This is where reverse mortgages can help! It is a NON taxable event meaning there is no risk of pension claw […]

Can the current housing market continue even with the impact of Covid-19? Absolutely, but we must address one key issue. Canada currently has a major deficit in housing with the country needing an additional 150,000 homes. The large influx of immigrants is proving to be a bit challenging for builders. Can the current housing market […]

Mortgage Market Stress Test  OSFI, our Federal regulator, has announced in efforts to “cool” the mortgage market they would like the 6 big banks to increase the qualifying rate from the current 4.79, to a minimum of 5.25 or 200 basis point above the “contract rate”. Read the full release here from our economist Dr. […]

OSFI Considers Setting a Minimum Qualifying Rate of 5.25% For Uninsured Mortgages With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn’t take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an […]

According to Bank of Canada, “In Canada, the economy and the housing market is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures.  Although activity in hard-to-distance sectors continues to be held back, recent data point to continued recovery in the rest of the economy. […]

Why do some purchases require a higher down payment than others?  Your purchasing journey is unique, and so are the mortgage options available along with it. This might cause a lower or higher required down payment! Here are some of the reasons it’s important to review your pre-approval specific to the property. Keep these reasons […]

BEFORE you go into an offer on a home purchase with NO SUBJECTS… you need to ensure you’re aware of the risks you might be required to absorb in the process. So much can happen on your home-ownership journey and obtaining your mortgage. Make sure you understand all the risks involved in a subject-free offer […]