The province is introducing amendments to strata property regulations in an effort to crack down on strata vacation rentals. Under the new regulations, which will come into effect Nov. 30, strata corporations will be able to fine owners or residents not complying with short-term rental bans up to $1,000 a day. Currently, stratas can pass bylaws banning short-term rentals, with a […]

Canada Mortgage and Housing Corp. is making changes intended to make it easier for the self-employed to qualify for a mortgage. The national housing agency says it’s giving lenders more guidance and flexibility to help self-employed borrowers. Self-employed Canadians may have a harder time qualifying for a mortgage as their incomes may vary or be less […]

As expected, the Bank of Canada hiked its key overnight rate this morning by 25 basis points to 1.5%. What wasn’t expected was the hawkish tone of the press release which brushed aside the threat of greater protectionism, instead emphasizing the need for higher interest rates to keep inflation near its target. In today’s Monetary […]

As expected the Bank of Canada raised its overnight rate .25%, banks are expected to follow. View the full report here: https://www.bankofcanada.ca/2018/07/fad-press-release-2018-07-11/ Key Takeaways Canada continues to attract business investment Despite Tariffs Canadian exports are strong More gradual increases to come – The next scheduled date for announcing the overnight rate target is September 5, […]

With the Bank of Canada holding rates steady this April, the same is not the case for the bond market, which impacts fixed rates. In every interest-rate market there are many factors leading to an increase and we are hoping to provide a little bit of clarity on what is happening and what it means […]

Some of the last round of changes from the government regarding qualifying for a mortgage were that if you have a balance on your unsecured line of credit, then to qualify for mortgage the lenders require that we use a 3% payment of the balance of the line of credit. Simple math is,  if you […]

HELOC, Refinance or Second/Third Mortgages? Which one should you choose to go with? If you have decided to tap into the equity in your home, the three can seem to be interchangeable at times and for many consumers can be a difficult decision on which one to select. We have laid out seven questions to […]

It’s always a pleasure giving back to the community.  Glad we could put a smile on some little kids faces this year! Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a […]

You have a family member that doesn’t qualify for a mortgage on their own and needs a co-signor. Since you’re a nice person, and of course would like to see your son/daughter/parent/sibling in a better position, you agree to co-sign for the mortgage. If I had a dollar for anytime I’ve heard the phrase “but […]

At a quick glance a reverse mortgage and a HELOC appear very similar. However, once you begin looking at the details they have many striking differences between them. In short, while both can meet the immediate purpose of the loan, a reverse mortgage is designed to accommodate the individual’s lifestyle well after they receive the […]