As the dust is settling on the major changes to the mortgage qualifying rate and it is back to work as usual, some Canadians are starting to realize that there were some other significant changes that affect us all. Starting this year you must now declare which property is your principal residence. There will be a […]

Did Prime go up? No. Did my Variable rate mortgage rate change? No, not unless your variable rate mortgage is with TD. So the Bank of Canada did not raise rates? No, in fact they are more likely to lower rates than increase them. But TD raised rates? Yes, but only by 0.15% and only […]

Whenever I get a call from a Real Estate Agent or client asking me about obtaining mortgage financing for a former grow-op the first thought that comes to my head is, “Why would anyone want to buy a former grow-op?”. This blog post was written not only to explain the process of obtaining a mortgage […]

When purchasing a property, it can be an overwhelming experience. Especially with the current real estate market when you need to make fast decisions and you need to get your questions answered quickly. Many think that their only option is talking to their bank where they do their daily banking to get their mortgage. The […]

When bad things happen to good people sometimes the reality is they just can’t keep up with their mortgage payments. While Canadian mortgage defaults are amongst the lowest in the world at just 0.31%, foreclosure still happens. In BC, if a lender forecloses on a homeowner they are required to give the borrower a 6-month […]

Before we start, something needs to be made clear: B.C.’s First-Time Home Buyers’ Program is not the same thing as First-Time Home Buyers’ Tax Credit and it is also not the same as the Home Buyers Plan. The First-Time Home Buyers’ Program in British Columbia gives individuals the opportunity to reduce or eliminate the property […]

Mortgages are like vehicles. A bank is similar to the brand, Ford or Toyota for example. How long you have a mortgage before it’s time to renew is like the model, a Fusion or Camry. The rate is similar to the car’s paint color, and the mortgage benefits such as prepayment privileges and portability are […]

Practice your mortgage… What exactly do I mean by that? Well, if you’re a first-time buyer and just beginning to explore the housing market, chances are you’re currently renting or living with family, and very likely paying less than you will be going into your new home. For this reason, I strongly suggest you start […]

I recently met a couple that took out a reverse mortgage to purchase a house in Hamilton, ON. Their daughter was attending McMaster University, and was just starting her post-graduate degree. After spending close to $25,000 over 4-years in rent, her parents decided to get into the landlord business! Here’s how the numbers worked out: […]