Powered By DLC-The Mortgage SourceIn recent weeks, the federal government has frequently updated its default mortgage insurance rules. The latest changes, which include raising the maximum purchase price for an insured mortgage and extending the amortization period to 30 years for first-time buyers, are positive steps to help Canadians manage rising home-buying costs. However, many are still waiting for a price drop, which is unlikely to happen. A significant decrease in home prices […]
Is your home in desperate need of an upgrade? Are you dying to renovate your bathroom, kitchen, or other space but not sure how to fund this renovation project? Did you find a home you’d like to buy but it needs work? We’ve got good news! When it comes to covering the costs of renovating, you have some options available to you outside of some good old savings! Mortgage Refinancing […]
Two significant developments in September will have a lasting positive impact on Canadian housing activity. First were Ottawa’s measures to make housing more affordable. Second was the Fed’s 50 basis point rate cut. Ottawa has come under increasing pressure to reduce immigration, build more housing, and help first-time homebuyers afford to buy a home. In response, the federal government increased the home price cap for insured mortgages from $1 million […]
Unlocking the door to your dream home begins with understanding the power of your credit score. Often overlooked until the mortgage process begins, your credit score is one of the most vital elements in securing a mortgage with the best rates and maximum buying power. In Canada, credit scores range from 300 to 900, and the higher, the better. For those putting down less than 20%, aiming for a […]
The Bank of Canada’s initial rate cuts this summer didn’t boost housing activity as much as expected. However, with the additional cut of .25% earlier this month, and more potential cuts this year, we could still see an impact on the housing market. Even though there’s not a substantial change in affordability, potential buyers are starting to see the light at the end of the tunnel. This will attract […]
Even in a sellers’ market, there are some ways you can increase your chances of receiving more offers and selling your home for the best value. Check out these expert tips for staging your home to help make the best first impression possible: Clean and Declutter: Clean, clean, and clean some more! While you might not be able to stage each room in your home, ensuring that each space is […]
As the Bank of Canada cuts interest rates, housing activity has remained relatively weak. Existing home sales were well below historical averages in July, while new listings edged upward. Prices have plateaued, and residential mortgage originations are tepid. Mortgage balances grew by 3% annually in Q2, the second slowest quarterly pace since 2000. This portends a further dip in household debt-to-income ratios—welcome news, as elevated leverage drives household financial vulnerability. […]
With the recent rate cuts from the Bank of Canada, there’s been some more optimism about purchasing a home in Ontario over the last few weeks. However, we have yet to see a huge cluster of buyers emerge from the sidelines, as many are still playing the wait-and-see game. What is different is the questions that I’m being asked. Many believe we will soon see a reduction in interest rates, […]
In the last decade, climate change and energy efficiency have come to the forefront of many Canadians’ minds. From wanting to do our part by recycling to making our home as energy efficient as possible, there are many benefits to being environmentally and energy conscious. If you are looking to cut costs or want to reduce your eco-footprint, here are some great ways to cut your energy costs: 1. Get […]
All eyes were on The Bank of Canada last month as they cut interest rates by 25 basis points again during their July 24th meeting, thereby taking the overnight policy rate down to 4.5%. We believe that owing to a sustained deceleration in inflation, the central bank will continue its monetary easing at the September and December meetings and well into next year. The policy rate will likely fall to […]
