New First Time Home Buyers Program

On September 2nd, 2019 the Government of Canada is introducing a new program to help first time home buyers save on their monthly mortgage payments. This new equity sharing program is designed for first time home buyers across Canada. There is still more information that needs to be released but this is what we know … Continue reading New First Time Home Buyers Program

Pre-Approved and Pre-Qualified – Know the Difference

When you start looking for a mortgage, you will hear the terms pre-approved or pre-qualified. Although these terms are similar, there is one big difference. I recently had a client (lets call him Sam) come to me saying he was pre-approved with the bank for up to $300,000 but wanted to use me because my … Continue reading Pre-Approved and Pre-Qualified – Know the Difference

Bank of Canada Raises its Benchmark Rate

Last week the major banks all raised their posted rates which initiated an increase by the Bank of Canada on its Benchmark Rate. Effective today, the Bank of Canada has increased its Benchmark Rate from 5.14% to 5.34%. This rate is used as a 'Stress Test' on your mortgage application, it will not have any … Continue reading Bank of Canada Raises its Benchmark Rate

New mortgage rules coming effective Oct 17, 2016

The Department of Finance just hit us with a mortgage rule change this morning. http://www.fin.gc.ca/n16/data/16-117_1-eng.asp Effective October 17, 2016 insured mortgages will now have to qualify using the benchmark interest rates. Currently only mortgages in a variable or for a term less than 5 years need to be qualified using the benchmark rate. So effective … Continue reading New mortgage rules coming effective Oct 17, 2016

Should I buy now or wait for home prices to come down?

Right now in Alberta we have seen better days both on employment and the housing side of things. Why? Well that is a whole new conversation or debate that we don't need to get into in this blog. For some first time home buyers they are still looking at purchasing their first home. But of … Continue reading Should I buy now or wait for home prices to come down?

First Time Home Buyers Tax Credit

If you were a first time home buyer in 2015 you may qualify for a tax credit when you do your taxes. Talk to your accountant or watch this short 3 minute video from the Canada Revenue Agency to see if you qualify. CRA-HBTC Don't just get a mortgage, Know your mortgage! Scott Bourke, AMP … Continue reading First Time Home Buyers Tax Credit

New Down Payment Rules for Mortgages Over $500,000

Rule changes that come into effect starting Feb 15, 2016 and the dates that everything gets effected. Minimum Down Payment Policy Changes for all CMHC and Genworth Applications As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion … Continue reading New Down Payment Rules for Mortgages Over $500,000

Being To Rate Focused Can Come Back To Bite You

Everyone loves a low rate mortgage. The less the rate the less you're paying the lenders, The less you pay the lenders the more that goes into your pocket. You do have to remember that not all mortgages are created equal. Some deep discounted mortgages have restrictions on your pre-payment or pay out abilities. Some … Continue reading Being To Rate Focused Can Come Back To Bite You

CMHC makes changes effective May 30.

CMHC announced today that effective May 30th they are discontinuing 2 of their products they offer. They will no longer be insuring Second Homes or Self Employed Verified by 3rd Party (Stated Income). CMHC really has not been doing much stated income for the last couple years so this was no big surprise. If you … Continue reading CMHC makes changes effective May 30.

CHMC To Raise Mortgage Premiums May 1, 2014

CMHC has just announced that they will be raising their mortgage premiums effective May 1st. The increase was not from the Department of Finance, this was a business decision from CMHC. This increase will see the 5% down payment premium increase from 2.75% it is now to 3.15%. This is not a huge increase and … Continue reading CHMC To Raise Mortgage Premiums May 1, 2014