Interest rates have been steadily increasing over the past few weeks. This should come as no surprise to anyone reading these newsletters. We do anticipate that rates will increase further before slowing down and probably heading back down to lower levels. Royal Bank is increasing their rates tonight, on the back of stronger bond yields… Continue reading Interest and CMHC Changes
The Bank of Canada is the nation’s central bank. Established in 1935 through the Bank of Canada Act, the BoC’s main goal is to promote the economic and financial interests of Canada. Before the 1930’s there was no need for central banking due to Canada’s scattered and primarily rural economy. The branch bank network that… Continue reading The Bank of Canada: A Brief History
As part of the Government of Canada’s Economic Action Plan, the ecoEnergy Retrofit – Homes Program has been expanded to aid 200,000 homeowners in covering the cost of making their homes more energy efficient. The time-sensitive program includes a $300 million increase in funding over two years. In other words, the program provides non-taxable grants… Continue reading The ecoEnergy Retrofit – Homes Program
An insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan is known as mortgage insurance. This type of insurance can be private or public depending on the insurer.
Several conditions apply so before you delve into your RRSP make sure you meet said conditions. You must be a Canadian Resident. The portion of the RRSP you plan to use towards the purchase of your new home must be in your RRSP account for more than 90 days. You must be a first time… Continue reading The Home Buyers Plan – Will it work for you?
When it comes to your mortgage there are several payment frequencies you can choose from. The payment frequency refers to how often you will make mortgage payments. Not all payments offer savings on interest or will help you pay down your mortgage faster. Here is a simple breakdown of each payment type to help you… Continue reading Getting the Most out of Your Payments
Hamlet once asked, “To be or not to be?” That is no longer today’s question. Nowadays, we are plagued by a different query. It is better to go with a fixed rate or a variable rate mortgage? We need to know how beneficial it would be to lock into a longer-term fixed mortgage rate or… Continue reading Fixed Rate vs Variable Rate: The Conundrum
The great thing about purchasing your very first home is that you can stand in the middle of your backyard or on your balcony and scream at the top of your lungs, “I’m a home owner!” Well don’t yell that loud, your neighbours might call the cops instead of ringing your doorbell with a freshly… Continue reading Common Costs of Owning a Home
Buying a home can be one of the most financially stressful decisions we are faced with in our life times. Many first time home buyers feel like ripping out their hair while trying to come up with their down payment. You may have heard about the Cash-Back mortgage and think it sounds like a dream.… Continue reading Cash Back Mortgages: Not all They’re Cracked Up to Be
Congratulations, you’ve found your dream home! There is a problem though, the owner of your dream home has to close the deal within a month, and you can’t sell your current property that quickly. Enter bridge financing, your best way to seal the deal. This type of financing is a hefty short-term loan that serves… Continue reading What is Bridge Financing?