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As we approach April 16, 2025, the next Bank of Canada rate announcement is drawing significant attention from prospective homeowners across Ontario. But who exactly does this announcement affect, and why should you care? Who Does It Affect? Who Does It NOT Affect? Why Does It Matter? As April 16, Read more…
Securing a mortgage in Canada has become increasingly challenging due to rising home prices and high interest rates. However, leveraging rental income can improve your chances of getting approved and even help you qualify for a larger loan. If you own a rental property or plan to generate rental income Read more…
Investing in real estate is one of the most popular ways to build wealth, but securing the right mortgage for an investment property differs from financing a primary residence. If you’re new to investment mortgages in Canada, understanding the key requirements, benefits, risks, and strategies can help you make informed Read more…
The federal government uses the mortgage stress test as a safety measure to ensure that homebuyers can continue making their mortgage payments even if interest rates increase. Both insured and uninsured mortgages are subject to the stress test, which was first implemented in 2018 and is overseen by the Office Read more…
Divorce or separation is a life-changing event that frequently results in financial difficulties, especially when it comes to distributing joint assets such as the family house. A spousal buyout can be an efficient way for one partner to maintain property ownership while compensating the other. However, this approach needs a Read more…
Flexibility is an essential factor in homeownership. Life is full of unexpected events and circumstances, such as relocating for a new position or refinancing to benefit from lower rates. In these cases, you may need to terminate your mortgage agreement sooner than required. However, before you choose to do it Read more…
A significant new financial option will be available to Canadian homeowners on January 15, 2025: the possibility to refinance up to 90% of the value of their home using default-insured mortgages to build secondary suites. Supporting homeowners in the face of growing expenses and increasing the supply of rental units Read more…
Canada’s housing market will majorly shift on December 15, 2024, when the federal government raises the insured mortgage ceiling to $1.5 million. This change aims to increase buyer opportunities, especially in places where growing housing prices have made ownership increasingly unaffordable. Despite these restrictions, the program is positioned to help Read more…
Beginning on December 15, 2024, the Canadian housing market is about to undergo a dramatic transformation. The federal government has declared that 30-year amortizations on insured mortgages will be available to first-time homebuyers and purchasers of newly built homes. Many prospective homeowners applaud this initiative’s goal of lowering monthly mortgage Read more…
Starting November 21, 2024, Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), will eliminate the Minimum Qualifying Rate (MQR) requirement for straight switches of uninsured mortgages. This landmark policy change is a significant win for Canadian homeowners, granting them greater flexibility and negotiation leverage during mortgage Read more…