Blog

This morning the Bank of Canada announced another decrease to their policy interest rate by 50 basis points from 4.25% to 3.75% offering more relief to Canadians. The Bank of Canada’s policy interest rate is the rate used by lenders to determine their prime lending rate. Therefore Prime Rate should presumably be lowered from 6.45% […]

Navigating the path to buying your first home is thrilling, but past credit issues—those “credit ghosts”—can make the journey unexpectedly daunting. Whether it’s a forgotten bill or more serious financial missteps, these blemishes on your credit history can lurk in the shadows, waiting to disrupt your home-buying plans. Understanding these challenges and how to address […]

Today, the federal government announced three key announcements designed to unlock underused properties and make it easier for homeowners to add secondary suites to their homes. 1. Mortgage Refinancing for Secondary Suites: Beginning on January 15, 2025, homeowners will have the opportunity to refinance their insured mortgages to finance the construction of secondary suites. A […]

The Office of the Superintendent of Financial Institutions (OSFI) has announced it will eliminate the stress test requirement for uninsured mortgages when homeowners switch lenders at renewal. This change applies to uninsured mortgages, bringing them in line with insured mortgages for "straight switch" renewals. This change will apply if the borrower maintains their current amortization […]

Did you hear? As of November 21st, 2024, the federal banking regulator OSFI will eliminate the required stress test to switch your uninsured (conventional) mortgage to another lender at renewal. What does this mean for you? No more stress test when you renew your mortgage! Easier to switch lenders at renewal without having to provide […]

Today, September 24, 2024, the federal government announced updated parameters for mortgage lenders and insurers to begin offering insured mortgages as of this coming December. These new criteria will apply to all of your first-time homebuyers and all buyers of new builds. The expanded parameters include: expanding the eligibility for 30-year amortizations and increasing the […]

Even in a sellers’ market, there are some ways you can improve your chances of increasing the number of 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 […]

This morning, September 4, 2024, the Bank of Canada announced another decrease to their policy interest rate by 25 basis points from 4.50% to 4.25% offering more relief to Canadian consumers. This is the rate used by the big banks to determine their prime lending rate. Therefore Prime Rate should be lowered to 6.45% in […]

The initial Bank of Canada rate cuts this past summer did not spur housing activity as anticipated, but potentially more on the way will continue to affect the housing market outlook. New listing levels are expected to rise as sellers who may have held back enter the market with the hope that lower mortgage rates […]