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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 […]

Saving for a down payment is often the biggest hurdle when it comes to purchasing a home. Once you have your down payment saved it is important to note that you will be required by the mortgage lender to provide documentation for the source of your down payment and to fulfill this condition for your […]

Effective August 1st, 2024, the Department of Finance will now allow homeowners purchasing a newly built property and who meet First Time Home Buyer (FTHB) criteria, the option of a 30 year amortization for insured mortgages. This Insured offering is an exciting opportunity for First Time Homebuyers looking to alleviate the pressures of affordability. This […]

Changes are happening in the housing and mortgage space as we move into the second half of 2024. I thought I’d give you an update on how I can help you this year with mortgage rates decreasing. So here are 7 ways I can help you in 2024: 1️⃣ Personalized Advice You’re reading this blog […]