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 […]

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 […]

Starting next week on July 18, 2024, British Columbia will make it harder for landlords to ask tenants to leave when a new buyer wants to move in. This new rule is to protect renters from unfair evictions but might seem unfair to some landlords and make things tricky for people buying a home. Conditions […]

This morning the Bank of Canada announced an increase to their policy interest rate by 50 basis points from 3.25% to 3.75% as they continue their quantitative tightening. This increase in the Bank of Canada rate will mean a change to the Prime Lending Rate. Banks and other financial institutions will raise their prime rate […]

With the changing of the seasons, it can be a good time to take stock of your home and ensure you are ready for the colder weather. To help you feel more comfortable, save on bills and prevent future repair costs, there are some simple things you can do to prepare for the coming season. […]

The holidays are coming up! As much as these celebrations bring us joy and harmony, they can also bring us stress. This is particularly true when it comes to your finances! However, don’t lose hope that this will be another draining year on your pocketbook. In fact, with a little planning, there are a few […]

Jenna Nash-McCabe is a mother, wife and mortgage specialist living in Valleyview, Kamloops. She lives with her husband Tyrone and two daughters, Brooklyn and Harper. While Jenna works at Mortgage West, Tyrone is the manager of Utility Services with the Thompson-Nicola Regional District (TNRD). Like so any families in Kamloops, the Nash-McCabe family enjoys playing […]

Canada Mortgage and Housing Corporation (CMHC) announced yesterday, June 4th, they will be implementing new changes to their lending policies that will take effect July 1, 2020. Below are some of the updates I’ve collected so far… Limiting Gross Debt Service (GDS) ratios to 35% (from 39%) Limiting Total Debt Service (TDS) ratios to 42% […]

Canada’s benchmark rate (a.k.a. minimum stress test rate) has decreased from 5.04% to 4.94% effective May 25, 2020. What does this mean for you? A lower qualifying rate means you, the borrower, can increase your purchasing power slightly and increase the amount of mortgage you’ll qualify for. Good news: The drop from 5.04% to 4.94% now means you can […]