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There are a lot of factors that go into buying a home. It is important to understand what happens when an appraisal value comes up short and how it can affect you. Before we dive into what happens when an appraisal value comes up short, let’s discuss what a bank...
The 2022 Federal Budget is the first budget presented since a federal election took place that saw Justin Trudeau form a minority government in the fall of 2021. Since then, the Liberal government has joined in a sort of coalition with the NDP to keep them in power...
On April 13th, the Bank of Canada increased its target for the overnight rate to 1%, with the Bank Rate at 1.25% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25th. Maturing Government of...
Home Price Declines Are Likely The past two years have been very unpredictable as the COVID-19 pandemic has ravaged the globe. The pandemic has brought many differences with the economy in Canada, and one of them is the hot housing market that started in early 2020...
The Stress Test You have likely heard the words “mortgage stress test” before when starting your real estate journey. In this blog we want to familiarize you with what a mortgage stress test is, how it works, what the current stress test rate is, and some other...
First Time Home Buyer Part A lot has changed in the past few decades. Those changes have shaped the way people live today and the new traditions that have been created. Unfortunately, one of those new traditions is first-time home buyers needing financial...
At the end of January, the Bank of Canada held its target for the overnight rate at the effective lower bound of 0.25%, with the bank rate at 0.50% and the deposit rate at 0.25%. This means that the Bank of Canada rate stayed the same, which means variable rates will...
How to Improve Your Credit Score Credit is an important aspect of our daily lives. Our credit score and history are an important aspect of a Mortgage Application, and it demonstrates to the lender your financial health and responsibility to repay debts. Typically,...
A CHIP Reverse Mortgage is a loan secured against the value of your home, for homeowners aged 55 and older. A reverse mortgage allows homeowners to convert up to 55% of their home equity into tax-free cash income without the requirement of monthly mortgage payments...
A few weeks ago we had a Federal Election. Throughout the election campaign, many promises were made from all parties for housing policies that would go into place in the short-term future. Justin Trudeau and the Liberal Party ultimately won the re-election with a...
Many homeowners will start off renting and will eventually enter the real estate market with a purchase of a home – it is an overwhelming, exciting, and rewarding journey. And once we own a home, we will then go through the transfer/switch/refinance process when the...
Inflation rate and Mortgages in Canada Since the beginning of 2021, inflation rates have been coming in at unprecedented levels. Last week, Canada’s inflation rate came in above expected and was at its highest rate in over a decade. The inflation rate came in...