Advice for Living Through These Uncertain Times
It only takes a quick trip to the grocery store to realize that life is VERY different than it was just a couple of months ago. COVID-19 has already left a permanent mark in modern human history. So as you continue life mid-pandemic, here's some good advice: don’t...
Your Financial Plan to Becoming Debt-Free Post-COVID
Although everyone is experiencing the impact of COVID-19 differently, one thing has become evident. As a result of the pandemic, we’re all paying closer attention to our finances. Looking at life post-COVID, it’s going to be essential to have a financial plan. Here...
Access Your Home Equity! COVID-19
As the initial shock of living through a global pandemic wears off and restrictions start to loosen, it would seem that Canada is en route to de-COVID soon (time will tell). If you’ve been waiting until things flatten out before making any significant financial...
A Mid-Pandemic Mortgage Checkup?
If you've been sitting on the sidelines waiting to see the full impact of COVID-19 on the economy before asking any pressing questions about your financial situation, now might be a good time for a mid-pandemic mortgage checkup! Here is a list of questions that have...
Questions About Appraisals During COVID-19
If you're looking to purchase or refinance a property while most of Canada is self-isolating to stop the spread of COVID-19, you probably have some questions around how the pandemic is impacting appraisals. If you're looking to put a plan together that involves...
Open for Business During COVID-19
If you're thinking about buying a new property, refinancing your existing mortgage, or if your mortgage is up for renewal, you might be wondering if getting a mortgage is even possible amid a global pandemic? Be assured that it is possible, mortgages are being...
Bank of Canada Maintains Overnight Rate Target and Unveils New Market Operations
The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank also announced new measures to provide...
Are Interest Rates Going Up and Down at the Same Time? COVID-19
If you’re paying more attention to the Canadian economy due to COVID-19, and it seems like you’re getting mixed messages; that mortgage interest rates are going both up and down at the same time, you’re not that far off. There are a lot of moving parts, and to find...
Bank of Canada lowers overnight rate target to ¼ percent
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is...
Deferring Mortgage Payments. (COVID-19)
In response to the COVID-19 crisis; for those individuals financially affected, banks and government have announced that payment relief may be available for up to 6 months of deferred mortgage payments. As information is changing daily, or hourly, if you have any...
Is Now a Good Time To Buy? (Covid-19)
If you’ve been thinking about buying a new home, chances are the instability of the Canadian economy and the impact Covid-19 has you second-guessing yourself. And chances are, at this point in time, you are probably right to do so. Right now there is uncertainty in...
Bank of Canada Lowers Overnight Rate Target to ¾ percent
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent, effective Monday, March 16, 2020. The Bank Rate is correspondingly 1 percent and the deposit rate is ½ percent. This unscheduled rate decision is a proactive measure...
Bank of Canada lowers rate by 50 basis points | March 4th 2020
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent. While Canada’s economy has been operating close to potential with inflation on target,...
New Stress Test On Insured Mortgages
Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of...
I Missed a Credit Card Payment… Now What?
If you've missed a payment on your credit card (or line of credit) and you're wondering how this will impact your creditworthiness down the road, this article is for you. But before we get started, if you have an overdue balance on any of your credit cards at this...
Bank of Canada Rate Announcement Jan 22nd, 2020
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The global economy is showing signs of stabilization, and some recent trade developments have been...
A Conversation About Mortgage Pre-approvals
Thinking of buying a property, but don't know where to start? Well... that's where a mortgage pre-approval comes in. Start here. Just like you wouldn't go into a restaurant without having enough money to buy your meal, so you shouldn't start shopping for a home...
Deposit vs Downpayment
As part of the mortgage and real estate processes, there’s a lot of confusion around the differences between the deposit and the downpayment. It's important to understand what sets them apart so you don’t get confused when it’s time to secure financing on a property...
Avoid This Mistake When Shopping for a House
No doubt about it, buying a home is an emotional experience. It's a game of balancing needs and wants, while trying to be honest with yourself about those very needs and wants. It's hard to get it right, figuring out what's negotiable and what isn't... what you can...
Should You Keep a Small Balance on Your Credit Card?
Recently the good people over at Nest Wealth published an article called "The Worst Money Advice We've Ever Heard". On the list was "Always keep a small balance on your credit card". What they have to say on the subject is spot on: Someone, somewhere, starting telling...
Avoid This Mistake When Shopping for a House
No doubt about it, buying a home is an emotional experience. It's a game of balancing needs and wants, while trying to be honest with yourself about those very needs and wants. It's hard to get it right, figuring out what's negotiable and what isn't... what you can...
As Simple as Porting Your Mortgage!
As simple as porting your mortgage! Said by no one ever. The truth is, there is nothing simple about porting your mortgage. "Porting your mortgage" involves transferring the remainder of your existing mortgage term, outstanding principal balance, and interest rate to...
Spousal Buyout Mortgage?
If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest...
How Interest Rates are Like Gas Prices
Have you ever noticed that just like gas prices, interest rates seem to go up and down for no reason at all? How come it feels like right before you are ready to buy a property, rumours of interest rate changes will start to flood the media? Or why do gas prices...
5 Things to Help You Survive Your 40s & 50s
You know those days where everything goes wrong and you’re so tired you don’t know what direction’s up? They’re a lot more manageable when you know what you’re working towards. Here’s 5 things that’ll help you survive—and make the most of!—your 40s and 50s. 1. Do...
Bank of Canada Rate Announcement Dec 5th, 2018
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion is moderating largely as expected, but signs are emerging that trade...
Mortgage Documentation, Plan Ahead!
Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task. The most recent government rule changes and tightening of mortgage qualification isn't making things easier. If you seem to think...
Finding the Right Home Without Blowing Your Budget
If you have been looking to find the right first home within your budget, it's a matter of mind over money, here's some tips from Genworth Financial that will help you keep perspective! It’s hard to say “goodbye” to your dream home. But if you fall for a house that’s...
Bank of Canada Rate Announcement Oct 24th, 2018
The Bank of Canada today increased its target for the overnight rate to 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic outlook remains solid. The US economy is especially robust and is expected to...
5 Ways to Boost Your Financial Fitness
Thinking about buying your first home? The race to home ownership is more like a marathon than a sprint: diligent planning, pacing and strategy are the keys to success. Are you ready to approach the starting line? Here are five ways to shape up and boost your...
Benefits of Homeownership Reaffirmed in New Study
Despite deteriorating housing affordability across the country, buying a home is still the more affordable option when compared to renting. A new report from Mortgage Professionals Canada has determined that, despite the rapid rise in home prices, those who are able...
Minimum Required Credit Profile
Credit. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. When you borrow money to buy a house, you will be required to prove that you have a good history of managing your credit. But what...
Bank of Canada Rate Announcement Sept 5th, 2018
The Bank of Canada today maintained its target for the overnight rate at 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent. CPI inflation moved up to 3 per cent in July. This was higher than expected, in large part...
10 Money Mistakes Millionaires Don’t Make
So you want to be a millionaire. Sigh, don’t we all. It might feel like a lofty goal but it turns out the underlying principles millionaires follow when it comes to their money are pretty basic. Some of them are downright boring. But they obviously work, so let’s...
Mortgages – So Much More Than Just the Lowest Rate!
There aren't too many Canadians who are able to save up enough money to pay cash for their home. This is why we have mortgages. A mortgage is a loan made to assist a borrower to purchase a property. The property is held as collateral and interest is charged on the...
Mortgage Post Bankruptcy
This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn't mean your life is over, and it doesn't mean you won't ever qualify for a mortgage again. The key here is to get a plan in place...
Improving Your Credit Score
Along with employment stability, and downpayment/equity, your credit score and how you manage your credit is a huge factor in qualifying for a mortgage. If you want the best interest rates available on the market, the higher your credit score the better. However, if...
Thinking of Selling? Call Me First!
If you've been thinking about selling your existing property, for whatever reason, it would be in your best interest to give me a call before you list for sale. Here are a few scenarios that explain why... Buying a New Property! You have to live somewhere! If you plan...
More Flexibility for Self-Employed Home Buyers, Coming Soon!
Over the last few years, it's been more a story about tightening rules and regulations, mitigating risk, and restricting lending practices than anything. However the Canadian Mortgage and Housing Corporation (CMHC) just announced that it looks like mortgage financing...
Is Right Now a Good Time to Buy?
If you've been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question... is right now a good time to buy a home? Well... what if I...
Bank of Canada Rate Announcement July 11th, 2018
The Bank of Canada today increased its target for the overnight rate to 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent. The Bank expects the global economy to grow by about 3 ¾ per cent in 2018 and 3 ½ per cent in...
Interest Rate Hikes Eroding Housing Affordability
After improving slightly late last year, housing affordability has now reached “crisis levels” in Vancouver and is posing a “tremendous challenge” in Toronto. That’s the assessment from RBC’s latest Housing Trends and Affordability report, which says higher interest...
Using Your Home Equity to Stay Just a Little Bit Longer
Last month, the article "Can't find the Perfect Property in Your Price Range" was published on the blog, where the purchase plus improvements program was outlined as a way to buy and renovate a property at the same time. If you are looking to buy a new home, but can't...
Can’t Find the Perfect Property In Your Price Range?
You're pre-approved for a mortgage, you've been shopping with location in mind, but unfortunately the perfect property isn't jumping out at you. There is no doubt about it, finding the perfect property (within your price range) is a difficult task, especially for...
Bank of Canada Rate Announcement May 30th, 2018
The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent. Global economic activity remains broadly on track with the Bank’s April Monetary Policy Report (MPR)...
The Benefits of Consulting a Mortgage Broker
Navigating the real estate and mortgage processes with the help of an expert mortgage broker can help set your mind at ease when making one of the largest financial decisions of your life.Mortgage brokers negotiate with lenders on behalf of borrowers daily, so they...