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Prime Rate Drop: What Homeowners and Buyers Need to Know On Wednesday, Canada’s six major banks announced a quarter-percentage-point reduction in their prime rates, dropping from 5.45% to 5.2%. This follows the Bank of Canada’s decision to lower its key interest rate for the sixth time since June, bringing it down to 3%. The central […]
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What you need to know about an alternative or private mortgage? Borrowers who are unable to qualify for a traditional bank mortgage may need to consider an alternative or private mortgage for their financing. If this is your case, remember that these mortgages are supposed to be a short-term financing solution. These loans are often […]
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Is Your Condo Project Facing Receivership? Picture this: You’ve been excitedly waiting for your new condominium to be completed in just a few months. All day, you’ve been imagining how you’ll decorate it, learning about local shops, and planning your housewarming party. Then, suddenly, the builder stops sending updates. You turn on the news and […]
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Ontario’s New Secondary Suite Refinance Program is designed to expand the availability of affordable housing by offering financial aid to homeowners interested in adding secondary suites. These suites, commonly referred to as accessory dwelling units (ADUs), can be a great asset to your property, providing extra income while helping address the housing shortage. Program Highlights […]
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On Tuesday of last week, the federal government announced some new housing measures that are aimed at helping homeowners, especially those looking to add a little extra income with secondary suites, while also tackling some of the bigger housing challenges Canada is facing. We’re talking new taxes, refinancing options, and plans to repurpose underused federal […]
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These mortgage reforms, touted as the boldest in decades, aim to unlock homeownership for all Canadian first-time homebuyers and buyers of new builds by address housing affordability and ease the path to securing to homeownership. In an effort to making it easier to qualify for a mortgage, significant reforms are being introduced across Canada, specifically […]
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At a recent conference hosted by the Association of Municipalities of Ontario, minister of municipal affairs and housing Paul Calandra introduced the new Provincial Planning Statement, addressing Toronto housing market impact. He emphasized that this update provides municipalities with greater tools and flexibility, allowing them to better address their unique local challenges and priorities in […]
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Advocates are commending Ottawa’s Department of Finance decision to extend the amortization period on insured mortgages for some homebuyers, while suggesting that expanding this policy to all Canadians would enhance home ownership affordability. During a speech in Toronto on Thursday, Finance Minister Chrystia Freeland revealed that the federal government will now permit a new 30-year […]
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Understanding the impact of the Bank of Canada rate cut on your mortgage is important. In an increasingly complex mortgage market, one major factor influences many Canadians’ ability to own their homes: interest rates. The recent drop in the Bank of Canada’s (BoC) prime rate by 25 basis points to 4.5% has a significant ripple […]
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Unlock Savings: Top refinance options for homeowners to consider in 2024. Hey there, fellow homeowners! If you’re reading this, you’re probably wondering if refinancing your mortgage is the way to go. Spoiler alert: it just might be! As a friendly mortgage broker who’s seen it all, I’m here to guide you through the maze of […]
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