1 Oct

Boldest Mortgage Reforms in Decades Set to Unlock Homeownership for All Canadian First-Time Homebuyers and Buyers of New Builds

First-Time Homebuyers

Posted by: Michael Greene

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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2 Sep

How Ontario’s New Planning Statement Could Impact Toronto Housing Prices and Development

Latest News

Posted by: Michael Greene

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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1 Aug

New 30-Year Amortization Incentive for First-Time Home Buyers in Canada

General

Posted by: Michael Greene

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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24 Jul

How the Bank of Canada Rate Cut Will Impact Your Mortgage?

General

Posted by: Michael Greene

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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20 Jun

Unlock Savings: Top Refinance Options for Homeowners in 2024

Refinancing

Posted by: Michael Greene

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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7 Dec

Top 5 Most Affordable Housing Market in Ontario

First-Time Homebuyers

Posted by: Michael Greene

When it comes to affordable housing there is only one questin that comes to mind. Where in Ontario can you currently get the most bang for your buck? As the Ontario real estate market bounces back from the coronavirus pandemic, many homebuyers may think they may have missed out on the brief opportunity at the […]

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23 Jul

New Qualifying Rate for the Mortgage Stress Test

General

Posted by: Michael Greene

For the first time in three years, the Bank of Canada, on Friday lowered the qualifying rate from 5.34 percent to 5.19 percent. A typical mortgage application is tested against this five-year benchmark rate or the qualifying rate plus two percent, depending on which one is greater. This slight decrease could make a big difference for many […]

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22 Jul

How to Get a Mortgage as A Self-Employed Canadian

Mortgage Tips

Posted by: Michael Greene

You may not fit in the neat boxes at the bank. At Mortgage With Mike we don’t have boxes, we have solutions! Self-employment is becoming more and more popular amongst Canadians, who account for 15% of the population according to Statistics Canada. We have an entrepreneurial spirit and are very hard working. The problem is […]

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15 Jul

Mortgage Debt Ratios: Basics of GDS & TDS

Mortgage Tips

Posted by: Michael Greene

How are GDS and TDS calculated? You may use a mortgage calculator to determine your qualification when applying for a mortgage, it will give you have an idea of where your GDS/TDS mortgage debt ratios line up. But when applying for a mortgage first step, lenders will use the “Five C” rule when analyzing someone’s […]

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