We heard the rumblings and now it happened! Minimum down payment to buy a home in Canada has changed! At a press conference this morning the Finance Minister Bill Morneau, announced the Canadian government is making changes to the minimum downpayment in order to “encourage stability in the Canadian housing market. Effective February 15th, 2016 […]

Fixed or Variable? Which is best? Discounted variable rate mortgages are very attractive. With Prime at 2.85% your FIVE YEAR variable rate mortgage could be about 2.20%. That’s a pretty great rate!  Consider the average discounted fixed 5 year rate is 2.89%. That’s a .69% spread.  On a mortgage of $350,000 amortized over 25 years […]

If you are looking at homes right now you’ve probably noticed there are some great deals on lived in homes versus brand new.  The BC tax and GST make the brand new home a little pricey compared to the older home. It’s hard to NOT LIKE the new kitchen with granite counter tops, all the […]

Who owns your home?  If you have a mortgage then you and the bank are partners.   After the mortgage papers are signed and it is regisetered at the land titles office they still have a lot of say about your home.  In fact, those terms and conditions really matter.   A retired school teacher living in […]

Okay it’s a bad joke I admit. I can’t imagine having to be evacuated from my home because of flooding. Especially with two dogs and a retired horse.  I have to say though that four rate increases in the last week or so is stressful. It affects how much mortgage you qualify for and the […]

The slowdown in the market actually benefits First Time Home Buyers because for the first time in years you can take your time to find the perfect home. Time gives you the opportunity to really get to know the area and the product available for sale. You also have far more choice and sellers are […]

Lots of disturbing news lately. Great concern about theUS credit downgrade and the debt crisis in Europe.  The stock market ups and downs earlier this month show investors’ worry and there is a fear that the U.S. could slip back into Recession. Just great. Here we go again right?  Well maybe not so gloomy.  Apparently these economic conditions […]

So still some confusing information out there on the new guidelines. As I posted earlier, the maximum time you can amortize (or spread) your mortgage payments is 30 years effective March 18th.  That means you must have your purchase or refinance completed by March 17th. Completion is the date that the LEGAL mortgage documents are […]

Once again everyone with a Variable Rate mortgage and line of credit can breath a sigh of relief! Yes, the Bank of Canada keeps the Key Lending rate unchanged. The Bank of Canada’s 1% means a Prime Rate of 3% for us consumers. Still wondering where Prime is headed? Well you must realize that 1% […]

This is probably one of the most often asked question. Discounted variable rate mortgages are very attractive. At Prime less .75% for a five year VRM your rate right now would be 2.25%. That is pretty great mortgage rate. Currently, the average five year fixed term mortgage rate is 4.00%.  That’s a pretty big difference. […]