11 Dec

Minimum Down Payment to buy a home in Canada has CHANGED!

General

Posted by: Leonore Claypool

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 […]

Read More
20 Aug

Older home versus new? Which is the best deal?

General

Posted by: Leonore Claypool

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 […]

Read More
25 Jun

Mortgage Rates Rising as fast as the Calgary Flood!

General

Posted by: Leonore Claypool

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 […]

Read More
1 Sep

Here we go again. Another financial crisis?

General

Posted by: Leonore Claypool

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 […]

Read More
7 Mar

More on new Canadian guidelines for Mortgage Qualification for Purchases

General

Posted by: Leonore Claypool

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 […]

Read More
2 Mar

Bank of Canada keeps Key Lending Rate at 1%

General

Posted by: Leonore Claypool

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% […]

Read More
18 Feb

Choosing Variable Rate versus a Fixed Rate Mortgage

General

Posted by: Leonore Claypool

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. […]

Read More