Potential Money for First-Time Home Buyers

The federal election is coming up this fall and the present office has offered up its proposed budget. Included were a couple of items first-time home buyers may like to take advantage of. The Liberals have stated in their budget that they plan to offer two ways in...

Which is Better: 5% or 20%?

For as long as anyone can remember, home buyers have expected to make a 20% down payment. But today, more and more buyers are putting down just 5%. Many financial experts will advise you not to borrow more than 80% of the cost of your home. When you put down at least...

Overnight Rate Unchanged

The Bank of Canada announced last week that their benchmark for the overnight rate will remain unchanged at 1.75%. The overnight rate has been at this level since October last year. The Bank stated, “Recent data suggest that the slowdown in the global economy has been...

Stress Test Keeps Buyers Out of Deep End

If you’ve been looking to buy a house anytime in the last year or so, you’ll be all too familiar with the new buzz words “stress test.” This test was implemented by the OSFI (Office of the Superintendent of Financial Institutions) at the end of...

Overnight Rate at a Standstill

The Bank of Canada’s overnight rate remains unchanged at 1.75%, as anticipated by professionals and speculators alike. The Central Bank has insisted in recent announcements that continued rate hikes would be necessary but has now halted any movement, for the...

Variable-Rate Mortgages Best Bet for Owners

The interest rate on a variable-rate mortgage changes to reflect the Bank of Canada’s overnight rate. Recently more and more mortgage owners have switched to variable-rate options in order to save money. In fact, according to Canada Mortgage and Housing...

No Change in Overnight Rate

The Bank of Canada’s overnight rate of 1.75% will remain unchanged as of the Bank’s announcement on December 5th. After several past hikes, why is the Bank standing pat now? “The global economic expansion is moderating largely as expected,”...

Fort McMurray Mortgage Relief Options

I have spent most of my day on the phone with clients and friends who have been either evacuated from their homes, or have lost their homes to the flames. The wildfire in Fort McMurray has been absolutely devastating to the entire Fort McMurray community, and the...