Last week we began our in-depth look at financing a home purchase. In part two, we go into the myriad of options available to a buyer when looking for a mortgage and let you know some of the best ways to get started. Where to get a mortgage The first stop for many people when […]
Part One: Financing a home purchase – what are your options?
Buying a home is often the biggest decision we ever make and the cost of it is usually the most crucial factor in that decision. As such, it is important to know what options are available for financing your residential home purchase and what choices you have if you can’t obtain financing through your first […]
Canada’s new Federal First-Time Home Buyer Incentive
The Federal government last week announced details of its planned First-Time Home Buyer Incentive, which is aimed at helping first-time buyers get a foot on the housing ladder. We took a close look at the details and consulted financing experts to see what this announcement could mean for home buyers in the Greater Toronto Area. […]
A Quick Guide to Mortgage Pre-Approval
Mortgage pre-approval is often talked about when buying a home and is sometimes a necessity before making an offer on a property. But what is a pre-approved mortgage and how do you get one? This handy guide should help give a quick introduction to mortgage pre-approvals: What is a pre-approved mortgage? A pre-approved mortgage is […]
Finance Canada Unveils New Measures to Protect Home Buyers
OTTAWA – Just eight months after announcing a higher minimum down payment for properties with an asking price of more than $500,000, Finance Minister Bill Morneau has unveiled three more adjustments to Canada’s housing and mortgage regulations. According to Morneau, the new measures include: Closing existing “loopholes” surrounding Canada’s capital gains tax exemption on the […]
Market Update: CMHC Ups Required Down Payment for High-Worth Homes
TORONTO – Thanks to a new mortgage insurance change introduced by the Canada Mortgage and Housing Corporation, Canadians looking to buy a high-value property this winter may want to consider making their purchase by Valentine’s Day. As of February 15, there will be new mortgage insurance changes coming into effect that require buyers to pay […]
Mortgage Primes Lowered as Bank of Canada Trims Overnight Rate
TORONTO – Mortgage-seeking Canadians caught a bit of a break on July 15, as the Bank of Canada announced it was lowering its overnight rate target by ¼ of a percentage point, to 0.5 per cent. The first of Canada’s major banks to follow suit was TD, who initially reduced their prime rate to 2.75 […]
CMHC to Increase Insurance Premiums for Some Mortgages
TORONTO – Effective June 1, 2015, home buyers planning to shell out a down-payment of 10 per cent or less will be facing slightly higher premiums on their insurance from the Canadian Mortgage and Housing Corporation (CMHC). The increase, which applies to insured mortgages for “residential housing of one and two units,” will see those […]
BoC’s Key Interest Cut Spurs Banks to Lower Prime Rates
EDITOR’S NOTE: This article, originally published on January 27th, was updated on January 28th to reflect new developments in this ongoing story. TORONTO – For Canadian home buyers and mortgage holders, the Bank of Canada’s move to lower the key overnight interest rate on January 21 most likely came as a surprise – and led many […]
CMHC Eliminates Two Mortgage Insurance Programs
OTTAWA – Some Canadians may have a harder time insuring their mortgages from June forward, as the Canada Mortgage and Housing Corporation (CMHC) is moving to discontinue two of its longstanding mortgage insurance access programs. Effective May 30th, the Second Home and Self-Employed Without 3rd Party Income Validation mortgage insurance programs will no longer be […]