Canada’s new mortgage down payment rules took effect this week
The new down payment rules are in full effect. When you purchase a home worth over $500,000, you must put 10% down on any additional amount above $500,000. If you’re buying a home at $500,000 or under, you’ll still pay just 5% for your down payment. Finally, on any...
Buying another home? There’s nothing to worry about
Are you in the market for a new home? Perhaps you’ve outgrown your first home, and you’re ready to upgrade to a larger home. Maybe your family recently moved out, prompting you to think that it’s time to buy a quiet condo. Or you might be finally ready to buy some...
How oil prices affect your mortgage
Despite economists forecasting a cut in interest rates, the Bank of Canada announced that it’ll maintain its target for the overnight rate of 0.5%. Commodities and oil prices continue to take a hit, negatively impacting the economy. Since the last governor meeting in...
Mortgage pre-approval gives you an advantage. Here’s why.
If you’re ready to buy your first home—or even your next home—save time and eliminate hassle with a pre-approved mortgage. The pre-approval process provides you with a specific dollar amount that you can afford. Lenders and sellers will know you’re serious about...