TagFederal Government

Posted April 22, 2022 Bank News

The Federal Budget: Here Are the Parts That Could Affect You

The federal government dropped the 2022 budget a couple of weeks ago. Immediately after, articles came pouring out about how it will impact different people, different businesses, different industries. A lot of it is difficult to decipher. Even more difficult is understanding what tangible impact it will have on your day-to-day life.

That’s why I thought a post like this was important. If you own real estate, are thinking of owning real estate, or you’re in the real estate industry, here are the parts of the budget you should know about.

What we know about government programs for COVID 19

Posted March 31, 2020 Finance

Government programs for support during COVID-19 – what we know so far

With government announcements coming daily it can be hard to keep up. Here is a quick summary of what we know so far and what is still being clarified.

New year new home - Learn About the Home Buyers Plan

Posted January 2, 2020 Money saving tips

Home Buying Goals? A New Year’s Resolution to Keep.

New year, new home? It’s a good time to take another look at the Home Buyers’ Plan (HBP).

If you’re planning to buy your first home anytime soon, you may be able to take advantage of a helpful federal government program. This enables you to withdraw money you’ve already contributed to your registered retirement savings plan (RRSP) and use it towards anything related to your home purchase, including your down payment, closing costs or real estate fees.

But, the key is that the funds must be in your account at least 90 days before you can withdraw them under the Home Buyers’ Plan (HBP).

You can withdraw up to $35,000 ($70,000 per couple) from your RRSPs tax- and interest-free to buy or build a qualifying home for yourself or a related person with a disability.

Continue reading “Home Buying Goals? A New Year’s Resolution to Keep.”

Posted August 20, 20191 Comment Interest rates

Mortgage Rates are still trending Lower… Yes, in August!

A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known.

The feds wanted to slow the housing market. They also wanted to ensure that borrowers could afford the much anticipated mortgage rate hikes. Rates have to go up some time, right?! When?!

Continue reading “Mortgage Rates are still trending Lower… Yes, in August!”

Posted February 26, 20192 Comments Interest rates

What Impact will the Stress Test have when Renewing Your Mortgage?

So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term.

Does the mortgage stress test affect you? Absolutely! And, here’s how…

Continue reading “What Impact will the Stress Test have when Renewing Your Mortgage?”