UNBIASED REPORTING SINCE 2009
A FOUR PART SPECIAL EDITION… PART 1 of 4
Canada’s mortgage lending rules and policies are broken. They just don’t work. And the more our Federal government tries to help, the worse it gets. Message to the government… STOP TRYING TO HELP!.. CAUSE YOU AREN’T!
And if you think the interest rate cuts will solve all of this, guess again. There’s a lot more to it.
Continue reading “The Great Mortgage Reset”
The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years. ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded.
I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!
Continue reading “New $1.5 million price cap, 30 year extended amortization.. Is it enough?”
The Bank of Canada just cut the overnight rate by another 0.25%. For the second consecutive month, they’ve lowered the rate. In total, a 0.50% drop in two months. (not enough, but it’s a start) Great news for anyone in a Variable rate mortgage. It means you will be paying 0.50% less on your mortgage. We can expect further cuts this year and next. Read on for more details.
Continue reading “Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy”
After years of seeing countless articles and posts about interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, does it still make sense to buy a home?
Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.
Continue reading “The affordability of homeownership… Rent or Buy?”
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.
We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.
Continue reading “My advice is simple: Over 50? Get a secured line of credit while you can qualify.”