How Home Equity Can Be Used to Payoff CRA Debt It is not unusual to learn that you owe some money to the Canada Revenue Agency (CRA) after you file your personal tax returns. This is especially true if you have neglected to do them for a year or two. Like any other unexpected [...]
Mortgage Insurance in Canada Mortgage insurance is a kind of insurance that was developed to compensate financial institutions or investors should a homeowner default on their loan. It is required for any mortgage where the downpayment is less than 20%. Whether the mortgage insurance is public or private will depend on the institution that [...]
With the recent release of the 2019 federal budget, many Canadian’s were surprised to find out that the liberal government is making it easier for homeowners to purchase their first home. They are doing this by increasing the amount that buyers can borrow from their retirement savings to put towards their down payment - should [...]
Mortgage insurance is a kind of insurance that was developed to compensate financial institutions or investors should a homeowner default on their loan. It is required for any mortgage where the downpayment is less than 20%. Whether the mortgage insurance is public or private will depend on the institution that lends the funds. Where Can [...]
What Canadian’s Should Know About Debt Consolidation and Refinancing For a lot of Canadian’s today, one of the biggest hurdles to financial security is paying off their debt. Unfortunately, because of how easily we can acquire debt - credit cards, lines of credit, auto loans, home equity loans - for many this task feels [...]
Toronto’s Effort to Increase Affordable Housing in 2019 For years, the city of Toronto has been known as one of, if not the most expensive places to purchase a home in the entire country. However, recently, city officials have taken steps to help increase the number of affordable homes in the city. This was [...]
What Major Canadian Cities can Expect from the Real Estate Market in 2019 With the new year upon us, many are wondering what the real estate market will look like in the coming months. While the entire country has been feeling a ripple effect since the new mortgage rules came into force, the [...]
Vancouver Real Estate Sales Drop to Lowest Point in Twenty Years Over this past year, the Vancouver real estate market has experienced a number of dips and valleys. In many parts, including Metro Vancouver, the market saw a drop, unlike anything that it has seen for decades. Let’s take a look. Metro Vancouver In [...]
TIPS FOR GETTING YOUR MORTGAGE APPROVED Applying for and getting your first mortgage can be slightly intimidating for anyone. However, you can avoid a number of the more stressful points and improve your chances of being approved by being prepared. By going into the application process knowing what lenders are looking for and knowing how [...]
A Beginners Guide to Mortgage Insurance and how does it affect you? Mortgage default insurance, also known as CMHC insurance, is mandatory for Canadian homeowners who have a downpayment of more than the absolute minimum of 5% and less than 19.99%. Put simply; mortgage insurance is a way to protect the mortgage lenders, in the [...]