True Impact of the Bank of Canada Change to the Mortgage Market

The BoC recently released a document detailing what it believes to be a positive report on the Canadian Mortgage Market, but this article clearly shows how out of touch our government is. The BoC is applauding their statistics… yet, these numbers show that the government appears to be measuring affordability as a multiple of one’s income – and not by the proven, standard method of debt servicing ratios. This is very odd and, quite frankly, I find it absurd. So, the BoC is saying consumers who borrower above 450% of their annual salary are more prone to default or financial hardship should interest rates rise. They use 250%…

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Should You Renew Early Or Wait ?

We believe everyone who has a mortgage that will be renewing in the next year or so should absolutely be asking this question. Yes early renewal can mean a penalty but waiting can mean higher interest rates. So what do you do? Seek our assistance and we can go over your specific situation to find out if it makes sense for you to break your term and take advantage of today’s interest rates. Below are examples of both fixed and variable rate terms that can help you see the benefit to early renewal. Remember that these are just estimates however our clients that have opted to pay a…

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Let’s Make 2019 a Great Year!!!

With all the doom and gloom out there these days i think it is time to re look at things and see there really are some positives as well.  Mortgage rates are low, first time home buyers can still purchase with 5% down payment and in fact all can as long as it is your principal residence.  We can find lenders to fund on construction mortgages, bare land loans, privates lenders, B lenders, acreage financing, renewals for when you mortgage is up for renewal or even earlier, second home purchases and much more.  yes the lenders have gotten tougher due to the stricter lending rules however we are…

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