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New Mortgage Rules – Update

November 13th. 2017

With the new mortgage qualification rules coming into effect January 1, 2018, we’ve summarized how they’ll be implemented below: Real Estate If a legally binding Purchase and Sale Agreement is dated/signed prior to January 1, 2018, regardless of closing date, you will qualify under the old rules. If the legally binding Purchase and Sale Agreement […]

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OFSI Rule Changes Coming Jan 1, 2018

November 13th. 2017

The Office of the Superintendent of Financial Institutions (OFSI) has released its finalized B-20 Update to the mortgage industry. Below is a quick summary of the new changes that will go into effect January 2018. 1. A new minimum qualifying rate, or “stress test” for uninsured mortgages (mortgages where clients are putting 20% or more […]

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Principal Residence Tax Exemption: All home sales must be reported to CRA

April 4th. 2017

Principal Residence Tax Exemption and Canadian Homeowners For the 70 per cent of Canadians who own a home, it is a place to live, raise our family, and it connects us to our community.  Due to Canada’s tax system’s Principal Residence Tax Exemption, when we sell our homes, any increased value or “capital gains” are […]

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US Federal Reserve Raises Interest Rates

March 15th. 2017

  US Federal Reserve Interest Rate Decision – March 15, 2017   The US Federal Reserve’s Open Market Committee (the Fed) raised its target overnight rate to between 0.75 and 1 per cent this morning. In a statement accompanying the Fed’s decision, it was noted that the labour market continues to strengthen and economic activity […]

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Canada Expected to Hike Interest Rates Following the USA

March 13th. 2017

The Bank of Canada has, once again, decided to maintain its policy rate at 0.5%, but the good news my be short-lived  The Bank cites “significant uncertainties”, particularly in the United States, and “persistent economic slack” as the key reasons for holding the rate.   But many see this as simply a placeholder until its […]

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CMHC to Increase Mortgage Insurance Premiums on March 17

March 1st. 2017

CMHC (Canada Mortgage and Housing Corporation) will increase its homeowner mortgage loan insurance premiums effective March 17, 2017. Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. Lenders typically require mortgage loan insurance when a homebuyer makes a down payment of less than 20 %. The premium can be paid in […]

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Tip #4 – Calculate your closing costs

March 1st. 2017

We are counting down the top 10 things that will help ensure your mortgage application is successful. Today’s top tip is: 4.  Calculate your Closing Costs Mortgage registration and land title transfer are the final steps to your deal.  But before they can happen, everyone needs to get paid.  Depending on the situation, these costs can […]

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More good news for first-time home buyers: Limit for tax exemption increases

February 26th. 2017

One market has reduced land transfer taxes for first-time homebuyers. It’s been a whirlwind few months for real estate in British Columbia, but the latest news will likely be viewed as a small victory by local mortgage brokers. Effective Wednesday, Feb 22, 2017, the threshold for BC’s Property Transfer Tax exemption for first-time homebuyers has […]

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Tip #5 – The Truth Will Get You A Mortgage!

February 22nd. 2017

We are counting down the top 10 things that will help ensure your mortgage application is successful. Today’s top tip is: 5. The Truth Will Get You A Mortgage! A lenders main tool to decide your credit worthiness is the credit bureau and will often pull credit reports from several sources. To make sure that […]

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First Time Home Buyers: How to harness the power of your RRSPs

February 7th. 2017

            RRSP (Registered Retirement Savings Plan) season is here! Contribute to defer taxes Use the first 60 days of the year to contribute to your RRSP.  You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund. First time home buyers: Use RRSPs for […]

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