General Information relating to Deferred Mortgage Payment Programs Deferred mortgage payments are discretionary. Lenders maintain the legal right to timely repayment of their mortgages and mortgage payment deferral programs are offered at their sole discretion and each lender has different policies on how they handle these requests. Note: These programs are generally restricted to ‘Institutional” […]
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers: 5% or 10% for a first-time buyer’s purchase of a newly constructed home 5% for a first-time buyer’s purchase […]
The Bank of Canada is keeping its key interest rate unchanged and appears to be in no hurry to move the interest rate any time soon because the announcement today removed all mentions of a need for future increases. The bank says the economy was operating close to full tilt for most of the past […]
The following is an excerpt from the VERICO Economic Report written by Michael Campbell The drastic change in the Bank of Canada’s stance regarding future increases in interest rates since October is a clear indication that the Bank and the Finance Department are surprised by the impact of rising rates on the real estate market […]
Introduction Interest rates play a pivotal role in the housing market and the broader economy. The recent decision by the Royal Bank of Canada (RBC) to lower its interest rate for the five-year fixed-term mortgage has made waves in the financial sector. This article seeks to provide a comprehensive analysis of this decision, the context […]
Introduction The housing market in British Columbia has, for years, been a topic of discussion among policymakers, economists, and residents. In response to the rising housing prices and the challenge of housing affordability, the provincial government introduced a new tax mechanism aimed at addressing the issue of vacant properties. This article elaborates on this tax, […]
Introduction The economic landscape in Canada is continuously evolving, shaped by various domestic and global factors. The latest statement from the Bank of Canada, the nation’s central bank, sheds light on its future monetary policy direction. This article delves into the Bank’s statement, providing a clearer understanding of the forces driving its decisions and the […]
Introduction The mortgage landscape in Canada underwent a pivotal change at the start of 2018. New mortgage qualification rules were introduced, aiming to ensure the stability of the market and protect both lenders and borrowers from potential financial pitfalls. This article offers a comprehensive look at how these new rules were implemented, particularly concerning real […]
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. Introduction In recent years, there has been a […]
Introduction The notion of owning a home extends beyond just having a roof over our heads. For many, it represents family, community, and a significant financial asset. In Canada, the tax system provides some relief to homeowners in the form of the Principal Residence Tax Exemption, which can be especially beneficial when it’s time to […]
