What is the Canadian First Time Home Buyer’s Incentive, and How Does it Work?

In the 2019 budget, the federal government announced the First Time Home Buyer’s Incentive (FTHBI) program, which is scheduled to be rolled out on September 2nd, 2019. It’s a program that’s much more complicated than anticipated, and it’s questionable as to whether the benefits offered by the program genuinely address the need to help Canadians, […] read more

On June 25th, 2019, posted in: Mortgage Tips by

Bank of Canada Holds Rate Again, For Now; What Should Mortgage Consumers Do?

The Bank of Canada today announced that it’s holding steady on it’s overnight lending rate at 1.25%, which means that, accordingly, bank prime rates will remain as they are, generally at 2.45% (excepting TD, whose prime rate is 2.60%). Meeting approximately every six weeks, the Bank of Canada evaluates the current market conditions and outlook […] read more

On May 30th, 2018, posted in: Mortgage Tips by

So The Bank of Canada Held Rates. What Does That Mean, and What Does That Matter?

What Did They Do? Today, the Bank of Canada held the overnight lending rate at 1.25%. They recently raised it by 0.25% on each of January 17th, 2018, and September 6th and July 12th, 2017. Prior to that it had remained stable at 0.50% since July 15th, 2015.   What Does the Bank of Canada Affect? […] read more

On March 7th, 2018, posted in: Mortgage Tips by

How is Your Credit Score Determined?

Your credit score isn’t static; it doesn’t exist until you look at it.  Whenever a creditor – that is, a company to whom you apply for credit – inquires about your credit, Equifax or TransUnion generate a score.  This “officially” ranges from 300 to 900, but scores below 450 are very rate — and indicate […] read more

On February 17th, 2018, posted in: Mortgage Tips by

IMF Suggests Canada Should Reduce CMHC, Marginalize Canadians

Yesterday, November 27th, 2013, the International Monetary Fund suggested in a report that the Canadian government should at least reduce its participation in and consider eventually withdrawing altogether from the mortgage insurance industry. The IMF suggested that the government’s involvement in mortgage insurance, primarily via the Canada Mortgage and Housing Corporation (CMHC) “exposes the fiscal […] read more

On November 28th, 2013, posted in: Mortgage Tips by

What to do on Renewal?

Very often in casual conversation about mortgages, I have people ask me what they should do when their mortgage is up for renewal. The answer is simple. On renewal, don’t sign blindly.   A few months before your mortgage is up for renewal, most people will receive a renewal notice in the mail from their […] read more

On August 9th, 2012, posted in: Mortgage Tips, Uncategorized by

Time to Fix Your Mortgage?

Variable rate mortgages have been the choice for many Canadians over the last decade or so. Many Canadians have benefited over the years by having a variable rate mortgage and therefore saving thousands in interest cost. Times have changed. Variable mortgages are hovering around the 3% but 3 and 4 year term fixed rates are […] read more

On December 2nd, 2011, posted in: Mortgage Tips by

Where Is the Newfoundland Housing Market Going?

To have a good estimation of where we’re going, it’s important to have an understanding of where we’ve been. Over the last five years, Newfoundland and Labrador has seen an incredible increase in housing prices — with many homes and areas in the St. John’s cumulative metropolitain area increasing in price by more than 50%. […] read more

On June 12th, 2011, posted in: Mortgage Tips, Uncategorized by

Fixed or Variable?

One of the most common questions people have when looking at a mortgage is whether they should go with a fixed rate, or a variable rate. The answer, really, is it depends which one is better for you. Fixed mortgage interest rates are interest rates that stay fixed for the entire term length of the […] read more

On June 11th, 2011, posted in: Mortgage Tips by

Are Renovations Worth It?

When you’re considering doing renovations to your home, you always need to consider what your plans are with that home. If you’re not planning to stay in the house for very long, then you really need to ask questions about whether or not the renovations you’re planning will actually add to the value of the […] read more

On June 9th, 2011, posted in: Mortgage Tips by