Education in real estate is a key element in a successful real estate or financial decision you make. In 1999 when I got into this crazy world of finance I realized early on that consumers lacked in this fundamental component. I have personally witnessed the ruin of many a man and woman. Trusting underqualified financial security…
We are at the dawn of a new market in real estate. What we once knew to be true has been changed by the government and is threatening the stability of our mortgage and real estate market. The changes that are scheduled to take effect in January of 2018 will not only impact the mortgage…
Bank of Canada maintains the benchmark rate this was the announcement to come out of Ottawa last week. This news came on the heels of the latest mortgage rule changes that are about to hit the mortgage market in 2018. You can read more about that here Along with the rate announcement, the BoC released its…
OSFI dropped the hammer on the mortgage market this week. The changes to its mortgage underwriting standards were revealed and they are looking to further tighten the Canadian lending standards. This is the final revision of Guideline B-20 -Residential Mortgage Underwriting Practices and Procedures. The new rules will be taking effect on January 1st, 2018 and are applicable…
Canadians brace for more changes to the mortgage market. The dust has not settled yet on the last changes put in place to the Canadian mortgage market and the government has already indicated that further changes might be in order. In June of 2017, the Bank of Canada put out its semi-annual Financial Systems Review. The review…
Banks hiked prime rate as BoC pumps up the Policy Interest Rate. The big banks wasted no time today in increasing the prime rate, as the Bank of Canada raised the key overnight rate. This is the second such increase in the last couple of months. We have seen the rate go from .50% to…
First Off… What’s A Reverse Mortgage? Like thousands of other canadians, maybe you’ve wondered, what is a Reverse Mortgage precisely? In short it’s a simple way for homeowners over 55 to turn up to 55% of their home into tax-free cash. It’s a loan secured against the value of the home, but unlike other loans,…
The Bank of Canada raises the key lending rate today. The rate went up from .50% to .75% this increase is the first in the last seven years and it marks a change that will be coming to the Canadian lending market. The key lending rate or the Overnight rate is what financial institutions make day…
Is the Mortgage market collapsing in Canada? This is the question on everyone’s mind this week. If you have been following our blogs you will know that in Early October of 2016 I ran a blog called The Day After . In that blog post, I looked at the major implications that would be caused by…
In our evolving explanation of the elements required to secure a mortgage, we come to one of the most misunderstood elements in the group. Income can be derived from various sources. Because of that reason banks will treat different sources of income differently. To understand this we must first understand what happens behind the scenes when a…