You might think the most important thing you need when you’re looking for a mortgage is the rate. It’s not. Having a few basis points shaved off your mortgage rate isn’t going to make the difference you think it is, according to North East Mortgages President Terry Kilakos. If all you’re looking for is that…
When the Bank of Canada decided last week to keep its benchmark interest rates stable at 1.75%, it signalled the weakening economy makes it unlikely a rate increase is anywhere on the horizon. “Inflation is not where it should be, we’re not in a deflation mode right now, but inflation is under control and there’s…
Evidence is mounting that the federal government’s increasingly restrictive mortgage rules have cooled housing markets to the point where too many potential responsible homeowners are being turned away, warns North East Mortgages president Terry Kilakos. “They went a little nuts,” Kilakos said. “There was a time when you used to be able to get a…
As its municipal government raised property tax rates in their latest budget, the City of Montreal is set to receive a larger than expected windfall of property revenue in the coming years. How? Property value assessments. Later this year, homeowners across the island will receive a new property value assessment that will be the baseline…
If you’re a first-time home–buyer, you’ve likely wondered what neighborhood would be the best bet. Often, these debates among Millennial Montrealers revolve around the Plateau vs. Sud-Ouest. If you’re of a certain age, you might be more than a little reluctant to start your search outside the city’s core. You may be thinking the suburbs…
Read analysis from North East Mortgages president Terry Kilakos on mortgage rule changes that went into effect in October 2018 (OSFI dropped the hammer on the mortgage market), as well as commentary from December 2018 (Treat Canadians like the responsible homeowners they are). Residential mortgage growth has dipped to a 17-year low the Bank of…
Now that January is done with, it’s time to reassess those New Year’s resolutions. How are your financial goals doing? If things haven’t gone quite as you like, and you’ve found yourself this year facing a mountain of debt you don’t think you can tackle, it might be time to consider refinancing your mortgage. This…
If you’re looking to get a mortgage and considering a mortgage broker, there’s a good chance you’re wondering about how much the service costs. Good news! Clients looking to get a standard residential mortgage pay no fees to the broker, North East Mortgages President Terry Kilakos explained. “On standard residential mortgages, it’s 100% free for…
The federal government is looking for new ways to help millennials get into the housing market, the finance minister said this week. Bill Morneau told a business audience just outside Toronto that one of the planks of his upcoming budget will be assistance for younger buyers looking to get into the market, according to a…
Watch Terry Kilakos’s conversation with Mayor Alan DeSousa here. They talk about infrastructure, the future of the City of Montréal, some of the former accountant’s philosophy for budgeting and some tips from Terry. You can also listen to the episode on Soundcloud. As the New Year begins, we wanted to look back at our favourite…