This year’s federal budget had some big-ticket items for real estate and, most importantly, some incentives for first-time homebuyers. But these measures are gimmicks, according to Conservative Deputy Finance Critic Tom Kmiec, member of Parliament for Calgary Shepard. On a recent episode of CJAD 800 Montreal’s Real Estate Show, Kmiec told host and North East…
As we’ve been reporting for months on our North East blog and on CJAD 800 Montreal’s Real Estate Show, instead of protecting many homeowners, the federal government’s restrictive mortgage rules are pushing people out of the safe mortgage market, and into the arms of secondary lenders. By pushing people to the alternative lending market, they’re…
Big changes are coming to the real estate industry next year. On May 1, 2020, real estate brokers will no longer be able to take commission for referring a client to a bank. Until that comes into force, they will have to disclose any finder’s fees they get. This is something you may not have…
Mortgage fraud is something that can land you in a heap of trouble, both legal and financial. Getting hooked in by a mortgage specialist or broker that’s up to no good can have consequences for you and for them. On a recent episode of CJAD’s The Real Estate Show, North East Mortgages President Terry Kilakos…
A new program the federal government has announced to subsidize first-time homebuyers isn’t likely to help the market but more likely to harm it. And not only is it not going to help out the market, but it’s not going to help out new homeowners. In its recently announced budget, the government is essentially putting…
A new report by CIBC suggests the mortgage stress test is leading more people to look to the alternative lending market to get financing for their homes. The report confirms what some in the industry, including North East Mortgages president Terry Kilakos, have been reporting for months, most recently in an interview with Montreal’s Global…
When applying for any sort of loan, one of the most important metrics a lender is going to look at is your credit score. But what really is a credit score, who keeps track of it, and most importantly, how can you improve yours? North East Mortgages President Terry Kilakos said there are a few…
The sun is coming out, and the snow is disappearing. You know what that means: it’s flood season. And because flood season is upon us, it’s time to make sure you’re covered, North East Mortgages President Terry Kilakos reminds homeowners. “What you need to do is ask specific questions,” Kilakos explained. “When you call your…
In this year’s budget, the federal government announced a program for first-time homebuyers that would offer between 5% and 10% top up from the Canada Mortgage and Housing Corporation. If you’re buying a brand new home, the CMHC will give you 10% of the total cost, and it will offer 5% if it’s an older…
North East Mortgages president Terry Kilakos is calling on the federal government to ease some of the stricter mortgage stress test rules imposed on Canadians by the Office of the Superintendent of Financial Institutions (OSFI) in 2017. He recently appeared on Global News to make his case.