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…
DetailsThe 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…
DetailsIn 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…
DetailsNorth 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.
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…
DetailsWhen 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…
DetailsEvidence 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…
DetailsAs 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…
DetailsIf 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…
DetailsRead 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…
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