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…
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…
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…
DetailsNow 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…
DetailsIf 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…
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