Wishing You A Happy Canada Day With Low Mortgage Rates!

By |2020-07-01T19:23:19+00:00July 1st, 2020|Mortgage Rates|

Canada Day in the middle of the week! Woohoo! Not quite as convenient as having it on a Friday or a Monday, but look at it like this… It’s like a mini weekend packed in between two short two day work weeks! Now, that I can handle! As everyone celebrates Canada’s 153rd anniversary (of course [...]

The Real Estate Market Is On Fire!

By |2020-06-24T20:29:06+00:00June 24th, 2020|Mortgage Rates|

2020 has been an interesting year, and definitely one that we will never forget. When everyone started to realize the severity of the pandemic back in mid-March, people started to panic. Businesses started shutting down, and literally millions of people were either laid off, or experienced significant cuts to their income. We had no idea [...]

Mortgage Rates Reach New Record Lows – How Much Lower Will They Go?

By |2020-06-17T18:09:46+00:00June 17th, 2020|Mortgage Rates|

  The past few months have been a roller coaster for mortgage rates. In early March, they were falling faster than we could keep up with. We would quote a rate, only to see a lower rate the next day…. then again the next. This made mortgage shopping a little more difficult. You would get [...]

Lower Mortgage Qualifying Limit Will Have Minimal Impact

By |2020-06-10T16:27:23+00:00June 10th, 2020|Mortgage Rates|

Last week, the Canadian Mortgage and Housing Corporation (CMHC) announced that they will be adjusting some of their policies effective July 1st. The most notable change is the lowering of their maximum qualifying limit. When most people hear the name CMHC, they think of mortgage default insurance, which is what borrowers require if they are [...]

This Morning’s Interest Rate Announcement And What This Means For Mortgage Rates

By |2020-06-03T16:25:03+00:00June 3rd, 2020|Mortgage Rates|

Unlike the past few interest rate announcements by the Bank of Canada, their announcement this morning was not as highly anticipated. Everyone pretty much knew the outcome, so no surprises here. As expected, the Bank of Canada maintained their overnight rate at 0.25%, which is what mortgage lenders use to set their prime rate. The [...]

Fear of Falling Home Values May Lead To A Higher Minimum Down Payment

By |2020-05-27T16:06:58+00:00May 27th, 2020|Mortgage Rates|

The Canadian Mortgage and Housing Corporation (CMHC) recently hinted that they may be increasing the minimum down payment to purchase real estate from 5% to 10%. The reason for this would be to ensure that first time homebuyers have additional equity to protect themselves against potentially falling real estate values due to the pandemic.   [...]

Everything You Need To Know About Buying A Home In the Middle of a Pandemic

By |2020-05-20T17:28:00+00:00May 20th, 2020|Mortgage Rates|

These are definitely interesting times, and times that we will never forget. Despite having been on lockdown, and home sales being down tremendously, the ratio of buyers to sellers has remained healthy for the most part, which has kept home values relatively stable. As we begin our journey back to normalcy, more businesses are starting [...]

Should You Wait To Purchase A New Home?

By |2020-05-13T18:39:23+00:00May 13th, 2020|Mortgage Rates|

The Canadian economy continues to take the beating of a lifetime. Three million Canadians lost their jobs over the past two months, with millions more experiencing significant pay cuts. The economy is bad. Really bad. And it will likely get worse before it gets better. Cancellations of major public events continue with the cancellation of [...]

Everything You Need To Know About Getting Preapproved For A Mortgage

By |2020-05-13T18:39:23+00:00May 6th, 2020|Mortgage Rates|

Whether you are a first-time homebuyer, or if you have been through the process multiple times before, buying a new home can be an exciting time! Regardless of your experience level, the first step in the process will be to reach out to a mortgage professional to get preapproved. This can be done through a [...]

Watch Out For Falling Mortgage Rates!

By |2020-05-13T18:39:23+00:00April 29th, 2020|Mortgage Rates|

Since the start of the pandemic, mortgage rates have been on a wild, fast and furious roller coaster. Back in early March, they were falling so fast they were hard to keep track of. I would quote a rate for a client, only for a lower rate to come out the next day, or even [...]