Articles

Understanding the Canadian Mortgage Charter and How it can Help You

November 30, 2023

In the midst of economic challenges marked by escalating interest rates and inflation, many Canadians are grappling with financial strain, particularly when it comes to the worry of meeting their mortgage payments.

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Senior Home Buyers Can Downsize with a Reverse Bridge Mortgage

November 9, 2023

Moving into a new home always brings challenges, but for senior home buyers, it can be extremely overwhelming and stressful. Maybe you are aged 55+ and have found your next home but need more time before selling your existing home. Perhaps you want to work on your current home to attract a higher price. Or maybe you want extra time to manage the move and reduce the stress of uprooting your lives. As your Mortgage Broker, we can strategically work with you and your Realtor to set closing dates that allow you to transition into your new home at your own pace.

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The Role of Mortgage Brokers in Debt Consolidation Strategies

November 9, 2023

In today's financial landscape, Canadians are navigating a dynamic and challenging environment. According to Equifax® Canada's recent Market Pulse report, consumer debt in the country has surged to a staggering $2.4 trillion. While the mortgage market has slowed down, non-mortgage debt, including credit card balances, has reached an all-time high of $107.4 billion. This surge in debt comes at a time when interest rates are on the rise, impacting the financial well-being of many households.

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Is there really a “perfect time” to buy a home?

November 9, 2023

You’ve now saved up enough for a down payment, your credit is in great shape, you are gainfully employed, and you’ve even saved enough for closing costs and moving expenses. Things are looking great. You’re ready to start house hunting!You’ve worked very hard to get to this point and your excitement at the prospect of buying a home is off the charts so the last thing you want to hear is that you should hold off on home shopping for now and wait until market conditions are perfect.

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A First Time Home Buyer’s Guide to Purchasing on Vancouver Island

November 9, 2023

Buying a home in Nanaimo or anywhere else on Vancouver Island involves several steps, and can be an overwhelming, stressful process. Here’s a step-by-step guide to the home buying process in British Columbia and how you can make sure it is a smooth and stress free experience!

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Renewing your mortgage in a higher-rate environment

November 9, 2023

Given the consistent increase of mortgage rates over the past few years, many people with mortgages renewing in 2023 or 2024 are understandably worried about the potential impact on their finances. Unfortunately, many people simply accept the renewal offer from their current lender without considering other options, which can be a costly mistake in our current environment. If you're coming to the end of a 3-, 4-, or 5-year term, you will likely be renewing at a significantly higher rate, meaning a higher mortgage payment and increased borrowing costs. Although we can't control interest rates, there are ways to reduce your cost increase in the short term. Here are some tips to help you navigate the mortgage renewal process in a higher-rate environment:

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Economic growth leads the Bank of Canada to increase its benchmark interest rate

November 9, 2023

Will it or won’t it? That was the question on many minds leading up to today’s Bank of Canada interest rate announcement. Some economists felt Canada’s central bank would have no choice but to raise rates after the economy grew well above expectations in the first quarter. Others bet that the Bank would hold rates steady, at least until the next policy announcement in July.

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What you need to know about the new First Time Home Savings Account (FHSA) program

November 9, 2023

Within the past few weeks and months, we have seen the housing market begin to stabilize, and rates have remained steady. In many markets, house prices are getting competitive once again with prices increasing or buyers finding themselves in a multiple offer situation. If you or someone you know is looking to purchase a home before prices rise too much, read on.

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Are homeowners finding it difficult? Some are asking themselves “Can I hang on long enough for rates to come down?”

November 9, 2023

Below are a number of scenarios that are happening across Canada, no matter what size the housing market is in your town.

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What first-time homebuyers can expect with the new tax-free First Home Savings Account

November 9, 2023

Since it was proposed in the 2022 Federal Budget, we’ve learned more details about this exciting new program aimed at helping first-time homebuyers purchase a home. The bill is currently before Parliament and assuming it will be passed, the FHSA rules will enter into force on April 1, 2023.

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4 Ways to Feel Empowered in a Challenging Housing Market

November 9, 2023

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New Year’s Resolutions You Can Stick To: Finance Edition

November 9, 2023

New Year, New Resolutions right? It’s common for people to make annual resolutions surrounding their family/friends, nutrition, or even exercising more, but with the economy feeling so uncertain, why not use the start of a new year to reset and make resolutions around your finances!

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Thinking of buying a home? Unsure about higher interest rates?

November 9, 2023

2022 has already been tough on Canadians’ wallets, and recent economic data shows the pain is unlikely to end soon. Inflation continues to run hot, and on October 26 the Bank of Canada further raised its benchmark interest rate to try to bring it under control. The latest hike of 0.5% was the Bank’s sixth consecutive increase, and it will be passed onto variable-rate mortgage holders and Canadians looking to get a loan in the near future.

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Bourbon Spice Cake with Orange Salted Caramel Bourbon Buttercream - Melanie’s favourite Fall cake

November 9, 2023

We’ve all read food blogs that take 100 years to get to the recipe… so let’s change that! Here is Melanie’s favourite Fall cake. Bourbon Spice Cake with Orange Salted Caramel Bourbon Buttercream

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5 Fall Maintenance Tips

November 9, 2023

For most residents of Vancouver Island, the Fall season is a favourite. Crisp clear skies, gorgeous colourful trees, cozy sweaters, and fun activities. However, for many homeowners, it is a new season that adds far too many items to their To-Do list. It can feel like never ending jobs to do around the house before the wet and cold winter hits.

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A look at how rate increases impact different mortgage types

November 9, 2023

With inflation at its highest level in almost 40 years, the Bank of Canada continues to take drastic action to cool the economy with the latest of five consecutive rate increases announced on September 7. Rising interest rates impact everyone with a mortgage but how and when you will see the impact depends on the type of mortgage you have. We often classify mortgages as either fixed-rate or variable-rate. What may not be commonly understood is that there are actually two types of variable-rate mortgages – adjustable payment and fixed payment – and the impact of rising rates on these two types is dramatically different. Here's a look at how each mortgage type is affected

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Budgeting for Inflation

November 9, 2023

If you thought the end of the pandemic would bring a return to economic normalcy, 2022 has certainly been surprising. Summer has seen inflation return to the forefront of consumers’ economic worries for the first time in decades. The inflation rate was 8.1% in June 2022, its highest level since 1983. Egged on by spiking fuel and grain prices following the outbreak of war in Ukraine, increasing costs across the board are putting pressure on Canadian families. As a consumer, you can take steps to protect yourself. Here are some tips on how to manage your finances in the face of high inflation during these volatile economic times.

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Mortgage Fundamentals for Home Purchases

November 9, 2023

With interest rates continuing to rise, and housing markets beginning to cool, if you’re considering a home purchase anytime soon, it’s a good idea to revisit some mortgage fundamentals to ensure you’re in the driver’s seat when it’s time to put in an offer. Pre-approvals, home appraisals and financing conditions are three key components to a successful home purchase. So how do they all fit together?

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5 Credit Habits To Boost Your Score

November 9, 2023

Your credit score is essentially your passport to financial opportunities. A low credit score can prevent you from getting the lowest mortgage rate, or even from getting a mortgage at all. But here’s the thing, this important factor in your mortgage negotiation is entirely within your control. That’s why it’s important to know the key credit behaviors that can boost your score or keep it high

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5 reasons to get a second opinion on your mortgage renewal

November 9, 2023

Given the large financial commitment of a mortgage, it's surprising that so many homeowners sleepwalk through the mortgage renewal process and don't look at all their options in the marketplace

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