2016 is off and running (although slower than most would hope for!) This newsletter will provide you with some helpful insight on how to use your mortgage during this downturn, along with mortgage and housing updates.
Buying a new home can be an exciting, if not busy time of your life. We know you already have a million things on your mind as you work towards buying your first home, but when it comes to this hint, it's worth adding one more item on your list. (tip: it involves extra money for you!)
In an attempt to cool hot real estate markets in Vancouver and Toronto, on Monday, October 3, 2016 the Department of Finance once again announced sweeping changes to the mortgage lending landscape. The full release can be read here.
We were quick to send out the news on our social media but have waited to send out a Mortgage Update until now while we gathered some further insight and ran some numbers (we’re always doing math!)
A big bank increases rates and they get a lot of press. Our last communication in October predicted this, so we are not surprised (and it is great to give insight that turns out correct, because looking through the rate crystal ball is never easy). So why the increases, what do they mean, and is it time to panic?
2017 is off and running and it is the start of a “new lending reality”. The fourth quarter of 2016 saw further big changes to the mortgage lending landscape. The Federal Government, along with OSFI (the Wizard of Oz of the Canadian financial institutions) continue to make regulatory changes that impact Canadians.