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Changes to Canada’s Housing Rules

Changes to Canada’s Housing Rules

Over the last few days, I’ve fielded calls from concerned clients who are buying a house and want to know the impact of the recent regulatory changes to Canada’s Housing Rules that come in to effect in late October. I’m sharing a statement provided to me yesterday from our industry lobby group Mortgage Professionals Canada. Also,… Read More

What can we expect in the housing market for the rest of 2016?

What can we expect in the housing market for the rest of 2016?

Is Guelph and surrounding area in a housing bubble? The general definition we use to describe a housing bubble is two to three consecutive years of unsustainable price appreciation. Unsustainable price growth would include a 10% or more price increase year-over-year. According to The Guelph and District Realtor’s Association (GDAR) as of September 9, 2016… Read More

Getting separated is never easy: learn how to move ahead with your living arrangements

Getting separated is never easy: learn how to move ahead with your living arrangements

Aside from the emotions involved with a separation, there are several things to consider and act upon relative to your current mortgage. The first important step is to finalize the separation and get an agreement together. This important document outlines how your assets will be divided and how other important financial decisions will made. There… Read More

OSFI Tightens Supervisory Expectations for Mortgage Underwriting

OSFI Tightens Supervisory Expectations for Mortgage Underwriting

OTTAWA ─ July 7, 2016 ─ Office of the Superintendent of Financial Institutions The Office of the Superintendent of Financial Institutions Canada (OSFI) today released a letter to all federally regulated financial institutions (FRFIs) reinforcing its expectation that federally regulated financial institutions engage in prudent underwriting of residential mortgage loans. With Canadian household debt levels… Read More

Should I buy a house now or wait until I have more money saved?

Should I buy a house now or wait until I have more money saved?

Canada Mortgage Housing Corporation (CMHC) has some interesting statistics available on home purchases. It normally takes people nine to fourteen months to decide to move. However, once someone has made the decision, they normally act promptly when they see a house they’d like to buy. For the first time in 2015 more first time home… Read More

Negotiating a better mortgage rate

Everyone who needs a mortgage wants the best rate. However a good rate is only one way to save money on a mortgage. Adjusting payment schedules, creating flexibility on the amortization or paying-out consumer debt are cost-saving strategies often overlooked by most people. Focusing only on the mortgage rate and finding a rate that’s “too-good-to-be-true”,… Read More

Clear up debt for 2016: a great financial goal because of low rates

Clear up debt for 2016: a great financial goal because of low rates

  About a quarter of my mortgage practice consists of people who come to ask advice and help around paying off debt. Considering that a mortgage is normally a person’s largest liability, there are a couple of simple things you can do if you’re carrying balances on credit cards, or lines of credit. As companies… Read More