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Category Archives: First time home buyers

Things to know when buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge

Middle-aged male on phone with title "By asking now about my mortgage pre-approval, I'm way ahead. What are you doing?"

Things you’ll need to know when successfully buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge.

Get pre-approval before you list your home – requalify your mortgage.

Other considerations are:

  • Job changes
  • Credit history changes
  • Calculate the equity you’ll have
  • Budget to help you keep on track

Do a Buy/Sell Calculation

Contact us and we’ll send you a free resource that will help you calculate the costs including:

  • Reduction of current debts
  • Realtor commissions and HST
  • Lawyer’s fees
  • Provincial land transfer tax
  • Any mortgage penalty
  • Creating a savings cushion for the unexpected

It’s important to share your information with your realtor so they are better able to serve you.

Ramifications Of Bridge Financing

What to do when closing dates don’t match? It’s normally straight forward if you have a firm purchase AND sale agreement.


Ensure you reduce your household content before you sell. Not only do you need to declutter your home, you also need to prepare the financing even before you list your home. This is a critical step even if you don’t expect to end-up with a mortgage in your new smaller home or condo.

Mortgage Questions?

If you have questions about mortgages and pre-qualifying, contact us! At The Mortgage Centre we love helping people through transitions. We are trustworthy and reliable brokers serving customers in Guelph, Kitchener/Waterloo, Cambridge and beyond!

Banking Regulator sees potential risks; Current home values are stabilizing in most regions

    Banking regulator sees potential risks in high home prices, debt loads. The Office of the Superintendent of Financial Institutions (OSFI) is set to finalize changes to residential lending guidelines (B-20) by the end of this month. They are proposing changes that will see a ‘stress test’ applied to those borrowers buying a home… Read More

Economic Growth; The OECD has raised expectations for Canada. Should we expect interest rates to continue to rise?

The Organization for Economic Co-operation and Development has raised its expectations for economic growth in Canada this year compared with a June forecast. The Paris-based economic think tank says it now expects the Canadian economy to grow by 3.2 per cent this year, best in the G7. That is up from its forecast in June… Read More

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?

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

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

Housing Market Outlook 2015 and projection for 2016

New Home Market In the Kitchener-Cambridge-Waterloo (KCW) and Guelph areas, housing starts will be lower in 2016 and 2017 compared to 2015. There will be a greater decline in apartment starts (both condominium and rental) in KCW however, single-detached starts will increase slightly as the demand will remain strong and more land will become available… Read More

More money down required if you’re buying a home…but only if it’s more than $500K

If you’re buying a house for more than $500,000 you’ll need to have more money saved for a down payment. Outside of Toronto and Vancouver, most first-time home buyers can purchase a nice home for less than this. However, lenders are likely to pass future costs for mortgages down to consumers, find out more from… Read More