By: Marilyn Rogers

Higher Down Payments Required For Some Canadian Homes Starting in February

Higher Down Payments Required For Some Canadian Homes Starting in February

The Government of Canada has announced that starting in February 2016, some Canadians will be required to pay a 10% down payment on a home instead of the current 5%. As of February 15, 2015, buyers of homes costing more than $500,000 will be required to pay a 10% down payment. Buyers of homes priced under $500,000 will still only have to pay 5%.  Properties valued at $1 million will require a 20% down payment. Bill Morneau, Minister of Finance, said that, “The Government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets, while not ove...Read More

By: Marilyn Rogers

Why Will The Bank Of Canada Keep Interest Rates Low?

Why Will The Bank Of Canada Keep Interest Rates Low?

If you’re paying attention to the housing market, other real estate blogs, the real estate news media or are just doing some research in advance of buying your very first home, you’re probably well aware that the current interest rates are at record lows. This is great for people who are looking to obtain a mortgage to buy a home, but there may also be a bit of concern as to just how long those rates will stay so low. While the Bank of Canada has kept its overnight lending rate at 1 per cent for the last four years, could it be rising soon? The Canadian Real Estate Association recently posted several key arguments as to why this wouldn’t be the case. They say that because...Read More

By: Marilyn Rogers

Three Things To Keep In Mind When For Applying For Your First Mortgage

Three Things To Keep In Mind When For Applying For Your First Mortgage

Have your information ready. If you want the mortgage application process to be as quick and painless as possible, it’s vital to have all of your information ready to go. Some examples of information you need to bring to your mortgage application include pay stubs, banking information (to verify your down payment), information about any other debts and a letter from your employer that details your salary, job and how long you’ve been working for the company.  How much matters. How much a home costs does matter when it comes to your mortgage application. This is because your lender will look at two things: The ratio of your housing cost to your debt, and the ratio of your de...Read More