Beat the Mortgage Stress Test

People looking to buy a new home, whether or not it is their first, have been struggling to cope with the mortgage stress test that was introduced by OSFI on January 1st 2018. This is in large part because the stress test measures your ability to deal with either the...

Spring/Summer Best Time For a Mortgage

After a long winter many Canadians feel like they're coming out of a deep freeze. As soon as the weather warms up you'll see Albertans out of doors as much as possible. Whether they're soaking up the sun, getting started on their spring cleaning, or just taking the...

No Change to Overnight Rate

The Bank of Canada released their statement today and it's not surprise that they have not changed the overnight rate. The rate which currently rests at 1.75% has remained unchanged since October. The Bank had been gradually increasing interest rates but stopped when...

Don’t Make These Mistakes Millennial Homebuyers Regret

Chances are that if you’re looking to buy your first home you’re a millennial (someone between the ages of 22 and 37, or born between 1981 and 1996). One of the biggest rights of passage into adulthood has always been buying a house. And according to an RBC Economic...

Refinancing While Rates Are Low

The Bank of Canada announced on Wednesday that they will not be changing their overnight rate which is currently 1.75%. The rate has remained unchanged for the last six months (October 2018) and is expected to hold steady for at least most of this year, if not part of...

What Is a Mortgage Pre-Approval?

When you're looking to buy a home for the first time, it is common to find yourself overwhelmed with the amount of information available to you from friends, family, and the internet. Information overload can leave you feeling unsure where to start. We're here to tell...

Proposed Federal Home-Buyer Incentive

With the federal election coming up this Fall, the Liberal government has released its proposed budget, and with it, Federal Home-Buyer Incentives. The federal government has proposed that it will provide assistance in two ways for first-time home buyers to manage the...

Demystifying Credit Card Debt

If you're like most credit card owners, you get your bill each month and stare a little mystified at your interest charges. What does it mean if you have a 19.99% interest rate? How do they calculate how much interest you owe? Is it calculated daily, monthly,...

Is It Really Best To Put 20% Down On A Home?

How much money do you really need for a down payment? Most of us have always been told to aim for 20% down, but in the current economic climate, banks, realtors and other housing professionals have been encouraging a down payment of 5%. Most personal finance experts...

No Change to Bank of Canada’s Overnight Rate

More and more it seems that The Financial Powers That Be have had bigger more aggressive plans than consumers were ready for. Back in 2017 and through most of 2018 the Bank of Canada was confident that several interest rate hikes in steady progression would be...

Getting Into the Home Owner Pool

If you've been in the market to buy a residential property in the last year or so, you're well aware of how difficult it has been to get approved, especially for first-time home buyers. Late in 2017 the Office of the Superintendant of Financial Institutions (or OSFI...