Potential Federal Incentive for New Home Buyers

The present federal government is gearing up for the election this fall and has released its proposed budget, which includes incentives for first-time home buyers. The proposal offers two options for potential buyers looking for help from the government in order to...

How Credit Card Debt Is Accumulated

If you have a credit card you probably have a good idea what your interest rate it. But how does that interest rate work? How does the credit card company calculate how much interest you will pay? And when is it calculated? When do you pay interest? You might be...

Do I Really Need to put 20% Down?

Up until a few years ago, most home-buyers expected to have to come up with a 20% down payment when it came time to buy a house. But these days it's far more likely to see buyers bringing just 5% to the table. Financially speaking, most experts will tell you it's not...

Bank of Canada to Wait and See

In January the Bank of Canada stated they would "wait and see" what would happen in the Canadian and global economies before moving forward with continued interest rate hikes. This month it seems they are still waiting and seeing. The overnight rate remains unchanged...

First Time Home Owners Sink or Swim

If you are among the many individuals who has been trying to buy a home in the last year or so, you're well aware of the phrase "stress test." This is a test that was announce late in 2017 by the OSFI (the Office of the Superintendent of Financial Institutions if you...

No New Overnight Rate

Once again, the Bank of Canada did not raise it's overnight rate, which stands at 1.75%. This comes as no surprise as it was expected by nearly everyone. Global trade continues to be the proverbial axe hanging over the country's head. Economic growth has been slower...

Variable-Rate Mortgages Best for Buyers

Last quarter saw the highest percentage of insured borrowers switching to variable-rate mortgages since Canada Mortgage and Housing Corporation began tracking these statistics. Why the change? Home owners know it will save them money! We have watched the Bank of...

Overnight Rate Remains Unchanged

On December 5th the Bank of Canada announced that no changes will be made to their overnight rate, which presently sits at 1.75%. The reason? "The global economic expansion is moderating largely as expected," they said, "but signs are emerging that trade conflicts are...

Nearly half of Alberta Mortgages to Renew in 2018

2018 is the year of mortgage renewals in Alberta! This has been Mortgages for Less’ busiest year with mortgage renewals. A CIBC Capital Markets report says that an estimated 47 per cent of all existing mortgages will need to be renewed this year. A normal...

Bank of Canada Raises Qualifying Mortgage Rates

On May 9th, the Bank of Canada raised its Benchmark Qualifying rate. The Benchmark rate is the median average of the 5-year posted rates from the major six banks. Given recent rate increases over the past few weeks, that median rate increased this week by...