Beating the Stress Test

If you've been recently looking at buying a house there's no doubt the phrase "stress test" puts a bad taste in your mouth. On January 1st 2018 OSFI introduced their mortgage stress test. This test implements a few extra hoops for mortgage applicants to jump through,...

Which Is the Best Season to Get a Mortgage?

Canadians easing into spring often look like they've finally escaped from being held hostage inside a deep freezer for months on end. Once they begin to thaw you'll notice a look of guarded optimism grace their faces. And when they know for certain that winter is...

No New Overnight Rate From Bank Of Canada

In their statement released today the Bank of Canada announced that there is no change to their overnight rate which presently sits at 1.75%, unchanged for the last seven months. The Bank had originally started a planned gradual climb in interest rates but had to hit...

No More Rate Hikes until 2020… Maybe

According to a Reuters poll taken earlier this month, 40 economists predict that the Bank of Canada will not increase interest rates until the end of 2020 and that there's a 40% chance we will see them decrease interest rates. Their rationale? The Canadian economy...

If you're looking to buy your first home it's likely you're in the millennial age gap (1981-1996). According to a study released by the RBC Economic Research group in February, more than 40% of Canada's homeowners are under the age of 35, the highest national rate in...

Refinancing In The Current Climate

After the Bank of Canada started hiking interest rates in 2017 many home owners were worried what this might mean for them. But the Bank stopped raising rates in October 2018 when the overnight rate reached 1.75%. On Wednesday the Bank announced that they will not be...

Getting a Mortgage Pre-Approval

Getting started on your journey to home ownership can be confusing when there are so many opinion on which step to take first. It's our opinion that pre-approval is the easiest and most helpful first step because it gives you a good idea of how to narrow your search....

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...