Costs To Consider When Buying Your Home

Saving to buy a home is more than just putting together a down payment. Even though the down payment gets all the focus and planning, there are additional costs you'll incur and need to cover. We walk you through those other costs and fees, allowing you the opportunity to both plan for them and more importantly not be surprised by the actual amount needed to pay for them.

2021 Changes to BC Home Owner Grant Applications

New for 2021, applications for the BC Home Owner Grant must all be submitted directly to the province, either online or by phone. Your municipality can no longer accept your home owner grant application.

The Mortgage Stress Test Changes for EVERYONE on June 1, 2021

We originally let you know in April 2021 that the mortgage stress test was going to be increasing for uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that as of June 1, 2021 all uninsured mortgages will be qualified at a minimum rate of 5.25%.

Mortgage Prepayments & Penalties

If your goal is to pay down your mortgage faster, you'll want to know the details in your prepayment clause. This might be a paragraph of text in your mortgage agreement, or it could be abbreviated as a pair of numbers (10/20 or 20/20). Either way, it tells you how much extra you can pay on your mortgage without incurring penalties. These additional payments go directly to your principal mortgage amount, so they decrease the amount of time you will have your mortgage (the amortization) as well as saving you interest payments over time.

Updates to Canada's First-Time Home Buyer Incentive for Victoria, Vancouver, Toronto

As of April 2021, the changes to the First-Time Home Buyer Incentive program the federal government announced as part of the Fall Economic Statement on November 30, 2020 are in effect.  The eligibility for the program has been expanded in the higher priced housing markets of Victoria, Vancouver, and Toronto.

OSFI Changes Stress Test for Uninsured Mortgages in 2021

What Is Changing For Uninsured Mortgages?

The qualifying rate for uninsured mortgages will be the higher of:

Everything You Need To Know About RRSPs, TFSAs and Your Mortgage

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