When you're looking for your next home, it can be hard to know what the right property will be. It might seem as though every house you see has at least 1 deal-breaker that makes you hesitate to put in an offer. Or maybe those glossy new build brochures have you eyeing some upgrades and trying to figure out if they'll fit in your budget? While we can't give you a comprehensive guide to finding your perfect property, we can point out some of the pros and cons of each type, as well as some things to keep in mind for your mortgage financing.
Aug 27 2021
Jul 16 2021
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.
Jun 02 2021
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.
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%.
May 12 2021
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.
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.
What Is Changing For Uninsured Mortgages?
The qualifying rate for uninsured mortgages will be the higher of: