Blogs

As BC moves into Phase 2 of the province's COVID-19 restart plan, the Auxilium Team is here to assist with solutions that work during these difficult times. The reality is that borrowing funds through your mortgage remains one of the lowest-cost options available to homeowners.

Difficulties in making mortgage payments can come up at any time as a result of a family income reduction, unexpected expense, or job loss. Mortgage deferrals have been launched into the spotlight as a result of the COVID-19 pandemic, but unfortunately there's no single answer or solution for everyone. It's important to understand whether deferring your mortgage payments is the right option for you – and what the consequences may be.

Everything You Need to Know

The COVID-19 situation in Canada is evolving very quickly, resulting in rapid changes to the financial situation and economic outlook for many people. As always, the Auxilium Team is dedicated to staying on top of news related to the mortgage industry to provide you with all of the information you need to make the best decision for your situation. We will update this post as new announcements are made.

In a continuing trend, British Columbia is still the least affordable region in Canada to live, led by Vancouver and Victoria. Vancouver is also the second least affordable city among major international housing markets, trailing only Hong Kong.

You know the good news: if you've found your "almost" dream home, there's a financing solution to make it just right for you. But what does almost cover? Let's take a look at what renovations are eligible for a purchase plus improvements mortgage.

Just in time for the Spring 2020 real estate market, Canada's finance minister has announced changes to the stress test used to qualify insured and insurable mortgages. The government originally introduced a minimum qualifying rate in 2016 to ensure that home buyers would be able to afford their homes even if interest rates rise, incomes change, or families are faced with unforeseen expenses.

Your home renovation is the key to your dream home. Unfortunately, the road to that dream has a construction zone, and you'll need to find a way through it. Living through a renovation can be relatively easy if you have the option to live away from your home for an extended period of time, but that's not possible for most people. If you're going to be living in the middle of your reno, here are our top 5 tips for survival: