Category: Blog

Toronto mortgage with no down payment is no problem

borrowed down payment

Toronto mortgage with no down payment is no problem It seems the barriers to entry into Toronto real estate ownership keep getting higher and higher. In recent months we have seen government intervention in mortgage lender guidelines; increased default insurance (CMHC, Genworth or Canada Guaranty) premiums, and a white hot market pushing home prices to …

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Lowest mortgage interest rate


“Ring ring” “Hello, Concierge Mortgage Group – how may we be of service today? “Hi I want to know your best five year rate” “Okay sir, no problem. Will that be a hi-ratio mortgage or are you putting down more than 20%?” “Why does that matter? I just want to know your best rate.” “Well …

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Toronto mortgage rates enter a brand new era


Say hello to a new three tier pricing structure for five year fixed rate mortgages. Hi ratio mortgages will still enjoy the lowest rates. 30 year amortization periods for conventional mortgages will be subject to a premium in many cases – up to 0.15% Rob McLister of Canadian Mortgage Trends has done a tremendous job …

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Top ten reasons to refinance your Toronto mortgage


In the Greater Toronto Area, mortgage rules and guidelines have been in a state of flux for two months. Seems like every week, lenders are modifying or even suspending certain lending programs. Recently affected are rental properties, refinances and the length of amortization periods; and mortgages for self-employed Canadians are even harder to obtain now. …

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Toronto Mortgage rates expected to rise – the Trump effect


Toronto Mortgage rates expected to rise – the Trump effect Last week TD Bank decided to increase their Prime rate from 2.70% to 2.85%. Analysts speculated other banks would follow suit, but not as yet. Yesterday though, a number of significant players in the Canadian mortgage industry suddenly announced significant increases to their five year …

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October 17th, 2016 is day zero for the Canadian Mortgage Industry


Hi ratio mortgage home buyers rushed to beat Oct 17 rule changes Today is the first day Canadian home buyers with less than 20% down payment find themselves with significantly lower purchasing power. Brokers estimate the impact will be to reduce your budget by around 20%. Before today, you did not have to pass this test …

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Why you should pay off a consumer proposal early

Pay off consumer proposal early

Why you should pay off a consumer proposal early Before you filed your consumer proposal (CP), your debts were out of control. Your CP gave you relief from your creditors, collectors and even garnishments. It was a very responsible way to deal with your debts – creditors appreciate that. How well are you balancing your income …

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New mortgage rules may mark the end of an era


Will October 3, 2016 go down in history as the day the feds pulled the pin on a grenade which will severely impact the Canadian real estate and mortgage industry? It’s not usually wise to make bold predictions about such matters – better qualified experts than I have routinely been wrong over the past several …

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The government has dealt a shocking blow to the real estate market


Should first time home buyers act now or wait for a correction? If you thought it was hard to qualify for a mortgage before today, you are going to be in for a big surprise if you wait even a few weeks before taking the plunge. Effective October 17th, 2016 all insured mortgage applications will …

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After a marital split, arranging a mortgage can be difficult


After a marital split, arranging a mortgage can be difficult. Some people find it hard to qualify for a mortgage when they are on the hook for child or spousal support. The reason is most mortgage lenders consider these payments as a monthly liability, just like a car payment or other loan facility, and this effectively …

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Vancouver house prices fell 17% for detached homes in one month

Toronto underwater mortgage

Vancouver house prices fell 17% for detached homes in one month. A cool $294,000! That is the cost of a single family home in many smaller markets in Canada. It’s hard to believe this is not a misprint! We are talking about Vancouver Real Estate – the hottest market in the country for several years. You …

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Real estate agents with CRA debt

real estate agent debt

Real estate agents with CRA debt Success in real estate can lead to income tax problems with CRA, unless you take care to set aside money each month to pay your income taxes next  Spring. I have often provided debt relief services for real estate agents who ran afoul of CRA. Problems can arise because they don’t …

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