Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Why mortgage brokers are embracing ‘digital onboarding’ and not looking back Aug 9th
For much of the mortgage industry’s history, brokers required a mountain of paperwork from prospective clients to ensure they’d actually be approved by a willing lender..... More »
Mortgage or retirement savings? Where to get the most bang for your extra bucks + MORE May 4th
Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Mortgage or retirement savings? Where to get the most bang for your extra bucks - thestar.comContinue Reading On thestar.com »
The L.... More »
Insights From A Top Canadian Economist: Part 2 + MORE Nov 4th
Canadian economist Benjamin Tal’s presentation at the National Mortgage Brokers Conference was eye-opening. In it, he posited a holistic view of what’s happening with the Canadian economy and what we can expect to happen next. He’s rarely been wrong in the 20 years I’ve been following him &#.... More »
Is the family responsible to pay the mortgage for a loved one who has passed away? + MORE Aug 18th
When someone dies and owes money on a mortgage, is their common-law spouse responsible for paying it off? The house was in the name of the deceased only—the common-law spouse wasn’t a co-signer on the mortgage, and her name is not listed on the deed. —Louine
You’re 2 minut.... More »
B.C. home sales struggle in May as mortgage rates rise and labour market stays weak + MORE Jun 14th
Rising mortgage rates and a weaker labour market are weighing on home sales in British Columbia, especially in the Lower Mainland. .... More »
How financially viable is your rental property?
– moneysense.ca
After rising steadily in many cities across Canada for many years, real estate has been on a particular tear over the past year—and rental property investing has become an area of interest for plenty of people as a result.
But a soaring market isn’t a guarantee of success. If you’re thinking about becoming a landlord, you need to consider not only the purchase price and mortgage repayment costs of your property, but other financial issues as well.
How much does a rental property cost?
When purchasing a rental property, the typical down payment requirement is 20% of the purchase price. If the owner is going to occupy one of the units in a multi-unit property, there is a lower minimum. For one- or two-unit properties, a purchaser needs only 5% of the purchase price and can borrow the other 95%. However, if the property is worth more than $500,000, the minimum down payment is 5% on the first $500,000 plus 10% of the excess. A three- or four-unit rental property that will be owner-occupied has a 10% down payment requirement…
But a soaring market isn’t a guarantee of success. If you’re thinking about becoming a landlord, you need to consider not only the purchase price and mortgage repayment costs of your property, but other financial issues as well.
How much does a rental property cost?
When purchasing a rental property, the typical down payment requirement is 20% of the purchase price. If the owner is going to occupy one of the units in a multi-unit property, there is a lower minimum. For one- or two-unit properties, a purchaser needs only 5% of the purchase price and can borrow the other 95%. However, if the property is worth more than $500,000, the minimum down payment is 5% on the first $500,000 plus 10% of the excess. A three- or four-unit rental property that will be owner-occupied has a 10% down payment requirement…
