Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »

Have Questions About the New Stress Test Rate? Here Are Some Answers… Feb 22nd

The Department of Finance created shockwaves this week with its announcement that it will be revamping how insured mortgages are stress tested. Now that the dust has settled, here’s a more in-depth look at the implications, as well as some industry reaction. But first, a quick recap of what’s ch.... More »
The Ultimate Guide to Buying a Home When You’re Self-Employed
Almost half (45%) of Canadians will be self-employed by 2020, according to Intuit. In some cases, these individuals are supplementing employment income by working on the side. But the trend is clear: self-employment is becoming increasingly common in Canada. Here’s a look at how being self-employed can affect the mortgage buying process, along with some tips to help get you into a new home.
Proving Income as a Self-Employed Canadian
When applying for any type of mortgage, the bank requires proof of income. For those who are self-employed, the process can be a little more complicated. There are two main ways business owners, freelancers and independent contractors can prove their income when buying a home:

Proved income: The average amount you’ve earned over a period of time, typically at least two years.
Stated income: A reasonable estimate of your income based on the type and size of your business. Typically, you can only use this method if you’ve been in business for at least a few years…

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Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stress tests on both insured and uninsured mortgages. While sales activity and prices took a hit in both markets, the recovery for the Greater Toronto Area seems to be nearly complete. The […]

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