Construction Mortgages: What They Are and How to Get One + MORE Apr 24th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Latest in Mortgage News – More Research on Stress Test Impacts May 6th

The stress test continues to be the focus of much research, with new data released recently on the full extent of its impacts on the housing market. We’ve summarized the latest findings, which look at the stress test’s impacts on home sales and prices over the past year, as well as the c.... More »

BoC’s Call for Longer Mortgage Terms Raises Questions + MORE May 9th

Earlier this week Bank of Canada Governor Stephen Poloz called on banks and other lenders to offer more innovative mortgage products, namely longer-term mortgages. During a speech in Winnipeg, he said longer mortgage terms would “mitigate the normal risks in the system both for lenders and for.... More »
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BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates! + MORE May 3rd

This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals! For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage. In other words, if you owned.... More »
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IMF Cautions Against Relaxing Mortgage Rules, Says Market Still Heated in Canada + MORE May 24th

The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada. They are responding to calls by several real estate boards in Canada to ease the new B-20 stres.... More »
Construction Mortgages: What They Are and How to Get One
Needless to say, building your dream home involves a lot more work as opposed to buying a ready-build – it’s more than just drawing floor plans and picking out counter finishes. Buying a piece of land and constructing your own home from scratch also requires you to get a different type of mortgage as well.
Whereas a typical mortgage is a complete loan on an existing property that the borrower pays back in increments, a construction mortgage (or “builder’s” or “self-build” mortgage) covers the cost of the construction of your property.
There are two common types of construction mortgages: completion mortgages and progress-draw mortgages
Completion mortgages
If you choose to go with a completion mortgage, you’re essentially on the hook for construction costs until the project is finished, which at that point, the funds will be transferred to you. Most lenders who offer these types of mortgages want construction to be finished within 120 days. And unlike progress-draw construction mortgages, you have the ability to make changes to the mortgage amount up to 30 days before you take possession of the home…

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Higher Mortgage and Insurance Rates, Rents, and Food Prices Drive Increase in Inflation Rate
Canada’s inflation rate, the Consumer Price Index (CPI), saw a bump in March to 1.9 percent on a year-over-year basis after a slower start in January and February. This raise brings inflation closer to the central bank’s two percent target.
The major contributors to this increase are rising mortgage interest costs, rent, auto insurance, and the increased cost of fresh vegetables in Canada. In fact, vegetables rose 15.7 percent this year in comparison to last year, meaning consumers have likely been noticing a rather sharp increase in their grocery bills.
CBC reports produce such as apples are up by 13.92 percent and tomatoes are up by 15.98 percent. Meanwhile, in large part due to the E.coli outbreak in romaine lettuce, lettuce is up by 19.25 percent.
“When you look at the new food guide and the amount of fruits and vegetables we are being encouraged to eat, certainly these prices are discouraging,” Sylvain Charlebois, a professor of food distribution and policy, told the CBC…

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