Learn more about Canadian mortgage rates, rules and the latest news – read on!
We’re about to turn the page on 2018, and many may feel not a moment too soon. Climbing fixed rates weren’t the only thing making mortgages less accessible in 2018. This was the first full year to measure the impacts of new federal mortgage rules. Provincial policies in B.C. and Ontario also.... More »
Real estate news is typically quiet in January, but there’s been quite a few developments as of late. To quickly recap, Canadian real estate in 2018 ended with four consecutive months of sales declines. Overall, there was a drop of 11 per cent nationwide, with the 2.5 per cent drop from November .... More »
The annual pace of Canadian housing starts fell to their lowest level in nearly two years in September. Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate came in at 188,683 units last month, down from 198,843 in August..... More »
Remember all those pessimists who were calling for a housing bubble or collapse? If you listened to them and rented for the past eight years, how much would you have lost? How much would your rent have increased since then? And would you still be able to rent that condo or house… or would you.... More »
They’ve been around since the early 70s, but for many—the public and brokers alike—Mortgage Investment Corporations remain relatively unknown. But work is underway to change that. There’s no denying Mortgage Investment Corporations, or MICs, have come a long way since their inception by the federal government in 1973 through the Residential Mortgage Financing Act. And […]
Would it surprise you to learn that your doctor uses a mortgage broker? Well, it’s true – doctors use mortgage brokers all the time.
In fact, I personally have an extensive list of medical professionals as clients, including family doctors, specialists, dentists, veterinarians… and the list goes on.
So, why would these high-income earners use a mortgage broker?
The answer is simple. They want to get, not only the best rate, but also the best advice. They’re seeking market neutral advice from someone who doesn’t work for a single financial institution. They want someone who can guide them into the most appropriate mortgage product that will keep the greatest amount of money in their pockets!
This is something that only a mortgage broker can do. No banker can offer products from other financial institutions. Your doctor can easily qualify for a mortgage in most circumstances, but not all the time. It’s not just about qualifying for a mortgage – it’s also about ensuring that they’re being matched with the right mortgage product to fit their unique needs…
Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone!
I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every time I called the Canada Revenue Agency (CRA), they either told me it was coming, they were working on it, or they reminded me they have up to four months to complete the return (FOUR MONTHS!?)!
Well, four months passed… and still nothing!
I begged CRA to complete my return because I needed it for mortgage financing purposes. But, of course, I got the standard answer that they can’t push mine ahead of others. GRRRR!
And we all know that, in 2018, if you don’t have proof that you’ve filed your latest tax return, you won’t get a mortgage. That’s our reality!
There are many business owners in this predicament!
I did some research and spoke with other accounting professionals for advice…
U.S. Federal Reserve Chair Jerome Powell says the strong U.S. economy needs more rate hikes, but in explaining why, he unintentionally offered a warning for Canadians with big mortgages.