Should you buy a vacation property? + MORE Aug 27th

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.
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Latest in Mortgage News: CMHC to Get New Name, Maybe “Housing Canada” + MORE Sep 23rd

What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall .... More »

Is Rent to Own Housing Ever a Good Idea? Sep 17th

The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own. Unders.... More »

Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals + MORE Sep 2nd

OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions. The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Th.... More »

Rates are at all time lows Sep 20th

Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs in perspective.  Here is what MORTGAGE PAYMENTS on a $400,000 mortgage look like with a 30 year amortization: .... More »
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Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th

I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation.   It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »
What Is a Mortgage Gift Letter, and When Do You Need One?
When you’re buying a home, you may receive a monetary gift from a family member to help make a larger down payment. But your mortgage lender will usually want proof that the newfound funds are a gift and not a loan. In that case, the lender will want a mortgage gift letter.
What is a mortgage gift letter?
A mortgage gift letter is a form from your donor stating that the funds for your down payment are a donation and you’re not required to pay the money back.
In fact, more first-time homebuyers are getting a little assistance from their family to help buy their first home. Between 2015 and 2019, 40% of first-time buyers received a monetary gift from their parents or other family members to help buy a home, according to a Mortgage Professionals Canada survey.
That number has continued to trend higher over the years. Thirty percent of first-time buyers who bought between 2010 and 2014 received funds as a gift from their family to help with their down payment. Similarly, 24% of those who purchased between 2005 and 2009 can say the same…

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Despite Canada Mortgage and Housing Corporation CEO Evan Siddall warning of a mortgage “deferral cliff,” and sharp rise in mortgage defaults this fall, data from the country’s key mortgage lenders appears to be telling a different story.

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The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird.
There are many emotion-driven reasons for buying a vacation property, or not. I like to evaluate a property purchase from a financial point of view—and here’s how. 
Say a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination, there are other costs to consider. If you purchase with cash that you could otherwise invest at a 4% return (to use a conservative assumption), there is an opportunity cost of not investing that money. If you borrowed money, despite current mortgage rates being around 2%, over the long run the interest rate is likely to go higher. On a $500,000 property, there may therefore be an initial cost of 4%, or $20,000.
Property taxes, utilities, insurance, condo fees and maintenance could easily add another 2% to 4% per year in costs…

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