Should you hold your mortgage inside your RRSP? + MORE Oct 2nd

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Latest in Mortgage News: Dominion Lending Centre Unveils New Deals + MORE Oct 23rd

Dominion Lending Centres continued its growth trajectory this month with several new announcements..... More »

How Canada’s Small Businesses Can Create Resilient Futures Oct 14th

.c-logo img { display: inline-block; } .single-article .wp-caption-text {  text-align: center; } Created by   Adam Kirsh, AVP Salesforce Canada Instead of ‘doomscrolling’ — otherwise known as obsessively checking social media for negative stories about the pandemic and .... More »

Latest in Mortgage News: Toronto and Vancouver Home Sales Surge in September Oct 8th

The fall was supposed to herald in a period of more subdued housing activity and home price growth. But preliminary September data for the Greater Toronto and Vancouver areas tells a very different story. In the GTA, home sales reached a new record of 11,083, representing a 42.3% gain compared to Se.... More »

Incorporate Balance Transfer Offers into Your Arsenal Oct 20th

As mortgage professionals, we are sometimes asked to solve problems slightly outside the scope of our mandate. Naturally, we must take care not to position ourselves as tax experts, accountants or lawyers..... More »
A reverse mortgage is exactly what the name implies: accessing the existing equity you have built in your home by granting a mortgage to a lender without the need to make monthly payments. 
And yet, there are many misconceptions about this financial product, which allows Canadians to borrow up to 55% of a home’s value, tax-free, on properties worth $250,000 or more. 
With home property values soaring and the federal government tightening traditional mortgage qualification rules through a rigorous stress test, more homeowners are looking to reverse mortgages as a way to unlock the value tied up in their properties. Borrowers receive the money tax-free to use as they wish—to supplement their income and increase cash flow; to cover unexpected expenses or home renovations; and to help stay in their current home are just a few examples.   
Unlike home equity lines of credit (HELOCs), which require monthly payments, reverse mortgages, such as those offered by Equitable Bank, are ideal for cash-strapped homeowners who want to stay put without increasing their living expenses…

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Q. I currently own a house in Edmonton that is mortgaged, and looking to purchase a property in Vernon, BC, that I will eventually retire to. Until then, I am liking the idea of renting out that property to help support the additional mortgage. 
I am wondering if it’s possible to transfer my existing mortgage into my RRSP and access the cash there by reducing the amount of additional mortgage I would need to purchase the Vernon property? Otherwise, is there a way to purchase the Vernon property using my RRSP funds?
A. I am often asked about buying a home to retire to eventually, and renting it out in the meantime. I question the approach because a home you want to live in is not necessarily a good property to rent out to a tenant. A property that is easily rentable to tenants may be close to transit and jobs for example, whereas a property you may want to retire to could be more rural or have different attributes.
In addition, there are things that could change in your life by the time you retire…

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