Would You Buy a Home with Strangers? These Canadian Companies Are Betting On It + MORE Oct 2nd

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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Can a first-time home buyer have a mortgage co-signer? + MORE Sep 17th

If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate .... More »

Mortgage rates under 5%? They’re coming back as lenders slash fixed rates + MORE Dec 7th

For the first time since last spring, mortgage shoppers finally have a condition-free sub-5% fixed mortgage rate option..... More »

Mortgage renewal strategies in today’s high interest rate environment + MORE May 10th

The current interest rate climate for mortgage brokers and their clients is dramatically different compared to just a year ago, requiring a whole new strategy when it comes to renewals..... More »

Popularity of variable-rate mortgages plummets to pre-pandemic levels + MORE Jun 21st

The popularity of variable-rate mortgages is continuing to fall and is now nearly at levels last seen prior to the pandemic in early 2020..... More »

Canada’s financial consumer watchdog unveils guidelines to support at-risk mortgage borrowers Jul 6th

The country's financial consumer watchdog today unveiled new guidelines urging financial institutions to provide support to mortgage holders who are facing "severe financial stress" and are at-risk of default..... More »
If you’re buying a property right now, chances are you’ve come across more than a few homes that advertise income potential—thanks to a secondary suite or basement apartment. 

Beyond the practical reasons for wanting a secondary suite, such as having a senior-age parent move in, two-unit homes usually represent a valuable source of rental income for the owner. But becoming a landlord is a significant responsibility, and you could find yourself on the hook—both financially and legally—if you fail to abide by the rules. 

So, how can you find out if a home’s secondary suite or basement apartment is legal before you buy? Or, if you see potential for a second unit, what would it take to build one yourself? We break it all down here. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return…

Continue Reading On moneysense.ca »

Lesli Gaynor was tired of renting a home for herself and her two-year-old son. The Toronto resident wanted more space and a more stable living environment, where a landlord couldn’t kick her out. So, in the early 1990s she got together with two friends and bought a house in the city’s Parkdale neighbourhood, taking advantage of a place that was already split into three separate units. They shared the home’s backyard and mortgage. The group disbanded when Gaynor decided she and her son had outgrown the space and were ready to move on. Each co-owner used the equity from selling the property to buy their next homes. 

The experience had such a profound impact on Gaynor’s life; she says that getting into the market as an owner wouldn’t have been possible otherwise. It also sparked a new career idea: helping other people buy property as a group. “People want to co-live or co-purchase most often because of an affordability problem,” says Gaynor. “Then, as a result, they get a whole lot of other things that go along with home ownership, like a greater quality of life…

Continue Reading On canadianbusiness.com »

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