On Tuesday April 17, the Bank of Canada (BOC) left its key interest rate untouched – it has remained steady at 1% since 2010. However, the BOC’s Governor Mark Carney hinted at rate increases starting as early as this summer. If that happens, the cost for consumer loans, lines of credit and variable rate …
With the release of Finance Minister’s new budget, we can safely say now that there are no immediate changes to the mortgage rules, however, as we already knew, interest rates will start to increase as the economy continues to grow. There were few surprises in Jim Flaherty’s budget, with an emphasis on reducing the deficit, …
What the budget won’t do: Wont’ increase the minimum downpayment required for purchasing a home from 5% to 7% Won’t reduce the maximum amortization from 30 years to 25 years What the budget will do: Gradually raise the age of eligibility for Old Age Security from 65 to 67 beginning in 2023. Contain no …
Welcome to another installment of Purchase Plus Improvements Mortgages I know that the name of the mortgage product does not sound all that sexy but it is a truly unique product. When used in the correct way it can enable you to purchase the “perfect” home that you would otherwise have not been able to …