Category Archives: Mortgage Down Payment

8 Things to Be Aware of When Buying a Second Home

You can afford a second home, let us show you how!

Now that low interest Canadian mortgage rates are readily available, it seems like the perfect time to invest in a second home. Here’s what you should know before purchasing a second property.

Things to Learn Before Buying a Second Home

1) Do your research.

You will need to resist the urge to buy a home because you want a getaway. Research the properties, area, and low mortgage rate options beforehand. This is an investment, not just a vacation.

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Ottawa’s Mortgage Rules: One Year Later

It was roughly one year ago that Finance Minister Flaherty announced his fourth round of mortgage restrictions in as many years. The reason for these changes was simple: cool down an out-of-control housing market. By tightening lending rules, Flaherty hoped to lower the risk to taxpayers and curb excessive rates of household debt.  Continue reading →

A Look at Housing Affordability

How affordable are homes on the Canadian housing market?

This is the question at the top of every mortgage broker and home hunter’s mind. As mortgage rates begin to climb and home prices creep ever higher, industry leaders are keeping a close eye on affordability in an attempt to avoid a bubble.

It’s no secret that more and more houses are being priced out of the range of first time home buyers. This is especially the case in major metropolitan areas like Toronto and Vancouver. With today’s increasingly expensive markets, what does affordability even mean? We asked Robb Nelson of FamilyLending.ca to help better explain this important measure and how it could impact your mortgage rate and ability to buy. Continue reading →

Stop Worrying About The Housing Market

It’s no secret that the Canadian housing market has been a bit volatile as of late. In certain portions of the country, prices are hot, hot, hot. Price bidding is common in Vancouver, and Toronto and Montreal are both posting record sales numbers. And yet, everywhere you look, experts keep warning of an impending bubble.

So, what’s the deal? Is the housing market rock solid or on the rocks? Continue reading →

Housing and the Big, Bad Budget

A lot has been said about Thursday’s budget announcement. From Flaherty’s shoe selection to a vague job-training program, many Canadian’s were left slightly confused following the much-anticipated announcement.

With that being said, Flaherty’s eighth (and potentially final) budget announcement could have been worse, especially for the mortgage industry. Thursday’s budget included a tightening of controls on mortgage lending once again, as well as another promise to further limit lender access to bulk mortgage insurance. While this will inconvenience some lenders, it’s actually good news for taxpayers. The announcement is just the latest in a long line of moves from the Finance Department that touch on concerns over the housing market. As Canadian’s continue to sink themselves deeper into household debt, Flaherty once again verbalized his mounting anxiety over interest rates.  Continue reading →