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1954: Introduction of the Mortgage Loan Insurance- by the Canada Mortgage and Housing Corporation 1971: Principal residences were exempted from Capital Gains in The Income Tax Act 1992: There were two programs created by the federal government. The first was the Home Buyers’ Plan (HPB) allowing buyers to withdraw up to $20,000, tax-free, from their Registered Retirement Savings … [Read more...]
Updated from our First Time Buyer's Archive. Originally posted on Jun13, 2007 Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount? Or another scenario: Competing with other buyers over your dream home, to find out the vendor accepted the other buyer’s offer JUST because they were already pre-approved. It does happen. … [Read more...]
This is one of the most informative articles on quebec Housing economy published this year. The FCIQ released the latest Window on the Market newsletter, in the section "A word from the Economist", this month's issue discusses the price increase in Quebec's market since the 1980's until the present date (and then some forecasts). Get the ultimate answer to the perennial question: How … [Read more...]
In March 2012, the Bank of Montreal stimulated the housing market during one of the busiest times of year for mortgage professionals by dropping their interest rates on five-year and ten-year mortgage deals. While the normal five-year rate hovers around 5.24 per cent, anyone on the market for housing in March could cut a deal for a five-year mortgage with interest just under three per cent. Those … [Read more...]
It's true, negative credit items can remain on your credit report for up to 7 years (up to 10 years for public records, such as a bankruptcy, tax lien or judgment). But this doesn't mean that you have to wait 7 to 10 years to begin re-establishing a good credit rating. 4 Dos and Don'ts when it comes to rebuilding your credit: 1. Three months prior to securing your mortgage, DON'T apply … [Read more...]
Updated from our Mortgage and Financing Archives. Originally posted in March 2009 Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility. Pre-approval is written documentation that shows you … [Read more...]
An article by the Canadian Press: Several of Canada's big banks announced increases in their residential mortgage rates effective Tuesday. Royal Bank (TSX:RY), TD Bank (TSX:TD) and Laurentian Bank (TSX:LB) all raised the posted rate for a five-year fixed-rate mortgage by 0.15 percentage points to 5.54 per cent. Royal Bank raised its special offer rate for a five-year mortgage by 0.15 … [Read more...]
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