Learn about the latest products, rates, and mortgage information pertinent to your needs.

It’s RRSP Season, Get Your Savings Working for you.

  What is an RRSP? “Registered Retirement Savings Plan.” An RRSP is what’s called a tax-advantaged account, meaning that the government created them specifically to provide tax breaks to those who invest money in RRSPs as a way to motivate them to put away money for their retirement. Benefits of the Registered Retirement Savings Plan […]

How to Finance Home Improvements

More often these days, Canadians prefer to relax, entertain and work from home. A renovation offers tremendous opportunities to create a home that reflects the way they like to live and contributes to their enjoyment of life. Alternatively, many people undertake renovations to make their property more attractive to sell. These renovations can help in speeding […]

Canada’s mortgage stress test rate drops, third time since pandemic began

Canadians saw their buying power increase last week when the central bank’s rate fell for the third time this year to 4.79% (from 4.94%), easing a key stress test faced by borrowers. While most borrowers do not pay anything close to the benchmark posted rate for a mortgage, the rate is used when assessing borrowers as part […]

Genworth and Canada Guaranty Won’t Adopt CMHC’s New Mortgage Rules

Following the announcement of CMHC’s new mortgage underwriting rules last week, Canada’s other two mortgage insurers, Genworth Canada and Canada Guaranty, have confirmed that they will not be following CMHC’s lead. Genworth Canada believes that its risk management framework, its dynamic underwriting policies and processes and its ongoing monitoring of conditions and market developments allow […]

CMHC tightens requirements for homebuyers

Qualifying for a mortgage is about to get harder for anyone who doesn’t have at least a 20% down payment for the purchase of a home. Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage. Starting July 1st, 2020, CMHC will be implementing the following changes: Establish minimum credit score […]

Bank of Canada cuts key rate to 0.25%

The central bank lowered its policy rate Friday by another half a percentage point to 0.25 per cent, adding in a statement that the unscheduled decision brings the benchmark as low as policy makers are willing to take it for now. The move was necessitated by quickly deteriorating conditions, including a flood of new jobless claims last week. The […]

Mortgage Deferral Contact Information

As part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic Canadian mortgage lenders will allow mortgage payment deferrals for up to six months. With the release of this news earlier this week, these lenders have experienced higher than normal call volume and are doing their best to facilitate all […]

Prime Rate Change

What is Prime rate? The prime rate, also known as the prime lending rate, is the annual interest rate Canada’s major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages. The prime rate is primarily influenced by the policy interest rate set by the Bank […]

Bank Of Canada Drops Key Interest Rate By 1/2 Point

The Bank of Canada doesn’t always follow the U.S. Federal Reserve, but it did last week. The BoC lowered its target for the overnight rate by 50 basis points to 1¼ percent. Like the U.S. central bank, Canada’s policy-makers cited the spread of COVID-19 for pulling the trigger on its first interest-rate cut since 2015. […]

Understanding Your Credit

What Is Credit? Credit is your individual ability to borrow money and pay it back. Your credit score acts as a vote of confidence for your level of responsibility and financial management. Having good credit means having a good borrowing reputation. Lenders are more likely to give you good interest rates and larger loans if […]

Down Payments: What You Need To Know

Down Payments Getting ready to buy? You’re going to need a down payment! Understanding the system will help you make an informed decision and save you money in the long run.  Read on to learn about minimum down payments, how to secure them, and the different programs that can help.   What is the minimum […]

Is Now A Good Time To Buy?

Is There A Right Time To Buy? Buying a home will likely be the biggest financial decision you will ever make. It is natural to question the market, home, and timing when making this decision. The most common question we hear from potential homebuyers is this: Is now a good time to buy? The Market […]