Why You Need A Pre-Approval

If you're looking to buy your first house you may already be aware of how much information there is to take in. On top of that, friends, family and experts are all likely to give you different and sometimes conflicting advice. When it comes to taking your first step...

Federal Incentive to Help Home Buyers

The federal election is coming up this fall, which means the party in power is pulling all the stops in hopes of re-election. The proposed 2019 Liberal budget was released, and with it a couple of highlights for first-time home buyers. The budget proposes to increase...

Understanding Credit Card Debt

Credit cards. Everyone has one. Many have more than one. And we all know how quickly the debt can build up, especially with mounting interest. You probably know what the interest rate is on your credit card, but do you know how the interest is calculated? When is...

How Much Do I Need For A Down Payment?

Until recently, it was generally expected that a home buyer would have to supply a 20% down payment. This is because interest rates were high, which meant the bigger your down payment the smaller your monthly mortgage payment. But in today's economic climate, most...

Bank of Canada Waiting to Hike Rates

The Bank of Canada announced last week the need to wait before continuing to increase interest rates. The Bank had previously been insistent that continued rate hikes would be necessary in order to keep inflation in an acceptable range, but doing so did not have the...

Stress Test Keeping Buyers Out of the Pool

Back in 2017 Canadian households were at record high debt levels. The Bank of Canada (BoC) announced its intention to continue raising interest rates. And housing prices had been going up and up with no end in sight. Too many Canadians were drowning in debt and the...

Overnight Rate Remains Unchanged

As expected, the Bank of Canada's benchmark rate remained unchanged at 1.75% this month. According to Scotiabank vice president of capital markets, Derek Holt, "the market went too far in terms of pricing out rate hikes further on." The Central Bank raised it's key...

Benefits of Variable-Rate Mortgages

Canada Mortgage and Housing Corporation regularly publishes statistics relevant to borrowing behaviours. We had the highest percentage of insured borrowers switching to variable-rate mortgages last quarter. What's going on? It's simply more cost-effective, and will...

Bank of Canada Stands Pat

As of their December 5th announcement, the Bank of Canada will stand pat on the overnight rate currently at 1.75%.  "The global economic expansion is moderating largely as expected," they said, "but signs are emerging that trade conflicts are weighing more heavily on...

Nearly half of Alberta Mortgages to Renew in 2018

2018 is the year of mortgage renewals in Alberta! This has been Mortgages for Less’ busiest year with mortgage renewals. A CIBC Capital Markets report says that an estimated 47 per cent of all existing mortgages will need to be renewed this year. A normal...