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How to Renew Your Mortgage in 5 Simple Steps!

If you have a mortgage, you’ll be completing a mortgage renewal when your current term has finished. While most Canadians spend a lot of time and expend tons of effort shopping for an initial mortgage, the same is generally not the case when looking at mortgage renewals. So what is a mortgage renewal? Mortgages terms…

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Bank of Canada Turns the Tide

For the first time in seven years, the Bank of Canada announced today that it was hiking its key overnight rate by a quarter percentage point (25 basis points) bringing it to 0.75 percent as the economy has staged a broadly based economic expansion this year. In a break from tradition, the Bank has taken…

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Housing Demand Normalizes as Supply Dwindles

Housing Demand Normalizes as Supply Dwindles The British Columbia Real Estate Association (BCREA) reports that a total of 9,826 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, down 21.8 per cent from the same period last year. Total sales dollar volume was $6.79 billion, down 30 per cent from March…

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BC Introduces Innovative New Program to Help First-Time Homebuyers

In a move to help BC citizens and residents buy their first home, the BC government announced today that it is launching a new program to augment down payments for first-time buyers. The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing…

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Why Trudeau’s Tighter Mortgage Rules Are Likely Canada’s Last

(Bloomberg) — In 2006, in the middle of one the hottest years on record for Canadian housing, then Bank of Canada Governor David Dodge sent a testy letter to his counterpart at the country’s mortgage insurer warning about lax standards fueling demand for homes. Today, Dodge has new words of caution: worry more about supply.…

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Morneau Takes Out the Big Guns to Slow Housing – New Stress Test & More

Ottawa unveiled major initiatives to slow housing activity both by potentially discouraging foreign home purchases and, more importantly, by making it more difficult for Canadians to get mortgages. As well, the Finance Minister is limiting the degree to which mortgage lenders can buy portfolio insurance on mortgages with downpayments of 20% or more. Ottawa has…

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Mortgage Rule Changes – Oh How Times Have Changed

With the recent changes to the mortgage rules in Canada, we take a moment to look back at the evolution of the mortgage, and to highlight these new changes and what they mean. LOOKING BACK BEFORE 2008 During this time, lending and mortgages were much more laid back! There was 100% financing available, 40 year amortizations,…

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A Pre-Approval Is Not Really a Pre-Approval

A Pre-Approval Is Not Really a Pre-Approval There is a misconception out there that once you’re pre-approved, you’re good to go. A pre-approval simply means that based on your CURRENT income, expenses, down payment and credit you SHOULD be able to get fully approved once you find the right property (this is the first half of…

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ULI’s 4.0 BURGER

Our business partner Uli’s Restaurant is sharing the ingredients to their delicious Uli’s 4.0 Burger! Ingredients: Potatoe Bun Garlic Aioli Arugula 7 oz all beef patty with salt & pepper BBQ sauce (see the chef’s recipe posted below for more details)* Goat Cheese Fermented Jalapenos Crispy Shallots *Chef’s BBQ Sauce Recipe: 100oz ‘6 in 1’…

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Changes to down payment requirements coming February 15, 2016

Today, Finance Minister Bill Morneau announced changes to down payment requirements. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for the portion of the house price above $500,000. The five per cent minimum down payment for properties up to $500,000 remains…

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