Call Us Today! 604-684-4663 | billm@macklemmortgages.com

About the Blog

A mortgage blog chock full of advice and tips to help you better understand key terms, and the latest mortgage news.

How to Renew Your Mortgage in 5 Simple Steps!

By Liz | January 7, 2019

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…

Bank of Canada Turns the Tide

By Bill Macklem | July 19, 2017

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…

Housing Demand Normalizes as Supply Dwindles

By seanf@macklemmortgages.com | April 27, 2017

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…

BC Introduces Innovative New Program to Help First-Time Homebuyers

By seanf@macklemmortgages.com | December 19, 2016

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…

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

By seanf@macklemmortgages.com | November 18, 2016

(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.…

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

By seanf@macklemmortgages.com | November 16, 2016

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…

Mortgage Rule Changes – Oh How Times Have Changed

By seanf@macklemmortgages.com | November 15, 2016

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,…

A Pre-Approval Is Not Really a Pre-Approval

By seanf@macklemmortgages.com | July 13, 2016

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…

ULI’s 4.0 BURGER

By seanf@macklemmortgages.com | June 30, 2016

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’…

Changes to down payment requirements coming February 15, 2016

By Bill Macklem | January 24, 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…

6 Tips on How to Repair, Increase and Maintain Your Credit

By Bill Macklem | January 20, 2016

Credit scores are like report cards for grown‐ups. The score you get ranges from 300 to 900. Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers. The higher your score the better. 1. Get a Copy of Your Credit Report Make an inquiry once a year, twice…

Accelerated Bi-Weekly vs. Bi-Weekly Payments

By Bill Macklem | December 24, 2015

When signing your mortgage commitment letter you will have to choose your payment frequency. If your goal is to re-pay your mortgage as quickly as possible, then you need to understand how different payment options will affect your repayment schedule. So what are your options? In general, most lenders will offer the borrower the option…

Dominion Macklem Mortgages

Get Pre-Qualifed For a Mortgage

By Bill Macklem | December 2, 2015

Buying a home is one of the biggest financial decisions you will make, especially if you are buying your first home. So it is important to know your current financial situation and ensure you buy a home you can afford while still enjoying your life. For that reason I always recommend all home buyers talk…

Good News for the Canadian Economy

By Bill Macklem | October 1, 2015

Real gross domestic product (GDP) for July was posted at an better-than-expected 0.3 percent, confirming that the economy rebounded in the third quarter from the contraction in the first half of the year. Although oil prices remain depressed and commodity prices in general have fallen, the economy has been bolstered by the fall in the…

Why Banks Want You To Sign the Renewal Agreement That They Mail Out To You

By Bill Macklem | September 21, 2015

Most banks boast a higher than 90% renewal rate on their mortgages (some even higher than 95%). Since it costs them a lot more money to acquire a new client vs. keeping an existing one, banks love the savings of a simple renewal. So you would think that they would offer you the best rate up…