Mortgage Education Centre Archives

17Sep

Navigating Mortgage Renewal When Rates are Rising

[Synergy Mortgage - September 16, 2023] When it comes to mortgage renewal, especially during times of rising interest rates, your mortgage broker can be your secret weapon for optimizing your financial strategy. Their expertise and market insights can make all the difference in securing a mortgage that aligns with your financial goals. In this blog post, we’ll delve into how your mortgage broker can be a valuable ally in navigating higher rates during mortgage renewal. 1. Market Knowledge: Mortgage brokers are well-versed [...]

Mortgage Education Centre, Vancouver Real Estate

14Jul

How does the Bank of Canada’s interest rate hike affect variable rate mortgages?

[Globe and Mail - July 13, 2022] The Bank of Canada increased its benchmark rate by a whole percentage point on Wednesday, the most aggressive rate hike since 1998 and an even bigger jump than investors and Bay Street economists were expecting. This is the fourth consecutive interest rate hike since March, as central banks around the world attempt to curb runaway inflation and slow the pace of consumer price growth. The Bank of Canada’s policy rate now sits at [...]

Bank of Canada announcements, Economic Outlook, Mortgage Education Centre, Mortgage Rate Outlook

05May

The Tax-Free First Home Savings Account (“FHSA”) explained

[Invis - May 5, 2022] If you or someone you know is saving for a downpayment on their first home, the Federal government announced a new program aimed at first-time buyers in their recent budget. The First Home Savings Account combines the features of an RRSP and TFSA to give prospective homeowners some tax relief and a boost toward their homeownership goals. Here are the highlights: Account holders can contribute up to $8,000 annually, up to a lifetime maximum of $40,000. [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

02May

B.C. property owners face $52K in real estate fees even though sale never happened

[CTV - May 1, 2022] When Mike Armstrong and his wife Jessica set out to sell two cabins nestled in the trees at Lake Errock east of Mission, they had planned to use the proceeds to move to Vancouver Island to be closer to family. He never expected five years later they would be left facing tens of thousands of dollars in real estate commission fees without having sold either of the properties. “Never. No, no. I mean, who would?” he said. [...]

British Columbia, Industry News, Mortgage Education Centre, Vancouver Real Estate

03Mar

Higher interest rates are here. What does that mean for you?

[Synergy Mortgage - March 3, 2022] The Bank of Canada has been signaling for a while now that they will respond to inflation by raising interest rates. Sure enough, on March 2nd they announced a hike in the overnight rate by 0.25%. Here are answers to the most commonly asked questions. How does this affect my current mortgage? It depends if your mortgage is fixed or variable. A rate hike will impact variable-rate mortgage holders immediately as more of your monthly payment [...]

Mortgage Education Centre, Mortgage Qualification, Vancouver Real Estate

05Jan

Sensible strategies to help you thrive in 2022

[Invis - January 5, 2022] Canadians keep talking about the housing market! Are we in a housing bubble, will rates rise in 2022 and by how much, is this the right time to buy or refinance, is a lender's renewal offer the best available, and on and on! For many, it feels like some uncertain times ahead. Often, it's just a few sensible strategies that can help you thrive in the current climate. Here are my top tips for the [...]

Mortgage Education Centre, Vancouver Real Estate

16Oct

How to choose between selling your home and taking out a reverse mortgage

[Financial Post - September 23, 2021] Homeowners who need funds should weigh their options before tapping a home for income Just because you’re house-rich doesn’t mean you can’t go broke. Many homeowners who lack sufficient retirement income can find themselves faced with a difficult choice: sell a beloved home or turn it into an emergency income source. One option is to take out a reverse mortgage, which can let them maintain their lifestyles while staying put. But it’s a big decision. While a conventional [...]

Canada, Mortgage Education Centre

28Jul

Banking on mom and dad

[Toronto Sun - July 24, 2021] As housing prices hit an all-time high and continue to rise across the country, homeownership is out of reach for about three-quarters of Canadians, leaving many new homebuyers counting on the Bank of Mom and Dad. “With the housing market pricing many Canadians out of the market, younger generations are forced to turn to their parents to close the gap,” says Manulife Bank president and CEO Rick Lunny. If you’re thinking of helping your child purchase [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

28Jul

New stress test rate makes it more difficult for home buyers to qualify for mortgage

[Toronto Sun - July 3, 2021] Home buyers have contended with a series of costly hurdles in this ongoing, high-octane housing market — supply shortages, growing and pent-up demand, red hot prices and bidding wars just to name a few. It’s been a great time for sellers, but not so great for those looking to get into the market or upsize. Now the federal government is effectively putting another significant hurdle on the path to home ownership that will especially impact first-time [...]

Canada, Mortgage Education Centre, Mortgage Insurance, Mortgage Qualification, Vancouver Real Estate

22Apr

Recent Mortgage Rule Changes

[Synergy Mortgage Inc. / Invis - April 21, 2021] There had been speculation that the government would act to cool the hot housing market, but the industry saw only modest measures in the April 19 federal budget. A national annual tax on foreign-owned properties that are left vacant or under-occupied was announced, which will take effect in 2022. This will only apply to "non-residents" to discourage offshore buyers. New stress test The budget also referenced the recent announcement by the Office [...]

Mortgage Education Centre