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Like many Canadians you're probably wondering if now is the right time to buy?  However, thanks to the corrective measures taken by the government, estate prices seem to have come down. The twin cities of Toronto and Vancouver have always been notorious for their high real estate prices. In response to the reforms being undertaken and despite rising mortgage rates, you might just be able to afford you home now. As a rule, higher mortgage rates should bring housing prices down. But, for the time being, the soaring rates are only making buying a home a lot more expensive. Homeowners May Need to Watch for Dropping Prices If you’re looking to buy your home, keep in mind that the drop in real estate prices could offset [...]

The Canadian Real Estate Association (CREA) recently reported that February home sales across Canada rose 5.2 percent on a month-over-month basis to reach a level that’s just 0.8 percent below the highest peak ever seen in April 2016.   Earlier this year, Canada Mortgage and Housing Corporation (CMHC) announced its plan to increase homeowner mortgage loan insurance premiums that just came into effect last week. CMHC introduced new insurance premiums that took effect on March 17, 2017, to reflect OSFI’s new capital requirements. When announcing the changes, CMHC indicated that it didn’t expect any significant impact by the new rates on the ability of Canadians to buy a home. For the average CMHC-insured homebuyer, the changes will increase their monthly mortgage payment by approximately $5. [...]

What is Home Equity? Home Equity is the current market value of your property (home) minus the remaining mortgage balance. How You Can Use the Equity in Your Home to Save On Hefty Interest Charges People have been using home equity for a variety of reasons such as renovation, investing in other real estate property, refinance and even to consolidate debt. In order to facilitate homeowners, lenders have introduced a number of flexible home equity products. The option you choose depends on the amount of equity that you have presently built in your home as well as your own personal reasons for acquiring the extra cash. HELOC or Home Equity Line Of Credit Home Equity Line Of Credit, also known as HELOC is becoming a [...]

What does the new stress test mean? Based on the new regulation, a stress test is now required for all insured mortgage seekers. This means that everyone looking to purchase a new home must undergo these tests to prove that they are capable of continuing their payments even if the interest rates  go up by a significant factor. Up until now, stress tests were not required for fixed-rate mortgages longer than 5 year term. However, with the new Department of Finance regulations in place, all insured mortgages, regardless of fixed or variable term will have to undergo and qualify the stress test.   How does the latest mortgage lending rule affect you? The federal government introduced a new mortgage rate stress test for all insured mortgages [...]

Buying a new home is probably the most arduous process most Canadians will ever undertake. When choosing a mortgage, you need to consider many factors. If you get the wrong combination, you may have to suffer the consequences for many years or pay a penalty. We meet people seeking to change their closed mortgages all the time. Usually, this is because they have realized they are getting a raw deal. How can you avoid such a scenario before you even sign on the dotted line? Knowing how a mortgage term affects your mortgage is one of the ways. Why does the term matter? In Canada, mortgages are available in almost any amortization period-5, 7, 10, 15, 20 and 25 years. In your search escapades, you will [...]

Are you thinking if a Lowest Mortgage Rate is always the Best Rate for you? At Oakville Mortgage Solutions, a great mortgage rate is just the beginning. Mortgage Rates are usually the first thing to cross your mind when looking for a mortgage. That's normal as mortgage rates have been a subject of rivalry among lenders in Canada. This war has continued this year with a leading Credit Union announcing a 1.69% fixed rate mortgage a couple of months ago. According to experts, this could be the lowest one-year fixed rate available. You can expect other players to follow suit in a bid to get a slice of the vibrant mortgage market. Are such low rates necessarily the best for you? We do not think so. You [...]

With mortgage rates still on record lows in Canada, it might be the perfect time to get a good deal on your mortgage. Many Canadians believe that only banks can offer sound advice on mortgage matters. Although banks have different mortgage products, they may not suit everyone, and mortgage brokers always offer an ideal alternative. A recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP) showed that most first time home buyers and young Canadians use brokers when getting a mortgage. Here are a few ways in which your broker could play a crucial role in your home purchase. Best Rates in the Market Brokers are your best bet if you are looking for a good rate in the market. Mortgage brokers deal with [...]

The minister responsible for Canada Mortgage and Housing Corporation (CMHC), Jason Kenney, announced today that Evan Siddall has been appointed president and chief executive officer of CMHC for a five-year term effective January 1. "Mr. Siddall brings to the position extensive leadership and senior management experience," Kenney said. "His proven financial and capital markets expertise will be of tremendous value to CMHC." Siddall, who has a bachelor of arts in economics and a law degree from Osgoode Hall, has worked in various financial services and management positions throughout his career, including stints with BMO Nesbitt-Burns, Goldman Sachs and Irving Oil. He takes over for Douglas Steward, who has acted as interim president for CMHC since June 2013. "I am honoured to be joining CMHC, Canada's [...]