Canadians saving more, but are they making the most of their savings? – Ask a Vancouver Mortgage Broker

Recent data indicate that Canadians are saving more. Statistics Canada reports that the Household Savings Rate is currently 5.4%, a 0.4% increase from the previous year. Likewise, a recent BMO Bank of Montreal study found that 48% of Canadians are now investing in Tax-Free Savings Accounts (TFSAs), a 23% increase from 2012. It’s good that […]

TD trims mortgage rates after RBC, Scotiabank and BMO do the same

TORONTO — Another big Canadian bank has lowered some of its mortgage rates slightly after an initial reduction by the Royal Bank over the weekend. How factory-built homes are shedding their ‘cheap’ label and exploding in popularity Most new homes are built stick by stick, brick by brick, by a construction crew on-site, but a growing number […]

Does it make more financial sense to own a condo or rent an apartment? – Ask a Vancouver Mortgage Broker

DAN BARNABIC Contributed to The Globe and Mail From The Condo Bible for Canadians, Everything you must know before and after buying a Condo, by Dan S. Barnabic. Copyright © 2013 by Dan S. Barnabic. Reprinted with permission of Neon Publishing Corp. Investing vs. Renting: “In Principal”For many people, it is more advantageous to own rather […]

Bank of Canada warns low inflation to persist into 2016

BARRIE MCKENNA–  OTTAWA — The Globe and Mail The Bank of Canada is warning that unusually low inflation pressures will persist into 2016 – a new forecast that could further delay future interest rate hikes and send the Canadian dollar lower. The currency plunged after the announcement, sinking to 90.3 cents U.S. by late morning. The central […]

Not the Time for a 10-year Fixed – Consult with a Vancouver Mortgage Broker

OK let’s rephrase that. It’s not the time for a 10-year fixed for well over 90% of Canadianmortgagors. There was a time last year when thespread between 10-year and 5-year fixed rates was below 3/4 of a percentage point. That made even the 10-year scoffers among us rethink our positions. But spreads are now back over […]

Talk of rising interest rates no reason for homeowners to panic – Consult with a Vancouver Mortgage Broker

ROMINA MAURINO-  The Canadian Press Talk of rising interest rates tend to make homeowners jittery and, if you have a big mortgage, you may be feeling extra nervous. But while Bank of Canada Governor Stephen Poloz may have made some people uneasy when he spoke in a televised interview last week about the likelihood of rising […]

10 things you should know about TFSAs – Ask Adil Virani, Vancouver Mortgage Broker

While many Canadians are focused on the looming RRSP deadline and maximizing contributions, it’s important that they don’t lose sight of an important alternative investment, a tax-free savings account. A major benefit of TFSAs is that money invested in them can grow tax free-for life, says Ahmad Dajani, vice-president of investments, guaranteed investment certificates and […]

Canada’s house prices still rising but sales stall for third straight month – Ask a Vancouver Mortgage Broker

TORONTO — The latest real estate results look impressive for seven-figure homes but the story is not as dramatic once you factor out Canada’s two most expensive cities and look at three months of falling sales. Prices across the country rose 10.4% in December from a year ago to an average of $389,119, according to […]

CUs: A Lower Bar on Qualification Rates – Ask a Vancouver Mortgage Broker

Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity. In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless […]

What you need to know before, and after, buying a condo – Ask a Vancouver Mortgage Broker

What you need to know before, and after, buying a condo ROB CARRICK–  The Globe and Mail Your life as a homeowner will likely include some time in a condo. Condos suit young adults, and retirees who want to downsize. As houses rise in price, more people in between those extremes may opt for condos. […]

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