First-time homebuyers helping to drive real estate sales But more potential buyers worried about growing costs

CALGARY — First-time homebuyers have accounted for about one in every two homes sold in Canada in the past two years, over more than a quarter of a million sales per year across the country, says a new report. A housing report by the Altus Group, an economic consulting firm, says the majority of first-time […]

Five steps to scoring a mortgage

A variety of factors can keep you from qualifying for a mortgage. The big ones include a low credit score, insufficient income for the size of the loan you want, insufficient down payment and excessive debt. All of these factors are within your control, however. Let’s take a look at your options for overcoming any […]

Check owner-to-renter ratio when buying a condo

Buying a house is a big learning experience for most of us, since we do it infrequently. Buying a condo presents even more challenges. I always advise people to do lots of research, talk to neighbours and check the minutes of the condo board meetings. Don’t make an impulse purchase, as Jody White described doing […]

Easing the tax hit for investment property owners

Whether it’s a duplex, a cottage or a Florida getaway, a second property can be a rewarding investment over time. But if you’re not careful, it can prove taxing as well. A little planning goes a long way. The following are some common mistakes financial planners see in their practice, as well as some tips […]

Housing Hold’em: RBC Poll finds over half of younger Canadians plan to buy next year

46 per cent of younger homeowners say mortgage costs eat up too much income TORONTO, APRIL 7, 2011— Over half of young Canadians (55 per cent) believe that it makes sense to delay a home purchase until next year, 10 points higher than the national average, and almost half (46 per cent) of younger homeowners […]

Lower Qualification Rates on Conventional Mortgages. A Trend?

One year after most banks started using posted rates to qualify conventional mortgages, we’re starting to see some loosening of those policies. Three weeks ago, Scotiabank lowered its conventional qualifying interest rates, and last week FirstLine (a division of CIBC) did the same. Lower qualification rates impact debt ratio calculations and make it easier for […]

10% Down Payments & Other Policy Debates

Housing accounts for an immense 1/5th of Canada’s GDP. That makes mortgage debt and housing policy enormously important topics from an economic standpoint. With the stakes so high, it’s painful to watch critics exhort blanket changes to mortgage rules, based primarily on their opinions in lieu of credible data. Case in point is this editorial […]

IRD Penalty Comparison Rates

The much-unlovedInterest rate differential (IRD) penalty is a mystery to most of the natural born population. People loathe it, largely because they don’t understand it. We continually come across folks who read their entire mortgage contract and are still confused by the IRD calculation. Fortunately, federal disclosure guidelines are on their way later this year. […]

Help for seniors

Paul Barker, Postmedia News · Mar. 30, 2011 | HomEquity Bank, operator of the Canadian Home Income Plan reverse mortgage, better known as CHIP, has a monopoly today but mortgage experts say it’s only a matter of time before competitors move into this highly lucrative and growing market. “I can’t predict when it might happen […]

Welcome to Adil Virani Mortgages

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