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Friday, April 14th, 2017

New survey shows Canadians turning part of their homes into Airbnb units to cover their mortgage

Canadians facing ever increasing house prices — and debt — are turning to short-term rentals to make ends meet, according to a new survey. AltusGroup, which provides real estate research, said its FIRM survey from the summer of 2016 found four per cent of all households had used a short-term rental accommodation service in the […]

Fixer-uppers not for the faint-of-heart – Ask a Vancouver Mortgage Broker

When Eileen Muzzin and her partner, Dan Pedersen, were searching for a home in Vancouver, they knew they wouldn’t be buying a place with granite countertops or a peekaboo view. With a modest budget – by Vancouver standards – they ultimately decided on a fixer-upper on the city’s east side. The couple got a 2,000-square-foot […]

Applying for a fixed-rate mortgage? Why you need to do your homework

Imagine you’ve applied for a five-year fixed-rate mortgage. Then, before you close, the lender drops its best five-year fixed interest rate. You’d expect that new lower rate, right? Most people in this position would. But with some lenders, that’s not the way it works. If you’re going mortgage shopping, take a minute to understand your […]

Is it time to downsize your home, sweet home?

The Globe and Mail Downsize Your Home Worksheet is designed to help people think through some of the financial considerations involved in selling the family home and moving to something smaller. Sure, there are lifestyle factors in deciding when to sell. But there’s also the state of the real estate market to consider. Should you […]

Consider a trust fund for your kids even if you’re not rich – Consult with a Vancouver Mortgage Broker

Some people are lucky enough to be born to well-connected families with vast fortunes, leaving those of us who rely on our wits and hard labour with rigid attitudes about the type of kids who benefit from trust funds. Lately, the practice of leaving large inheritances may be increasingly falling out of favour – at […]

Household debt worries ease as pace of mortgage borrowing slows in May: study – Consult with a Vancouver Mortgage Broker

Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability. The RBC paper notes that overall household debt accumulation remained flat-lined at 4.2 per cent growth in May, about the same level as the previous three months. Outstanding mortgage debt […]

Young urban condo buyers: Why not rent instead? – Consult with a Vancouver Mortgage Broker

Question for all the young adults buying condos these days: What are you thinking? Rent that little box in the sky and save your money for a house later on. Don’t buy something you’re going to grow out of in a few years. “When you run the numbers, renting is probably a bit cheaper,” said […]

Can this young Toronto family really afford a house? – Consult with a Vancouver Mortgage Broker

ROB CARRICK– The Globe and Mail I really want to tell this couple it’s okay to buy a house. Let’s call them Grace and Jim, both 35 years old. They live at Jim’s parents’ place in Toronto with two kids, aged 2 and five months, and they have differing views on buying a home. Jim, a […]

Can you really afford that mortgage? Know your Real Life Ratio – consult with a vancouver mortgage Broker

Someone ought to explain the facts of life to the nation’s bankers. They’re handing out mortgages to people without any apparent understanding that today’s home-buying couple is tomorrow’s family of three or four. A lot happens to one’s ability to afford mortgage payments when kids come along, but you’d never know it by the way […]

Five Canadian mortgage market predictions for 2014 – Consult with a Vancouver Mortgage Broker

ROBERT MCLISTER–  Special to The Globe and Mail 1. New mortgage rules Expect more rule tightening in 2014 designed to reduce mortgage risk for lenders, mortgage default insurers and the government. By definition, those rules will make it slightly harder to get approved for some mortgages and further slow the housing market. 2. Credit unions will steal […]

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