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New Housing Measures Announced

April 20th Premier Kathleen Wynne announced a comprehensive package of housing reforms, ahead of the provincial budget aimed at cooling the GTA housing market. The release can be found here. The announcement follows extensive media coverage about the serious concerns with the over-heating markets. Mortgage Professionals Canada has been engaged with the Ontario government and many MPPs through our lobbying activities and our recent Queen’s Park Advocacy Day. We are pleased to see measures that will increase supply, improve data collection and curb speculation within the market place, which we have been asking the government to do. However, we are disappointed that there is no additional support for first-time buyers in this package, and we suggest caution that a foreign buyer tax will not have [...]

By |2018-05-09T16:44:17+00:00May 9th, 2018|Uncategorized|Comments Off on New Housing Measures Announced

One weekend spring cleaning tips

Get a head start on decluttering, organizing and simplifying your life with these tasks you can complete in just a couple of days. The one year rule. Pick an area in your home — your closet, cupboards or bookcase — and apply the one year rule. If you haven't worn it or used it in any way over the last twelve months, donate or toss it. You can make an exception for souvenirs or sentimental items. Organize your entertainment. Sort your books, magazines, DVDs, records, and games in a way that makes sense for everyday use. Put those for the kids on lower shelves for easy access, and sell or donate any they (or you) have outgrown. Monitor expiry dates. Check your medicine cabinet, beauty [...]

By |2017-03-02T17:28:26+00:00March 2nd, 2017|Uncategorized|Comments Off on One weekend spring cleaning tips

Spring into action: Protect your home

The flowers are blooming, the birds are singing and our homes have a bad case of the winter blues. “Spring cleaning” is a tradition that serves a very useful purpose - it rids your home and exterior property of build-up left from the winter months. “The winter season brings a lot more headaches than just bitter cold weather and snow,” says Glenn Cooper of Aviva Insurance. “Many side-effects of winter are noticed when spring comes along. It's important to take care of those problems before they lead to serious property damage.” Cooper offers four simple tips to help make exterior spring cleaning a breeze this year: 1. Inspect your property: Frozen ground can cause shifts in your landscaping and patios. If left unattended, it can [...]

By |2017-03-02T17:21:53+00:00March 2nd, 2017|Uncategorized|Comments Off on Spring into action: Protect your home

Canadian Housing Starts Trend Increased in January

The trend measure of housing starts in Canada was 199,834 units in January compared to 197,881 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next. The standalone monthly SAAR for all areas in Canada was 207,408 units in [...]

By |2017-02-10T17:55:31+00:00February 10th, 2017|Uncategorized|Comments Off on Canadian Housing Starts Trend Increased in January

RRSP Contributions: lump sum payments or monthly withdrawals?

We’re in full RRSP season and many Canadians wonder what the best option is between lump-sum payments every winter and monthly withdrawals. Contributing to you RRSP has several advantages: aside from the obvious retirement savings, RRSP contributions are deductible and can be used to reduce your tax. An RRSP also gives you a certain degree of flexibility in your financial future, and you can tap into your RRSP for the Home Buyers' Plan that gives first-time home buyers the opportunity to withdraw up to $25,000 for their down payment. Both options (lump-sum or recurrent) work to contribute to your RRSP, but regular deposits are definitely preferred. Contributing regularly forces you to save every month, and you can also set up a pre-authorized withdrawal from your [...]

By |2017-02-07T18:44:23+00:00February 7th, 2017|Uncategorized|Comments Off on RRSP Contributions: lump sum payments or monthly withdrawals?

Maximize Your Mortgage by Refinancing

Mortgage rates are dipping and homeowners in Ontario are seriously thinking about the relationship between a new mortgage and savings. For those who are working with adjustable rate mortgages, the allure for the certainty offered by the fixed rate option has never been stronger. If your fixed rate dates back to 2010 or earlier, I am almost certain the current mortgage rates in Ontario are much lower than your rate. This alone should motivate you to refinance. Definitely, there are other benefits too as we will see.   Reasons to Refinance and how much you can potentially save Interest Rates Do you have a five-year mortgage with a few years, say three, to go? Refinancing the mortgage can save you thousands of dollars and reduce [...]

By |2016-02-10T19:33:30+00:00February 10th, 2016|Uncategorized|Comments Off on Maximize Your Mortgage by Refinancing

Feeling the Pinch of Financial Debt; You’re Not Alone

If you are feeling the pinch of Financial Debt, take heart, you are not alone. In Canada, Consumer debt is on the rise and about 80 to 87 percent of that is mortgage debt. Homeowners that are most affected are in Ontario, British Columbia and Alberta where house prices have escalated. Are feeling overwhelmed by debt? Sometimes we don’t consciously recognize we have debt problems, but at times can feel a gnawing feeling of being afraid or a general angst.   Even if we are aware of an issue with debt, it can be a tough thing to admit, let alone get help. At times it’s due to knowing something needs to change, we are embarrassed, acknowledging it makes it real or at times just have [...]

By |2016-01-19T19:33:45+00:00January 19th, 2016|Uncategorized|Comments Off on Feeling the Pinch of Financial Debt; You’re Not Alone

Newcomer Mortgage in Canada

If you are a newcomer and immigrated/relocated to Canada within last 60 months, let a professional Mortgage Broker at Oakville Mortgage Team help you realize your dream of homeownership.  Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible, under the New to Canada program, to purchase a property with as little as a 5-10% down payment.  The Oakville Mortgage Team knows how you can increase your chances of success and will help you realize your dream of homeownership in Canada.  Some important guidelines to qualify for a mortgage are: 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt).  Standard income and employment verification requirements apply. Note:  If you have [...]

By |2015-12-11T14:35:43+00:00December 10th, 2015|Uncategorized|Comments Off on Newcomer Mortgage in Canada

Make an Informed Decision on your Mortgage

Decisions you make on your mortgage should not just be about getting best mortgage rates.  Make an Informed Decision on your Mortgage and find out more about a Conventional Mortgage versus a Standard Mortgage.  There are advantages and disadvantages to both mortgages, depending on your mortgage needs. Standard Mortgage –  Standard charge mortgages are offered by the majority of lenders, although some offer both – standard charge mortgages and HELOCs, which are a collateral charge. The mortgage is registered for the amount borrowed giving you the option to access your equity at a later date either through a second mortgage, a secured line of credit or by renegotiating with your existing lender to adjust your mortgage amount.  With a standard charge mortgage you are not as [...]

By |2016-01-19T19:31:37+00:00March 17th, 2015|Uncategorized|Comments Off on Make an Informed Decision on your Mortgage

CMHC’s Homebuying Step by Step

CMHC's Homebuying Step by Step guide walks you through five key steps to buying a home. Step 1: Is Homeownership Right for You? Take a moment to think through the advantages and disadvantages of both owning and renting. Spend the time to educate yourself about the process of home buying and the responsibilities of homeownership. Step 2: Are You Financially Ready? Before you begin shopping for a home, know how much you can afford to spend. Start by evaluating your financial readiness with the help of CMHC’s Household Budget, Mortgage Payment, Debt Service and Mortgage Affordability Calculators. These tools will help you establish your financial situation, determine how much you can afford and the maximum price that you should be considering. It is a good [...]

By |2015-02-26T17:39:36+00:00February 26th, 2015|Uncategorized|Comments Off on CMHC’s Homebuying Step by Step