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In the midst of soaring home prices and a very competitive real estate market, the Canadian government has introduced measures aimed at making home ownership more attainable for first-time buyers. Among these measures, the recent proposal to increase the RRSP (Registered Retirement Savings Plan) withdrawal limit for home purchases from $35,000 to $60,000 per individual—or $120,000 for a couple—sounds like a significant boost. This change, coupled with the introduction of the Tax-Free First Home Savings Account (FHSA), which allows for tax-deductible contributions and non-taxable withdrawals for home buying, seems to offer a solid financial leg-up. ...

In Canada’s evolving economic landscape, recent data has shed a ray of hope on the horizon for consumers grappling with the challenges of inflation. February marked a significant turning point, as the country witnessed a slowdown in its inflation rate, a development that exceeded the anticipations of many economists. This shift not only signifies a potential ease in the financial burden faced by many Canadians but also opens the door to discussions about a possible decrease in interest rates in the near future....

In the world of Canadian mortgages, the spring market is ushering in a noteworthy trend: a dip in rates for various mortgage options, despite the lack of explicit signals from the Bank of Canada about impending rate cuts. This shift has sparked a debate among homebuyers and refinancers: What's the current sweet spot in choosing between variable, short-term fixed, and long-term fixed mortgages?...

In recent years, Canada has witnessed a growing interest in tiny houses as a viable alternative to traditional homeownership. This trend is propelled by a number of factors, including soaring real estate prices, a growing awareness of environmental issues, and a societal shift towards minimalism and sustainable living. But what exactly is a tiny house, how much does it cost, and are there regions in Canada where this movement is more noticeable?...

When you're diving into the world of buying a home, it's like stepping into a complex maze. The journey is exciting, but filled with intricate details and steps that can be overwhelming. This is where a knowledgeable real estate agent and a sharp mortgage broker become your guides, helping you navigate through this maze with ease. ...

Navigating a mortgage renewal at a higher rate will be very challenging for most. Here are some practical tips and advice for those who are confronted by this situation. This could include exploring options like refinancing, negotiating terms with lenders, or switching to a fixed-rate mortgage. ...

Saving for the down payment for your first home can be a lot easier if you make use of your TFSA, FHSA and RRSP. Learn how to save for your first home, by making use of these savings accounts....

Fred and Martin Mortgages and LJ Realties Launch an Exciting New Radio Program on CJAD 800 AM...

Explore the pivotal decision between variable and fixed mortgage rates with expert insights from Fred and Martin. Navigate the nuances of flexibility and risk with variable rates, or embrace stability and predictability with fixed rates. Make informed choices tailored to your financial goals and risk tolerance. Your guide to optimizing homeownership in a dynamic economic landscape...

As we begin the new year, there's a lot of discussion about the economic outlook for 2024, especially regarding inflation and interest rates, which are critical for understanding the current financial environment. This is particularly important for those dealing with mortgages....

The year 2023 has been a rollercoaster for the Quebec and Canadian residential mortgage, interest rates, and housing market....

As your mortgage renewal date approaches, it's essential to remember that you are a "free agent" in the realm of real estate financing....

Retirement planning is a crucial aspect of financial health, especially in Quebec / Canada where longevity and quality of life are increasing....

As we step into 2024, the financial landscape presents a mix of challenges and opportunities. It's a year that's teeming with potential, yet shrouded in uncertainty....

In the ever-changing landscape of personal finance, making the right investment decision is crucial, especially in a high-interest-rate environment....

Last week, Canada's mortgage lenders cut their interest rates. The move, largely influenced by the recent performance of five-year Government of Canada bond yields, marked a turning point for lenders and consumers alike....

Darko Mihelic, an analyst with RBC Capital Markets, revealed that over the next three years, around 60% of Canadian mortgages are due for renewal....

While it's true that the Bank of Canada has provided some relief this week by maintaining its benchmark interest rate at five percent....

In the current economic landscape, private lenders, long associated with the more unconventional side of the mortgage business, have become an indispensable asset....

In today's real estate landscape, available properties at reasonable prices are in short supply. It's a seller's market, and potential buyers frequently find themselves competing with multiple offers for the same home....

Canada's affordable housing crisis is very much on everyone's mind these days. Is our government taking sufficient measures to tackle this pressing problem? Great question. ...

Is a secured line of credit a good safety net for aging Quebecers/Canadians?  A secured line of credit can be a valuable tool for aging Quebecers/Canadians, especially if it helps provide peace of mind and financial security during retirement....

Monoline lenders in Canada are financial institutions that specialize in providing one specific type of financial service: mortgage lending....

Your house is the most valuable thing you own, so you should look after it, especially if you're planning on staying there for a long time. It's also where your family lives, so doing regular upkeep is important to keep it safe and comfy....

For many, a home represents a significant storehouse of wealth. Over time, home equity can grow through consistent mortgage payments and the appreciation of property values....

Mortgage lenders can generally be categorized into three basic categories based on their type and source of funding....

Since March 2022, there have been 10 rate increases, and it is likely we will see another one in September as the Bank of Canada continues its fight against inflation. Additionally, we witnessed some lenders increase their rates last week in reaction to the bond yield - when bond yields rise, banks raise mortgage rates to maintain their profit margins, as they need to offer competitive returns to attract investors to their mortgage-backed securities.  ...

It’s easy to look online for a mortgage rate. But rate is only one aspect of saving money on your mortgage over the long term....

Have you, like many others, embarked on post-pandemic travel, indulged in luxuries such as a new car, exquisite meals, or even a beachside rental? Now, as the invoices accumulate, and the weight of this debt begins to tighten its grip, what can you do? Is there a way out? ...

The decision between a 30-year mortgage, and a 25-year mortgage depends on various factors and individual financial circumstances. Each option comes with its own advantages and considerations....

Pre-approvals are an essential part of the home buying process, providing potential buyers with valuable information and advantages. Here are the mechanics of pre-approvals: Purpose of pre-approval: pre-approval is a preliminary assessment by a lender to determine the maximum mortgage amount you can qualify for based on your financial situation, creditworthiness, and other relevant factors....

Renting a house means that you will be paying rent with nothing to show for it once your lease is over. But what if you want to own a home in the future, but cannot afford to purchase one today? Rent-to-own programs allow you to rent a home with the option to purchase it in the future....

Over the last 15 years, variable rate mortgages have been substantially lower than fixed rate mortgages. As a result, many Canadians opted for a variable-rate mortgage… but as of March 2022, variable rate mortgages now find themselves higher than fixed rate mortgages, catching many people off guard, and wondering what to do?   ...

We all have friends that suggest different things, “put $250 a month into a Registered Retirement Savings Plan (RRSP), put all your savings into a Tax-Free Savings Account (TFSA)”… compound this with the current economic, high interest rates, and the cost of living… make it all very confusing. ...

While there's no escaping the substantial rise in mortgage rates when it's time to renew your loan, there are strategies to benefit from a possible drop....

The Bank of Canada having just announced another rate increase, compounded by the stress test, which adds another 2% to the stated rate, is making harder and harder for some individuals to qualify for a conventional mortgage. Don’t despair, there are alternatives. ...

The affordability of home ownership in Canada can be influenced by various factors such as housing market conditions, interest rates, government policies, and regional economic factors – and yes, the last year has been particularly challenging; with interest rate hikes, soaring housing prices, and a lack of inventory, without mentioning inflation on absolutely everything, including the essentials i.e. gas, food… but this is cyclical, and things will even out, they always do....

Sadly, 40% of marriages end in divorce. 60% of second marriages end in divorce. 73% of third marriages end in divorce. Only 8% of Canadians have prenuptial agreements, despite this high divorce rate. An average of 25% of couples report that money problems played a role in their divorce....

Like anything in life, a good tune-up can be very beneficial… neglecting your mortgage can affect your current, and future financial situation....

So you have been shopping for a new home, and you finally come across the right one, you make an offer, and it gets accepted, only for you to find out that you do not qualify for the amount needed for this mortgage. This can at once be heartbreaking, and embarrassing, and a complete waste of time for all parties concerned. ...

Isn’t it ironic that people complain about high mortgage rates, and stay relatively silent about credit card rates?...

When the Bank of Canada raises interest rates, its objective is to curb inflation. A hike in interest rates slows down inflation by making borrowing more expensive, reducing the amount of money available to spend, and consequently encouraging saving....

In Canada, there are two main credit reporting agencies: Equifax Canada and TransUnion Canada. Both agencies collect and maintain credit information on consumers and businesses, and provide credit reports, and credit scores to lenders, employers, and other authorized parties....

We all hate it, but once it is done, “what a relief”, the house can breathe again! But what about your finances? Spring is also the perfect time to lean into and refresh those too. Here are some tips, and insights on how you can get your finances in order, and set them up for a brighter future. ...

Have you found the home of your dreams, but it needs a little work, and you don’t quite have the budget for these renovations? Fortunately, there is a solution that will allow you to purchase this home, while also covering the costs of renovations. It is called, “A purchase plus improvements mortgage”....

Variable rate mortgages are directly linked to the Bank of Canada's overnight rate… as the rates increase, the interest rate on variable rate mortgage also increases. If your mortgage payments are not adjusted to reflect the higher interest rate, your payments will go more towards paying interest, and less towards paying down the principal balance....

Your credit score is an important factor that lenders consider when you apply for a mortgage. A good credit score shows that you have a history of responsible credit management, which gives lenders confidence in your ability to repay a loan....

On March 28, 2023, Canada's Finance Minister Chrystia Freeland tabled this year's federal budget. The following, in point form, are some highlights that touch the housing market....

It is important to note that the 60-day default rule in Quebec is designed to protect both you and the lender. You have time to rectify the default, and the lender can initiate legal action to recover the mortgaged property if necessary....

Learn about the mortgage stress test in Canada, its purpose, and its impact on borrowers. Discover some options available to you if you don't qualify for a mortgage based on the stress test....

Discover essential tips for a successful mortgage renewal process. Learn how to compare lenders, evaluate your financial situation, and secure the best possible deal on your mortgage renewal....

A couple of weeks ago, we posted a blog questioning whether or not the first-time homebuyers’ incentive offered by the Federal Government was a good, and fair program....

Reserve mortgages is an excellent product but sometimes it is misunderstood, so we felt we would unpack it for you in this blog by giving you a concrete example. Before doing so, let’s quickly summarize what a reserve mortgage is?...

During COVID, many retirement homes were strongly impacted by the virus; confinement, no visitors, and in some cases, death. This situation spurred on the desire for many seniors to stay in their own homes....

Your biggest investment is your home, so why go at it alone....

Is it really? The Canadian Government offers first time home buyers the possibility to borrow 5 or 10% of the purchase price of a home....

Over the last couple of months, we have had some savvy investors call us inquiring about “The Smith Maneuver”...

As with everything in life, it depends. Borrowers need to have a plan, and have done their homework....