After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits.  While the impact  of the tax will…

Not all debt is created equally.  Let’s face it, debt is not something we desire to have but there is a difference between the good and bad and it lies in how it can hurt or help you reach your financial goals.

Some debt can be seen as an investment in one’s future such as:

Stay tuned for the ever changing interpretation of the 3 new rules to the mortgage industry announced by the Finance Minister yesterday.  His statement was ambiguous at best and many questions still go unanswered about how this will truly affect Canadians.

For instance, when qualifying a client for a variable rate are we using the “best” 5 year fixed rate or the “posted” 5 year fixed rate?  This can…

Minister of Finance, Jim Flaherty announced 3 new mortgage rules to take effect on April 19, 2010. Keep in mind that these apply to Government backed mortgages – CMHC insured. Here are the rules which are excerpts from the announcement , the breakdown, and how they will impact Canadians:

1. Require that all borrowers meet the standards for a five-year fixed rate mortgage even if…

For many Canadian homeowners, paying off their mortgage as quickly as possible is a top priority.  Paying down extra principal in the years by whatever means possible can shorten the life of your mortgage and dramatically lower the interest you’ll pay over the long haul.  Here are a few “super” tips on how to make this happen:

1. …

Looks like the Governor of the Bank of Canada, Mark Carney doesn’t agree with Canadian banks that there is a housing bubble in the making. Luckily, Finance Minister Jim Flaherty has been convinced of the same…for now, but this may change and we could see an implementation of lower amortizations with a maximum to 30 years…

Great article in the Montreal Gazette addressing a recent survey commissioned by the Canadian Association of Accredited Mortgage Professionals which indicates that mortgage clients are not taking “undue risks” when it comes to mortgages.

I tend to agree as the majority of clients that I see in Toronto and surrounding areas have an adequate buffer to weather rate increases, whether it be variable or fixed rate mortgages.  They mention…

…and why they may not be the best choice for your mortgage.

There has been a lot of talk in the news the last 2 weeks about extended fixed terms, namely 7 and 10 year fixed mortgages. It’s true that rates are historically at their lowest right now and a 10 year mortgage at let’s say 5.25% looks very…

What a great article this week in the Globe and Mail.  I love it as it shines a light on what is really  going on in the Canadian mortgage market, who the big player on the scene is, who takes the most risks (us), and who gets all the big buck bonuses (not us).

I would have to say…

Please find my latest version of the very popular “Home Buyer’s Guide”.  This comprehensive guide offers a wealth of information – perfect for a first time home buyer but also a great reference for anyone who is in the home buying process.

Home Buyer’s Guide – PDF

The Bank of Canada met today and as expected kept their key interest rate unchanged at .25%.  While the Bank recognizes that a recovery is underway they have reduced their growth forecasts to 2.9% due to factors like a strong Canadian dollar and low levels of US demand for our exports.

Of course, rates will rise at some…

Here is an interesting article from the National Post last week. My guess is that most consumers are unaware of the fact that the government has added a May 1 deadline clause for the HST – not July 1st as most believe it to be for renovations. This could translate to significant additional costs for any homeowner…

Well this was some very welcomed news this week from the office of the Bank of Canada. For months now we have been hearing from the Federal Finance Minister Jim Flaherty that he feels there is a bubble occurring in the housing market in Canada – especially in urban areas like Toronto and Vancouver. This left a lot of my colleagues…

The definition of a superhero is one that is a fictional character with superhuman powers to protect the public. Well, I am certainly not fictional nor do I possess superhuman qualities…however – I DO protect my clients AKA the public when it comes to their mortgages.

A client in Toronto once told me after I arranged their mortgage ” You are like a mortgage superhero”. The coining of this…