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Finally, a tax break on Lander transfer tax.
Did you get a larger Land Transfer Tax rebate? If you bought a home this year, and you’re a first time home buyer, then you’ll pay less tax..   The Ontario provincial govt has doubled the rebate from $2,000 to $4,000.   The rebate is for qualified first time home buyers only. They also eliminated […]

Coming soon…Higher CMHC premiums March 17, 2017
This is not a recording.  CMHC is increasing their premiums for the 3rd time in 4 years.  Here’s what it will look like. Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective March 17, 2017) Up to and including 65% 0.60% 0.60% Up to and including 75% 0.75% 1.70% Up to and including 80% 1.25% 2.40% […]

Debt diversification vs Debt consolidation…who wins?
ONLY IN CANADA Attention:  Bankers, close your ears.. we don’t want you to hear this.  Credit card balances, lines of credit, car loan, student loan, home reno loan, personal loan..   If you have one or more of these and you own a home, you’re probably losing money by paying a higher interest rate.  In […]

Mortgage rate outlook 2017.. Expect Fixed mortgage rates to go up…Expect Variable rate pricing to drop.
Fixed mortgage rates have increased by about 0.40% in the last 6 weeks.   Today’s 5 year fixed rates are at around 2.89% and will could continue to go up in 2017.   There are political and fundamental reasons why rates have gone up. (oh, by the way..  it’s not panic time.. who ever said that […]

Mortgage Brief.. Mortgages rules explained… and why didn’t the govt consult experts?
They say we don’t read emails or articles anymore.. we just skim through them.   But some things can’t be understood with a quick glance.  The new mortgage rules will impact EVERYONE! If you want to understand how they impact you, continue reading… If you don’t care or want to be oblivious, take the blue […]

Bi-weekly payment myth… it doesn’t pay your mortgage off faster.
For years, we’ve been told to pay our mortgage bi-weekly. Magically, it will  pay your mortgage off faster.  Hmm, let’s put that to the test. (SPOILER ALERT!)  Around 6 yrs ago, I wrote an article showing some simple but effective math to explain this.   I’m constantly getting emails from my readers asking me what […]

Bridge loans explained… your bank hates them but they are extremely useful
Bridge loans are short-term loans that bridge the gap between two different closing dates.  More commonly used when an existing homeowner sells their home, and buys another home, with two different closing dates.   But bridge loans have become a very popular way to take possession of that new home while it’s empty for 2 […]

Unexpected Trump win on Canadian mortgage rates and market.
The surprise Donald Trump US election win has caught many off-guard.  The pollsters have been quiet to comment after they all predicted a Clinton win. Here’s what week 1 looks like, after the Trump win.  The first few days saw some chaos in the stock market.  Stock market went down and so did Govt of […]

Marital splits… woman seem to be at higher risk when it comes to finances.
  They say about half of all marriages end up in divorce.  In Canada, it’s around 48%.  In the U.S., it’s around 53% according to Stats Canada.  You’ve probably heard these stats before. But what happens when a couple splits and all the financial matters were being handled by just one spouse?  In most cases (but […]

 

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