Simplified mortgages. Professional Results.
Author: tmp_editor
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Stress-Test-Free Low-Ratio Switches: Updates to the New Rules
Dec 17th, 2024: The Government of Canada has introduced a significant change to mortgage insurance rules, effective December 16, 2024. This update allows stress-test-free switches for low-ratio (“bulk insured”) mortgages at renewal, creating new opportunities for borrowers and reshaping how mortgage renewals are approached. What Does This Mean for Borrowers? Traditionally, borrowers switching lenders at…
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Navigating the Latest Mortgage Changes: Insights and Opportunities for 2025
Dec 12th, 2024: As we wrap up 2024 and step into the holiday season, significant changes in the Canadian mortgage industry are creating new opportunities for homeowners and borrowers alike. From interest rate cuts to the removal of the stress test for certain mortgage transfers, these updates have far-reaching implications for anyone looking to optimize…
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How the Bank of Canada’s Latest Rate Cut Impacts Your Mortgage and Savings: What Borrowers Need to Know
Oct 23rd, 2024: In a significant move, the Bank of Canada recently slashed its key interest rate by 50 basis points, marking one of the most impactful rate cuts in recent years. This decision, aimed at stimulating economic activity, has raised numerous questions about how it will affect Canadian borrowers, particularly those holding mortgages, credit…
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September Jobs Surge: Strong Employment Growth and What It Means for Rate Cuts
Oct 15th, 2024: Statistics Canada’s latest report shows a positive shift in employment for September 2024. The country added 46,700 jobs, leading to the first decline in the unemployment rate this year, now at 6.5%. This uptick in job growth includes a notable increase of 112,000 full-time positions. Despite the gains, the employment rate fell…
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Unlocking New Housing Opportunities: Federal Actions on Secondary Suites and Vacant Land Development
Oct 8th, 2024: The Canadian government has introduced new initiatives to tackle the housing crisis by expanding opportunities for homeowners and developers. A key part of this announcement is the support for homeowners to build secondary suites and the use of vacant land for housing development. Building Secondary Suites: Transforming Underused Spaces Starting January 15,…
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OSFI’s Decision to End the Stress Test for Uninsured Mortgage Switches: What It Means for Borrowers
Sept 26th, 2024: The Office of the Superintendent of Financial Institutions (OSFI) is set to eliminate the stress test requirement for uninsured mortgage switches, starting November 21, 2024. This change, which has drawn attention from both mortgage professionals and borrowers alike, applies to those looking to switch lenders at the end of their mortgage term.…
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Federal Government Increases CMHC Mortgage Cap to $1.5M and Extends 30-Year Amortizations
Sept 16th, 2024: The federal government has unveiled major reforms to Canada’s mortgage landscape. Key measures include raising the CMHC-insured mortgage cap from $1 million to $1.5 million, which aims to improve access for Canadians in high-priced markets. Additionally, all first-time homebuyers will now have access to 30-year amortization periods, helping reduce monthly payments and…
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Unlock the Power of Your Home’s Equity to Achieve Financial Freedom
Sept 9th, 2024: For many homeowners, the idea of equity can seem abstract, but it’s a powerful financial tool that could improve your financial well-being. If you have debt and equity in your home, you may be sitting on an opportunity to consolidate debt, fund investments, or simply gain more financial flexibility. At The Mortgage…
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Good News for BC Homeowners: What the Recent Rate Cut Means for You
Sept 4th, 2024: Exciting news for homeowners and potential buyers in British Columbia! The Bank of Canada has just announced another interest rate cut, lowering its key overnight rate from 4.5% to 4.25%. This follows two previous cuts in June and July, and there could be more on the way. But what does this mean…
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The Bank of Canada’s Path Toward Rate Cuts Amid Cooling Inflation
August 20th, 2024: In recent months, the Canadian economy has been marked by a significant cooling in inflation, which has led to widespread anticipation of further monetary easing by the Bank of Canada (BoC). As inflation continues to decelerate, the central bank is expected to cut its overnight policy rate by 25 basis points (bps)…