Day: June 24, 2022

Not all insurance products are created equal. One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! Well, you might have one kind of insurance, but you might be missing coverage elsewhere. It is important to understand all the different insurance products to ensure you have proper coverage. To help you get a better understanding of the insurance, below are the four main insurance product options you will encounter and what they mean: Default Insurance: This insurance is mandatory for homes where the buyer puts less… Continue reading Understanding Insurance related to House and Mortgage

As everyone know, The Bank Of Canada Raised its Key Interest Rate by 0.25% Today as it was expected! What does it mean to you as a client? If your Mortgage is FIXED, there is no change for you! If your Mortgage is VARIABLE, Don’t Panic! Please see the illustration below for 25 years amortization with semi-annual compounding period. The monthly payments on a $500,000 mortgage with Variable Rate at 1.50% was previously $1,998.59 per month. A 0.25% increase in rate to 1.75% increases your payments to $2,057.43, which is a difference of only $58.84 per month. If you have… Continue reading The Bank of Canada Raised its Key Interest Rate by 0.25% Today!

Today’s budget announced a $10 billion package of proposals intended to reduce the cost of housing in Canada (see box below). The fundamental problem is insufficient supply to meet the demands of a rapidly growing population base. Thanks to the federal government’s policy to rapidly increase immigration since 2015, new household formation has risen far faster than housing completions, both for rent and purchase. This excess demand has markedly pushed home prices to levels beyond average-income Canadians’ means. The measures announced in today’s budget to increase housing construction, though welcome, are underwhelming. The Feds can control the construction of lower-cost housing through… Continue reading Housing A Major Theme Today’s Federal Budget. Affordable Housing Is A Key Theme In Federal Budget 2022