Housing Market Could Be Poised For A Spring Rebound The Canadian Real Estate Association says home sales in February bounced 2.3% from the previous month. Homeowners and buyers were comforted by the guidance from the Bank of Canada that it would likely pause rate hikes for the first time in a year. The Canadian aggregate […]

Statistics Canada released the real gross domestic product (GDP) figure for the final quarter of 2022 this morning, showing a marked slowdown in economic activity. This will undoubtedly keep the central bank on the sidelines when they announce their decision on March 8. The Bank had estimated the Q4 growth rate to be 1.3%. Instead, […]

Here is what you need to know about foreign buyer financing for real estate purchases in British Columbia, Canada. If you are obtaining a mortgage, you will need a Canadian bank account. Most banks require you to show your identification in person to open an account. Check the bank’s wire transfer policy to find out […]

The Bank of Canada made its eighth and final (scheduled) interest rate decision of the year and for the eighth time, left its overnight benchmark unchanged at 0.25%. As a result, the Bank Rate stays at 0.5%. These low rates have been a feature of monetary policy since March 2020 with the initial pandemic lockdown […]

1. The gift must come from an immediate family member. This includes parents, siblings, or grandparents. On rare exceptions an uncle or cousin may be used, however, the money is best provided through an immediate family member. Friends can not supply a gift letter Canada. 2. The giftor (the person giving the gift) bank account […]

The Bank of Canada made its seventh interest rate decision of the year and for the seventh time, left its overnight benchmark unchanged at 0.25%. This low rate has been the order of the day since March 2020. As a result, the Bank Rate stays at 0.5%. It also ended its massive, pandemic-induced quantitative easing […]

A down payment is one of the most essential aspects of every mortgage application and new home purchase. In Canada, home purchases require a minimum cash payment from your own funds that is put towards the purchase. This is your down payment and is considered your stake in the deal. Many home buyers understand that […]

With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn’t take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages’ qualifying rate to the […]

SAVE TIME. When you deal with a mortgage broker, you only have to fill out one application (and we all know those types of applications aren’t exactly fun to complete). The mortgage broker then shops your application to lenders to find you the best product and rate. SAVE MONEY. There’s absolutely no charge for our […]

Historically low fixed rates have been one of the pandemic silver linings fueling the Canadian real estate market. However, in the last two weeks, we have seen fixed rates creep up twice since the pandemic began as a result of a rising yield on the Canada 5-year bond. The steeper bond yield reflects growing optimism […]