The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates […]
New Home Buyers
Mortgage changes in 2014 budget
Some changes came down within the budget this week. Here’s the good and bad. One thing I like to note is the collateral charge disclosure. I can’t stress enough how this style of mortgage is not in 95%+ of peoples interest. And you see that even the DoF has concerns with the lack of disclosure […]
More on penalty calculations at the big banks
Credit for this article goes to http://www.robertkleinmortgagegroup.com and when I read it I had to share as it’s in such detail and well written. I recently had a client pay a $13,000 break fee on a 2 year old mortgage from RBC. As you can imagine the client was not impressed. By factoring in an […]
Importance of portability
Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home. Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better […]
Newspaper article that’s not so true
I was reading the 24hrs news paper today and came across this article in terms of what a variable mortgage product is. Where it’s some what true it doesn’t sit well with me as they are telling the public that this is the only option. Well it is the only option, with this one bank […]