Tag Archives: Real Estate

Agents and Clients

The relationship between a mortgage broker and a real estate agent can be a fruitful one for all parties involved. But like any relationship, it relies heavily on communication and the ability to help one another to in the end get the best results for you, the client! There are several benefits and services a mortgage agent may provide to a real estate agent to help better their relationship; which … Read More

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Mortgage Matters

Does your mortgage matter?  Are you better off renting?  Sometimes life can feel like a daily grind.  Working to pay your bills and your mortgage, just trying to get through to the weekend so you can finally relax.  Resentment can build up pinching pennies to save up for a week’s vacation.  Some of us have even settled on renting instead for a couple hundred dollars less a month to spend … Read More

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The Miracle of Compound Interest Can Make You Rich

The miracle of compound interest can make you rich.  A house is the biggest asset you will own in your lifetime.  If you pay off your mortgage quickly using the miracle of compound interest, then you will be privileged with an impressive net worth. Take the example of Penny Morepayment.  If Penny buys her first home for $375,000 at the age of 30 and takes out a mortgage of $300,000, … Read More

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Life is Short, Make your Mortgage Shorter

One positive consequence of the tighter mortgage rules is shorter amortizations.  While extending your mortgage over 40 years may make your payments more manageable and allow you to qualify for an even bigger home, you may never live to see your mortgage burning party. In pricier markets, the rational has been that you will enjoy significant capital appreciation that can contribute to your retirement savings.  Many are also under the … Read More

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Proud to Be Canadian!

I’m proud to be Canadian but even prouder to be a Canadian mortgage broker.  Our great country fared better then any other industrialized nation through the great real estate recession of 2008 that continues to linger today.  Foreign mortgage financing practices caused the massive economic downturn, but Canadian mortgage financing practices have kept our country stronger than others. What makes our mortgage system so strong is not individual rules, regulations … Read More

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Do You Qualify for the Average Home?

You need a household income of $77,700 to buy the average Canadian home.  Of course there is no average city so you’ll need to earn more or less income depending on where you live.  Here’s a chart released by the Royal Bank of Canada (RBC) outlining the minimum income needed to qualify for the average house price in select Canadian cities. City Average Q1 Price Qualifying Gross Income Canada $366,500 … Read More

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Debt Can Dampen your Love Life

The government of Canada has taken a keen interest on your debt levels, and so has that cutie down the hall.  High levels of consumer debt can lead to financial instability especially if interest rates rise or employment is lost.  The government wants to ensure the country’s economic stability, but that cutie is looking for some stability of their own.  According to a new survey by dating site Match.com, 94 … Read More

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Housing Market Beginning to Thaw

Recent indicators point to a thawing of the Canadian housing market.  The government induced deep freeze is beginning to lift as evidenced by month over month activity increase and a year over year average price increase. National sales activity rose in March by 2.40% compared to the previous month.  Although activity declined by 15.3% from the same month last year, the 2.40% reveals a positive trend that’s expected to continue … Read More

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5 Steps to Pay-Off Your Mortgage Sooner

Owning your own home is a fundamental dream for Canadians, but with a large mortgage looming it can feel like the bank is the real owner.  Owning your home free and clear is a more ambitious goal.  Here are 5 steps to get to that mortgage burning party sooner. 1)      Set a Realistic Timeline – It’s important to set an ambition goal, but make sure it’s achievable.  Just saying that … Read More

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Freehold, Condo, Leasehold or Co-operative

When purchasing a home most buyers only distinguish between freehold and condominium.  This normally doesn’t pose a problem because 98% of land ownership is held in one of these 2 forms.  Some buyers will take title to their new home as leasehold or as a co-operative without knowing the facts and this could spell disaster down the road. Under leasehold ownership you typically take full ownership of the building, but … Read More

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