How Age is Impacting the Housing Market

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Housing Costs, Mortgage News, Real Estate Advice

It used to be that buying a home was a solid investment in your retirement. Simply purchase a fixer-upper, restore it to it’s former glory, incorporate some modern amenities, and presto-changeo: 20 years from now you’ve got yourself a nice, big next egg. However, things have changed, leaving many mature homeowners facing a frustrating reality. According to the Bank of … Read More

Could Interest Rates Go Lower?

EditorAbout Mortgage Brokers, FamilyLending.ca, First Time Home Owner, General Interest, Housing Costs, Real Estate Advice, Residential Mortgages

Interest rates have no where to go but up, right? Maybe, but maybe not. Bank of Canada governor Mark Carney signalled last Tuesday that he’s still looking to raise the cost of borrowing “over time,” however, it appears to be an empty threat. The overnight rate has remained unchanged for months as Canadian home hunters continue to take advantage of … Read More

Explaining Foreclosures in Canada

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, Housing Costs, Mortgage Term, Mortgage Types, Residential Mortgages

Found yourself in a financially tough spot? Having trouble making your monthly mortgage payments? Be careful – foreclosure could be around the corner. While it is generally in the interested of both the bank and you, the borrower, to avoid foreclosure proceedings, sometimes there is no other option. A number of things happen when a homeowner defaults on their mortgage. … Read More

What if the Government Didn’t Back Mortgages?

EditorFamilyLending.ca, First Time Home Owner, Home Insurance, Housing Costs, Investment Property, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Real Estate Advice, Residential Mortgages

Saving for a down payment on a home takes dedication, perseverance, and sacrifice. For many, it also takes a long, long time. According to a recent report from Rate Supermarket, come 2020 the average cost of a home in Canada will be $553,000. To accumulate a measly 5 percent down payment for such a home, recent graduates should expect to spend … Read More

What To Do When Housing Prices Fall

EditorFinancial Tips, First Time Home Owner, Home Insurance, Household Budget, Housing Costs, Mortgage Down Payment, Mortgage News, Real Estate Advice, Residential Mortgages

It appears as though the seemingly infinite rise of Canadian housing prices has finally come to an end. After years of marvelling at record breaking list prices and historically low mortgage rates, the tides have finally shifted. Phrases like “cooling market” and “slow sales” are gracing national headlines, causing buyers and sellers alike to contemplate the repercussions. If we’re to … Read More