In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago. Your best solution is to consult your mortgage professional to determine whether […]

Did you know you can use your RSP’s as a down payment to purchase a home?   Here’s the details… What is it?   It allows you to withdraw up to $25,000 from your RRSP’s to buy or build a qualifying home (you may not be allowed to use locked in RRSP’s) Each applicant can […]

Still struggling to save for that down payment? There’s still options to buy a home without a down payment. Must have strong credit and income, so if you do and you want to explore options…contact me, we have a program for that

Curious about the Vancouver housing market stats?  Check out the link from our very own economist Dr. Sherry Cooper.  She discusses the Vancouver real estate stats as well as the new budget announced by the BC government on Tuesday.  Click Here to Read Full Article

The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective Wednesday, February 17, 2016, which include: 1. a property transfer tax exemption for Canadian citizens and permanent residents who purchase newly-built homes, condos and townhouses under $750,000. Purchasers must live in the property for at least one year. This […]

Today Finance Minister Bill Morneau announced changes to down payment requirements. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for the portion of the house price above $500,000. The five per cent minimum down payment for properties up to $500,000 remains […]

If you are self employed and haven’t taken a mortgage in a few years, be prepared for a different process than what you are used to.  Lenders have tightened up on what they will allow and want to see that you have a viable business before approving your loan.   Here are the most typical […]

NOA stands for Notice of Assessment.  It is an assessment that the CRA completes after personal income taxes are filed.  Once your tax return is reviewed by the CRA, they will send out the Notice of Assessment to confirm if you either have a balance due to CRA or if you are getting a refund.  […]

Banks allow home buyers to have a gifted down payment from an immediate family member.  Immediate family member is considered mother, father, sister, brother or grandparents.  When receiving a gift from a family member, the funds must be deposited into the home buyers bank account 15 days before closing of the mortgage.  Once funds have […]

Be reminded that if you are purchasing a home, all banks require a 90 day history of bank statements or investment statements confirming the funds have been in your account for the past 3 months.  If there are deposits over $2000, be prepared to provide further paper trail to those deposits.  If you are getting […]