2022 has already been tough on Canadians’ wallets, and recent economic data shows the pain is unlikely to end soon. Inflation continues to run hot, and on October 26 the Bank of Canada further raised its benchmark interest rate to try to bring it [...]
The Tax-Free First Home Savings Account (FHSA) explained If you or someone you know is saving for a downpayment on their first home, the Federal government announced a new program aimed at first-time buyers in their recent budget. The First Home Savings Account combines [...]
It's RRSP Season. Thinking of buying in 2022? Use your RRSP to boost your down payment There are some deadlines you really don’t want to miss. Make an RRSP contribution for the 2021 tax year by March 1, 2022. Here’s how RRSPs can be [...]
The lowdown on property appraisals Whether you’re purchasing a new home or want to complete a refinance of your current mortgage, it’s important to understand the role of the home appraisal and how it can impact the outcome of your mortgage application. After you [...]
What's involved in giving your child a boost to homeownership? With the financial demands of school loans, living expenses, and finding a career path, many young people struggle to purchase their first home. Often, parents and grandparents are very sympathetic. They’ve enjoyed the financial [...]
5 Incentives for First Time Buyers When buying your first home, don’t leave money on the table! Take advantage of the programs and incentives offered by the federal government that can help you achieve your new home. 1. First-Time Home Buyer Incentive This government [...]
What does it mean to co-sign a mortgage? As Canadian homes become less affordable, particularly in markets like Vancouver and Toronto and GTA, homebuyers are finding it increasingly hard to afford their ideal home. You may have a good job, a solid income, a [...]
A mortgage pre-approval can be an important part of your pathway to building wealth, giving you a real-world picture of your options: that is, your opportunities as well as your limitations. A mortgage preapproval will tell you how much you qualify for (you may be [...]
It’s quite common for parents to co-sign loans for their children who have yet to build a strong enough income or credit history to buy a home. Grandparents and other close relatives are also helping when they can. This can certainly provide a critical helping [...]
An interesting new homebuying trend emerging among millennials is home purchases that are completed with a friend. It’s a creative solution to the housing market given tough qualifying rules and high prices. Pooling your resources is a great way to take you from the fringes [...]
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