Bank of Canada warns of possible housing correction.

February 27, 2012

The Bank of Canada is warning of an impending housing price correction, putting Canadian mortgage holders at risk.

The authors noted that house prices have risen sharply in most parts of the country over the past decade, with house prices reaching a historically high level in relation to income. The percentage of household debt to income has risen from 110 per cent in 1999 to 153 per cent currently.

The bank also suggested at 10 per cent drop in home prices in the near future could result in a 1 per cent drop in consumption, negatively impacting the overall economy.

While rising population and income gains over the past 30 years have mostly related to the rising house prices, other factors were taking more prominence in the past decade, such as lowered interest rates, higher expectations for house prices and the liquidity of the housing market.

Those rock-bottom rates may have encouraged some Canadians to buy bigger and pricer homes than they otherwise would have been able to afford, Finance Minister Jim Flaherty suggested Thursday.

“It isn’t necessary for everyone to have the most expensive house possible,” he told reporters in Toronto. “People have to be wise (and interest rate) “have nowhere to go but up.”


Reverse Mortgage in Canada Misconceptions. Myths and Facts of a Reverse Mortgage in Canada

January 26, 2012

Myth: The lender owns your home.

Fact: You remain the owner of your home. All you are required to do is pay your property taxes and any other maintenance fees required as well as maintain your property and be sure to have proper fire insurance.

Myth: You will have to pay taxes on the money you get from the Canadian Home Income Plan or any reverse mortgage in Canada.

Fact: In Canada the money that you receive from the Canadian Home Income Plan or any reverse mortgage in Canada does not qualify a...

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Top 10 Ways to Improve Your Score

January 11, 2012

10. Learn what your current FICO® Credit Score is and what appears on your credit report. Score Power® gives you immediate access to your credit report and includes your current FICO score.

9. Don't open new credit cards that you don't need just to increase your available credit. This approach could backfire and actually lower your score.

8. Try to keep your total account balances as low as possible. High outstanding debt may negatively affect your score, as you have a greater chance of missi...

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Mortgage Top 10 Tips

December 29, 2011

Whether you are a first time home buyer, renewing your mortgage or looking to refinance, finding the best mortgage product can be a difficult process. We’ve pulled together a few top tips that will help save you time and money as you shop for your mortgage.


1. Do your homework

If you already have a mortgage, dig out your documents and find out more about the product you currently have. It’s not enough to just know what your monthly payments are, find out what rate you are on, when it’s u...

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Top Mistakes of Home Buyers

December 13, 2011
By  Shaun Stevenett 

 The process of buying a home is one that you need to engage in with your head as well as your heart. You can’t make impulsive decisions when buying a home or you may find that you make a poor investment that will cost you time, money and frustration down the road.  

Insure that you are a smart first-time home buyer by avoiding some common mistakes:


Mistakes to Avoid as a First-Time Home Buyer

You Can’t Get Over the Decor – Don’t allow the paint colors or the furnitu...

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Our current Interest rates

November 29, 2011
Effective  as of December 6,2011,  9:00 am

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Prime – 0.2 %

5year (Quick Close -45 day hold)


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The Power of a 2nd Mortgage

November 17, 2011
Many people often tap into their home equity with a HELOC, home equity loan, or other kind of 2nd mortgage in order to make improvements on their home. In fact yesterday, as mentioned in a Globe and Mail report, it was found that a total of 33% homeowners use their 2nd mortgage to make improvements to their home. But, what are the best improvements to make? Renovating the kitchen or upgrading the bathroom are two of the projects that homeowners think of first. But, there's another home reno t...
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Useful Information

October 14, 2011

Comming soon...

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