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This big bank economist says Canadian mortgage borrowers have a ‘rare opportunity’

Tuesday Sep 10th, 2019

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Canada’s mortgage market has been turned upside down, and it’s giving borrowers an uncommon advantage, a new report suggests. “With long-term rates lower than short-term rates, home buyers have had a rare opportunity to lock in longer maturity fixed-rate mortgages at lower rates than if they had opted for variable rate mortgages,” writes Scotiabank Deputy Chief Economist Brett House, alongside senior research analyst Raffi Ghazarian, in a Global Economics Scotia Flash... [read more]

#HOMEBUYERS How much do I need to save for a Downpayment

Friday Sep 6th, 2019

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Minimum down payment A down payment is the amount of money that you put towards the purchase of a home. The down payment is deducted from the purchase price of your home. Your mortgage loan will cover the rest of the price of the home. The minimum amount you'll need for your down payment depends on the purchase price of the home you'd like to buy. Table 1: The minimum amount you'll need for your down payment based on the purchase price of your... [read more]

Everything you need to know about CMHC's First Time Home Buyer Incentive

Friday Aug 23rd, 2019

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The federal government wants to make home ownership more affordable for young people and to do that it’s introducing the First-Time Home Buyer Incentive (FTHBI) this September. The $1.25 billion program, announced as part of the March federal budget, involves the government buying equity stakes in homes purchased by qualified home buyers, allowing for smaller mortgages that will keep monthly payments lower. But how will the plan work? Below, we break down all the key details... [read more]

#MILLENNIALBUYERS The Millennial’s Guide to First-Time Property Buying (It’s Possible!!)

Tuesday Dec 11th, 2018

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The Millennial’s Guide to First-Time Home Buying (It’s Possible!!) What to know about embarking on home ownership, from navigating mortgage rules to finding a real estate representative   Home ownership. Two words that many millennials have been told are out of their reach. Mortgage rules designed to protect Canadians from becoming house poor make the process seem both expensive (it is) and overwhelming (it doesn’t have to be). But there is hope: 39% of... [read more]

#MILLENNIALBUYERS How are millennials saving for a home?

Wednesday Jun 12th, 2019

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Many Millennials say they are interested in buying homes— but the cost is what is stopping them!   Millennials are juggling a bunch of fairly new expenses that previous generations didn’t have to take into account. Whether its student loan payments, or on-demand and subscription services like Uber, Netflix, gym memberships that have become part of everyday life.   Hardest Expenses to cut from budget in saving for a home Dining out Student Loan... [read more]

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