What’s an APR in Mortgages, and Why Does it Matter?
When you embark on your journey to homeownership or consider refinancing your existing home, there’s a plethora of terms, acronyms, and numbers thrown your way. It’s like trying to decipher a secret code, and one of those cryptic elements is APR – Annual Percentage Rate. But what exactly is it, and why does it matter […]
Your Path to Homeownership: Mastering Mortgage Pre-Approval Do’s and Don’ts
Hey there, future homeowner! The journey to owning your dream home begins with a vital checkpoint: getting a mortgage pre-approval. This magical ticket not only unlocks your budget but also lets sellers know you mean business. But don’t worry, I’m here to guide you through the exciting world of mortgage pre-approval do’s and don’ts. Buckle […]
Mortgage Tips for Smart Renewal Decisions in 2023
Renewing a mortgage might seem like a routine financial step, but in the ever-changing landscape of interest rates, homeowners in Canada need to be more proactive than ever. With about 66% of homeowners needing to renew their mortgages at least once before paying them off completely, it’s crucial to understand the nuances of mortgage renewal […]
Canada’s Recreational Property Market in 2023: Canada’s Recreational Property Market in 2023
For The recreational property market in Canada, which enjoyed an impressive surge during the pandemic, is now undergoing a shift towards equilibrium as higher borrowing costs and decreased demand come into play. The insights gathered from a comprehensive report by Royal LePage, featuring input from over 200 real estate experts and brokers across the nation, […]
Canada’s Economy: Navigating Uncertainty Through Mortgage Innovations
Canada’s economy stands out for its remarkable resilience, defying expectations by sidestepping a recession despite navigating through an intense period of rate tightening in the nation’s history. A driving force behind this accomplishment is the innovative financial tool known as the fixed-payment variable-rate mortgage. These mortgages, offered by prominent banks like RBC, TD, BMO, and […]
The Power of Digital Onboarding: Streamlining the Mortgage Industry
The mortgage industry has undergone a remarkable transformation in recent years, and one of the key drivers of this change is the adoption of digital onboarding solutions. In this digital age, brokers are embracing technology to streamline their processes and offer clients a more efficient and convenient mortgage application experience. Digital onboarding not only benefits […]
Canadian Real Estate Market Shows Resilience Despite Rate Hikes
The Canadian real estate market has been on a rollercoaster ride, grappling with the impact of the recent rate hike implemented by the Bank of Canada. Despite this, recent data from key real estate boards in the country’s largest metro areas indicates that the market is showing resilience and adaptability in the face of changing […]
Fixed Mortgage Rates on the Rise: What You Need to Know
Amidst growing speculation, fixed mortgage rates have been on the rise in recent weeks, causing concern among potential homebuyers and homeowners alike. The pivotal factor influencing these rates is the Government of Canada 5-year bond yield, which has breached a significant threshold of 4%. As this level has acted as a crucial resistance point for […]
Exploring Canada’s Economic Growth: A Mixed Bag Amidst Challenges
Canada’s economic growth has recently been labeled as “disappointing,” leaving many speculating about the Bank of Canada’s potential decision to hold off on further rate hikes. In May, the country’s gross domestic product (GDP) experienced a 0.3% monthly increase, slightly below economists’ expectations. Meanwhile, June’s preliminary estimate suggests a 0.2% monthly contraction, potentially leading to […]
Scotiabank Bounces Back Strong with Competitive Mortgage Rates and Expanded Retail Offerings
In a surprising turn of events, Scotiabank has made a remarkable resurgence in the mortgage market. After facing funding challenges and slowing its mortgage portfolio last year, the bank has taken a bold step forward with competitive pricing and an expanded retail package program for its broker partners. This move has left the industry stunned, […]