On September 6, 2017 the Bank of Canada increased the overnight rate by 0.25%, causing prime lending rates at financial institutions to increase by the same amount. If you have a variable rate mortgage… The impact this increase will have on your mortgage payment will depend on the size as well as the amortization period, but you can estimate the increase… Read More »
#12 in Canada for mortgage volume
Every year the Canadian Mortgage Professional magazine releases a ranking of the Top 75 Brokers in Canada (ranked by the amount of mortgage volume). We broke into the ranking several years ago, and in the last 3 years we ranked 45th, 40th and the 31st last year. We were really happy with the trend, and were hoping this year to… Read More »
Additional Details Revealed for the BC HOME Partnership Loan Program
While an interest free loan sounds great at first glance, it looks like the new BC Home Owner Mortgage & Equity (BC HOME) Partnership is going to have some extra fees and restrictions to consider that may, in the end, make the program a lot less attractive that we’d hope. It’s been an interesting start to 2017 in the BC mortgage… Read More »
Happy Holidays!
From all of us at Mackenzie Gartside & Associates, we hope you have a wonderful holiday season! 2016 has been an incredible year for us and we owe it all to you, our fabulous friends and clients. We’ve been honoured to help you with your mortgage needs and we’re truly amazed at how many new clients come to us after… Read More »
Our 2016 Christmas Bear is motoring!
This year, our Christmas Bear is traveling in style on a MINI power scooter! Don’t miss the Christmas Gingerbread Village and Christmas Bear auction, on now until December 17th at Crown Isle Clubhouse. For more details visit: //www.crownisle.com/holiday-resort-walk/
Big Mortgage Rule Changes Coming October 17th, 2016
In 2 weeks time, many Canadians are going to find it much more difficult to buy the home they want. New mortgage rules are coming into effect at CMHC which will require all high-ratio mortgages to qualify for 5 year mortgages using the Bank of Canada qualifying rate (currently 4.64%) instead of at the actual mortgage rate (currently about 2.44%). High… Read More »
96.7% of property buyers in BC are Canadians
We’ve all heard the theory that property prices in BC are being driven up by ‘all the foreign buyers’, but the data released yesterday just doesn’t support that theory. According to the Province, only 3.3% of purchases in BC between June 10th and June 29th involved foreign nationals. That number is no doubt surprising to many, but if you’ve been… Read More »
Subject-free purchase offers are stressful
Came across an interesting article on the Globe and Mail about the risk of making a purchase offer with no subjects (link below). From our perspective, being responsible for arranging the purchase financing, these are the most stressful types of deals. Even if you know the client’s income and credit are great, there’s always the chance that the lender won’t… Read More »
Will the new mortgage down payment rules affect my purchase plan?
In December the Finance Minister announced a small change to the down payment requirement for CMHC insured purchases between $500,000 and $1,000,000. Currently the minimum required down payment is 5% of the purchase price for any owner occupied property or second home, but starting February 15th, the minimum down payment will be 5% on the first $500,000 and then 10%… Read More »
Finding it hard to prepay your mortgage?
We like mortgage products that allow our clients to pay their mortgage down faster (prepayment). After investing (wisely) into your RRSP, we believe paying your mortgage down is one of the best financial decisions you can make. We also know it’s one of those things that can easily ‘slip your mind’. You’re busy enjoying your summer vacation; you’re planning for… Read More »
