Buying your first home in the Fraser Valley is one of the biggest financial decisions you'll ever make. Whether you're looking at a starter condo in Abbotsford, a family home in Chilliwack, or a townhouse in Langley, the process can feel overwhelming without the right
How Does a Purchase Plus Improvements Mortgage Work? The Purchase Plus Improvements Mortgage combines your home purchase and renovation costs into a single financing package. Here's the step-by-step process of how it works in practice: First, you get preapproved for your mortgage based on the
The federal government has announced two programs for January 15, 2025, aimed at helping homeowners build secondary suites. It is being introduced with the intent to increase affordable rental housing in response to Canada’s ongoing housing affordability crisis. These programs offer two distinct financial
Starting November 21, 2024, there are some major changes to the mortgage rules. The Office of the Superintendent of Financial Institutions (OSFI) is eliminating the stress test for uninsured mortgage renewals. This will allow borrowers to move to another lender at renewal time as
The government is making adjustments to broaden Canadians' access to expensive housing markets. Two new measures have been introduced: increasing insured mortgage limits and providing access to 30-year amortizations for all first-time homebuyers. The government's recent initiatives aim to address the challenges faced by Canadians
When it comes to managing your mortgage, it's essential to know the ins and outs of penalties and prepayment options that can impact your financial journey. Here are some key points to consider: 1. Your Payment Power: When you are paying off your
By now we all are very aware of the Bank of Canada’s rate hikes over the past year which have left a lot of us wondering what rates will be looking like when it comes time to renew our mortgages. While your new interest rate
2023 brings with it the start of Canada’s new foreign buyers ban which came into effect on January 1st. Originally passed in June of last year, this ban is intended to help ease the high prices and housing affordability struggles that we have been seeing
Many Canadians are self-employed, realtors, general contractors and builders just to name a few. In fact, around 20% of Canadians are self-employed. The job titles may vary considerably, but one thing that they all have in common is that when it comes to getting a
With the current housing climate, having a strong down payment has never been more important. More and more Canadians are using gifted down payments as a way to get onto the property ladder. Keep reading to find out everything you need to know about having
