30 Apr 2014

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CMHC Mortgage Increases Come Into Effect May 1

Starting tomorrow, homebuyers without a 20% down payment, will be paying more to purchase a home. Canada’s largest mortgage insurer, CMHC, is hiking its premiums from 0.10 to 0.40 percentage points. The increase takes effect May 1, 2014, and will be the first increase from CMHC since 1998. The average CMHC insured mortgage at 95% loan-to-value was $248,000 in 2013. CMHC says this will raise that homeowner’s monthly payments by about $5. Not too agonizing. [Canadian Mortgage Trends] When the numbers are broken down (as above), it’s not the end of the world and homeownership is not out of reach. However, many investors are still…

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30 Apr 2014

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Clarification to CMHC

I’ve had a ton of calls this week looking for clarification on CMHC’s announcement. Here it is. CMHC…

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23 Apr 2014

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Savings for First-Time Homebuyers

Interest rates are still historically low, and recent surveys show that more and more Albertans are looking at…

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16 Apr 2014

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Check Your Credit Report…Often

The latest security breaches to government websites due to the heartbleed bug, should be good reminder for you…

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9 Apr 2014

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Portrait of the First-Time Homebuyer in...

A recent survey released by BMO Bank of Montreal, showed that the youngest first-time homebuyers in Canada are…

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2 Apr 2014

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How to Move Towards Mortgage Freedom

According to a new study released by Scotiabank, 37% of mortgage holders in Canada are less than 10…

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