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Documents Required for Proof of Downpayment

2023-04-15 | 15:31:05 Savings or Investments StatementsIf using savings from your bank account as your downpayment, you will need to provide a recent three month bank statements showing accumulation of funds.If your downpayment is from investments (RSP, GIC, stocks, bonds...

Canada's Foreign Buyer Ban - January 1, 2023

2022-12-30 | 09:47:50 Are you a foreign buyer? Starting January 1, 2023, the Foreign Buyer Ban disallows anyone who isn't a Canadian Citizen or Permanent Resident from buying a residential home in Canada for two years. There are some exemptions. It also restricts...

Toronto’s Vacant Home Tax (VHT)

2022-12-30 | 09:43:48 Toronto’s Vacant Home Tax (VHT) is coming into effect starting January of 2023! The goal of Toronto’s VHT is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to...

Bank of Canada Increases Interest Rate

2022-10-27 | 09:53:04 At 10:00 am EST, Wednesday October 26, 2022 the Bank of Canada raised its target for the overnight rate to 3.75 %, making it a sixth consecutive hike in its effort to get surging price growth under control. Inflation around the world remains...

Bank of Canada Rate Announcement

2022-09-18 | 11:55:59 The Bank of Canada has raised its policy rate to 3.25% today, marking the fifth consecutive rate increase in 2022. The Bank has stated borrowing costs need to rise to bring inflation back to a target of 2% from the current 7.6%. In theory, higher...

Do you know about the sliding scale rule when getting a mortgage?

2022-07-13 | 08:17:36 You’re likely aware that the minimum downpayment to avoid mortgage default insurance is 20%. What many may not be aware of is that a downpayment of greater than 20% will sometimes be required. A mortgage sliding scale is where the minimum...