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Home Price Declines Are Likely

Home Price Declines Are Likely

Home Price Declines Are Likely The past two years have been very unpredictable as the COVID-19 pandemic has ravaged the globe. The pandemic has brought many differences with the economy in Canada, and one of them is the hot housing market that started in early 2020...

Stress Tests for Mortgages

Stress Tests for Mortgages

The Stress Test You have likely heard the words “mortgage stress test” before when starting your real estate journey. In this blog we want to familiarize you with what a mortgage stress test is, how it works, what the current stress test rate is, and some other...

First Time Home Buyer Part 1

First Time Home Buyer Part 1

First Time Home Buyer Part   A lot has changed in the past few decades. Those changes have shaped the way people live today and the new traditions that have been created. Unfortunately, one of those new traditions is first-time home buyers needing financial...

Bank of Canada and the Economic Recovery

Bank of Canada and the Economic Recovery

At the end of January, the Bank of Canada held its target for the overnight rate at the effective lower bound of 0.25%, with the bank rate at 0.50% and the deposit rate at 0.25%. This means that the Bank of Canada rate stayed the same, which means variable rates will...

How To Improve Your Credit Score

How To Improve Your Credit Score

How to Improve Your Credit Score Credit is an important aspect of our daily lives. Our credit score and history are an important aspect of a Mortgage Application, and it demonstrates to the lender your financial health and responsibility to repay debts. Typically,...

CHIP Reverse Mortgages

CHIP Reverse Mortgages

A CHIP Reverse Mortgage is a loan secured against the value of your home, for homeowners aged 55 and older. A reverse mortgage allows homeowners to convert up to 55% of their home equity into tax-free cash income without the requirement of monthly mortgage payments...

2021 Election Promises: Housing Policies

2021 Election Promises: Housing Policies

A few weeks ago we had a Federal Election. Throughout the election campaign, many promises were made from all parties for housing policies that would go into place in the short-term future. Justin Trudeau and the Liberal Party ultimately won the re-election with a...

Why You Should Choose GLM Mortgage Group

Why You Should Choose GLM Mortgage Group

Many homeowners will start off renting and will eventually enter the real estate market with a purchase of a home – it is an overwhelming, exciting, and rewarding journey. And once we own a home, we will then go through the transfer/switch/refinance process when the...

How Inflation is Affecting Mortgages Today

How Inflation is Affecting Mortgages Today

  Inflation rate and Mortgages in Canada  Since the beginning of 2021, inflation rates have been coming in at unprecedented levels.  Last week, Canada’s inflation rate came in above expected and was at its highest rate in over a decade. The inflation rate came in...

A More Stabilized Market

A More Stabilized Market

Since the beginning of 2021 house prices have been rising exponentially.  In June, a Canadian Real Estate Association report indicated that the average selling price of a home in Canada had fallen for the second consecutive month. In the next two months with...

A More Stabilized Market

Changes to Stress Test – June 1st Onwards

Recently, there has been approved changes to the stress test released by the government that come into effect on June 1st. The Bank of Canada benchmark qualifying rate will increase from 4.79%  to 5.25%. The changes will be for all mortgages.  This includes;  Insured...

A More Stabilized Market

Proposed Changes to the Stress Test

Recently, there have been proposed changes to the stress test released by the government that would come into effect on June 1st. If the changes go into effect, the Bank of Canada benchmark qualifying rate will increase to 5.25%.  If the changes go into effect, it...