Fast Five | March 2020

Mar 6, 2020

Ready for this month’s Fast Five? Check out the 5 things happening in the mortgage industry right now that you need to know! If you have any questions about the below, please don’t hesitate to reach out to us–we are here to help you!

 

File For Your Vacancy Tax Exemption

A reminder from us at GLM Mortgage Group that your Vacancy & Speculation Tax exemption is due by March 31st! Don’t forget to file for it if you are eligible.

 

Stress Test Changes Coming in April

Starting in April, the government will change the rules that cover mortgage lending in a way that should, in the short term at least, make it easier to qualify for a loan to buy a home. These changes will work to help homebuyers enter into the market and make qualifying easier. To learn more, click here.

 

First-Time Home Buyers Incentive Off To Slow Start

Four months after its official launch, CMHC’s First-Time Home Buyer Incentive had funded just 4% of its three-year goal, according to new data provided by the agency. Find out more by clicking here.

Bank of Canada Lowers Rate by 50 Basis Points

The Bank of Canada announced that it is lowering its target for the overnight rate by 0.50%, to 1.25%. The last time the Bank of Canada dropped the overnight rate by that much was 11 years ago, during the financial crisis of 2008 and 2009. Click here to read more. 

 

GLM Nominated For Two Canadian Mortgage Awards

We are so thrilled to announce that we have been nominated for TWO CMA Awards this year! We are a finalist for best customer service (individual office) and Mortgage Broker of the Year (less than 25 employees). We’d like to thank you all for the support and for helping us get one step closer to taking home one of these prestigious awards.

 

 

 

Related Posts
Foreign Buyers Ban

Foreign Buyers Ban

Foreign Buyers Ban On December 21, 2022, the Federal Government announced that it will be placing a ban on foreign purchases of real estate property, which took effect on Jan. 1st, 2023. The Federal Government has brought this Foreign Buyers Ban in to curb the cost of...

All About Variable Rates

All About Variable Rates

All About Variable Rates Variable rates are based on Prime Rate and the Bank of Canada’s overnight rate, can cause fluctuating or static payments. These payments have cheaper penalty when breaking your mortgage. The banks generally change their prime rates a few days...

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...