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.