Transaction Types: Purchases, Refinances, Home Equity Lines of Credit, Home Equity Loans, Debt Consolidation, Construction Financing, 2nd Mortgages, Reverse Mortgages
Financing Options: Banks, Credit Unions, Trust Companies, Non-Bank Lenders, Monoline Lenders, Alternative Lenders ("B" Tier), Mortgage Investment Corporations, Private Lenders
Property Types: Owner Occupied, Vacation Property, Investment Property, Raw Land
Special Programs: Self Employed, 1st-Time Buyers, Bruised Credit, New to Canada, Non Residents, Spousal Buyouts, Debt Consolidation, Net Worth Lending, Interest Only Payment Mortgages, Purchase and or Refinance with Improvements, Flip Properties, Prepaid Mortgages, Rent to Own, Power of Sale Rescue
Transaction Types: Purchases, Refinances, Lines of Credit, Debt Consolidation, Construction Financing, 2nd Mortgages
Financing Options: Banks, Credit Unions, Non-Bank Lenders, Alternative Lenders ("B" Tier), Mortgage Investment Corporations, Private Lenders
Property Types: Owner occupied, investment property, Mixed Use, Apartment Buildings, Office Space, Industrial Space, Retirement Homes, Student Housing, Rooming Houses, Raw land, and Everything Else
COMMERCIAL FINANCING CMHC 5+ UNITS
Program Options: Rental Property, Student Housing, Single Room Occupancy, Retirement Homes, Affordable Housing, Construction
Please Note: We will be the first person to tell you that while it is great to be approved for a loan amount, it is not always great to accept what you are being offered for a multitude of reasons. Consumers need to be careful with all the fancy marketing out there as It's a fact that not every transaction that gets done should be done. Even though regulations require that you are provided with full disclosure of terms, rates, fees, and that your application is being presented to a lender accurately and you are being provided with the best options etc...it does not always happen the way.
Our Word: We take an in-depth look at your situation, which costs you nothing but your time to determine what your options look like. There is never any pressure to move forward with anything, and any transaction that we do together is always in your best interests...not mine.
Don't hesitate to reach out if you think I may be able to help - that is what we do.
Please Note: all Mortgage Rates listed on this website reflect the best available rates for the purchase of an owner-occupied property with default Mortgage Insurance amortized over 25 years. To confirm what rate we can offer you, please reach out to me at your convenience, and we can discuss it.
BLOG / NEWS Updates
New CMHC First Time Home Buyer's Program
Record December caps record year for Canadian home sales
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in December 2020.
Home sales recorded over Canadian MLS Systems jumped by 7.2% between November and December to set another new all-time record.
Seasonally adjusted activity was running at an annualized pace of 714,516 units in December 2020 the first time on record that monthly sales at seasonally adjusted annual rates have ever topped the 700,000 mark.
The month-over-month increase in national sales activity from November to December was driven by gains of more than 20% in the Greater Toronto Area (GTA) and Greater Vancouver.
Actual (not seasonally adjusted) sales activity posted a 47.2% y-o-y gain in December the largest year-over-year increase in monthly sales in 11 years. It was a new record for the month of December by a margin of more than 12,000 transactions. For the sixth straight month, sales activity was up in almost all Canadian housing markets compared to the same month in 2019.
For 2020 as a whole, some 551,392 homes traded hands over Canadian MLS Systems a new annual record. This is an increase of 12.6% from 2019 and stood 2.3% above the previous record set back in 2016.
Mortgage Deferral Agreements and Their Impact
CMHCs Fall 2020 Residential Mortgage Industry Dashboard discusses mortgage deferral agreements and their impact.
At the end of the second quarter, credit unions, mortgage finance companies (MFCs) and mortgage investment entities (MIEs) have allowed mortgage deferral agreements for about 6%, 7% and 7% of their respective residential mortgage portfolios.
Chartered banks have allowed 16% of mortgages to go into deferral since the beginning of the pandemic. Of these, close to 2 out of 3 borrowers had resumed payments on their mortgages at the end of the third quarter of 2020. In the coming months, we could see higher delinquency rates if some borrowers are unable to resume their payments; these mortgages will have to be booked as arrears.
These deferral agreements have affected financial institutions cash flows, with reductions of:
4% in scheduled mortgage payments
3% in non-scheduled payments (accelerated monthly payments and lump-sum payments)
While remaining at low levels, mortgages in arrears (90 or more days delinquent) have increased slightly between the first and second quarters of 2020 from:
0.24% to 0.26%, on average, for chartered banks
0.23% to 0.25%, on average, for non-bank mortgage lenders
We also observe an increase in early-stage delinquencies (31 to 59 days and 60 to 89 days), which suggests that arrears could continue on an upward trend.