Complete Mortgage Services is one of Canada’s premier mortgage companies. Our mortgage professionals and management team through knowledge & experience have extensive backgrounds in all types of financing and pride themselves on delivering exceptional financial service.
With over 30 years experience, our primary mandate is to obtain the Complete mortgage solution for each one of our clients. We treat every mortgage solution as if we were building a foundation for you – the solution we recommend will be designed for you specifically; carefully selected to meet your needs.
Last year alone our consultants helped thousands of people obtain, renew or refinance a mortgage. We are experienced, trained licensed mortgage consultants and active members in our local communities and industry associations.
After all, mortgage financing is one of the biggest financial decisions you may ever make. And with so many choices available in today’s marketplace, a Complete mortgage plan can assist you in reaching your financial goals and becoming mortgage free with ease!
First-Time Home Buyer Incentive now available
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:
5% or 10% for a first-time buyers purchase of a newly constructed home
5% for a first-time buyers purchase of a resale (existing) home
5% for a first-time buyers purchase of a new or resale mobile/manufactured home
The Incentives shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will still have to repay the Incentive based on the propertys fair market value at the time of repayment. If a homebuyer received a 5% Incentive, they would repay 5% of the homes value at repayment. If a homebuyer received a 10% Incentive, they would repay 10% of the homes value at repayment.
The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a pre-payment penalty.
Ask me for more information.
Consumer Price Index climbs in July
In July, the consumer price index climbed 0.5% (not seasonally adjusted), three ticks higher than the median economist forecast. The rise left the year-on-year measure unchanged at 2.0%. In seasonally adjusted terms, the CPI was up 0.4% in the month on increases in recreation (+0.9%), transportation (+0.6%), and food (+0.3%), among others. The Bank of Canadas preferred core measures on a year-on-year basis pegged in as follows: 2.1% for the CPI-trim, 2.1% for the CPI- median, and 1.9% for the CPI-common. The average of the three measures remained in line with the BoCs midpoint target of 2.0%. It is worth noting that the momentum has been building of late. Our in-house replication of the CPI-trim and the CPI-median for the three months to July reached 2.5% and 2.6%, respectively, on an annualized basis. Whereas the Fed can point to soft annual inflation figures to justify rate cuts, the BoC is faced with a very different situation. Whats more, in a context marked by a tight labour market and a weak Canadian dollar, we cannot rule out stronger inflation down the road.
