Home Buyers’ Plan for First-Time Home Buyers

Home Buyer's Plan

Saving for a down payment is a challenge for many first-time home buyers. It can be the only hurdle standing in the way of homeownership. The Government of Canada acknowledged the difficulty first-time home buyers were facing and established the Home Buyers’ Plan (HBP). The Home Buyers’ Plan allows first-time home buyers, people who have […]

Mortgage “Stress Test” Tips

New Mortgage Rule Tips

The mortgage “stress test” rule is now in effect. Canadians applying for a default insured mortgage are required to qualify at the Bank of Canada’s five year posted interest rate (the benchmark qualifying rate) on all mortgage terms. The qualifying mortgage payment is based on this higher rate. This directly results in lower mortgage amounts. […]