Canadian Economy Hits Major Speed Bump Last Quarter

According to data released this morning by Statistics Canada, the Canadian economy declined at a 1.6% annual pace in the second quarter, the largest quarterly decline since the global financial crisis in Q2 2009. In comparison, the U.S. economy grew at a 1.1% annual rate last quarter, more sluggish than expected earlier this year.  The Read More The post Canadian Economy Hits Major Speed Bump Last Quarter appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/canadian-economy-hits-major-speed-bump-last-quarter/

Foreigner Property Tax Unlikely To Improve Housing Affordability

There has been much hand-wringing about the overheated housing markets in Vancouver and Toronto. Accelerating price gains in the past year are indicative of a buying frenzy, especially in Vancouver, which is clearly unsustainable. New listings are way down, new supply is constrained, and buyer euphoria seems to be suggestive of panic fear of missing Read More The post Foreigner Property Tax Unlikely To Improve Housing Affordability appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/foreigner-property-tax-unlikely-improve-housing-affordability/

New Mortgage Rules and Their Impact

A short time ago Canada Mortgage and Housing Corporation (CMHC) changed the rules on how much down payment buyers have to have in place to buy a home worth more than $500,000. The new rules stated that you have to have 5% on the first $500,000 and 10% on the remaining balance up to $999,999. Read More The post New Mortgage Rules and Their Impact appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/new-mortgage-rules-impact/

New Mortgage Rules and Their Impact

A short time ago CMHC changed the rules on how much down payment buyers have to have in place to buy a home worth more than $500,000. The new rules stated that you have to have 5% on the first $500,000 and 10% on the remaining balance up to $999,999. After that point they require Read More The post New Mortgage Rules and Their Impact appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/blog-posts/new-mortgage-rules-impact/

What Does It Mean To Be Canadian?

I have asked this question quietly to myself more than once over the years. ***For a post on the nuts & bolts of the new BC 15% foreign tax legislation click here – this post is specifically about the unbelievable way in which we are implementing it. A few points about me, for perspective: I am Read More The post What Does It Mean To Be Canadian? appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/what-does-it-mean-to-be-canadian/

Why I Recommend Title Insurance

As a Dominion Lending Centres mortgage broker, I often see in the lender’s conditions sheet a request for the lawyer to obtain title insurance. We all know that this is a measure to protect the lender and to allow for the deal to proceed if there is a delay with the title or the other Read More The post Why I Recommend Title Insurance appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/blog-posts/recommend-title-insurance/

What Is Mortgage Insurance?

When you purchase a property, you may be a little overwhelmed by all the insurance offers related to purchasing a new property that come your way. Mortgage Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It can be confusing and it is important to know what insurance covers what. For Read More The post What Is Mortgage Insurance? appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/blog-posts/what-is-mortgage-insurance/

10 Likely Mortgage Questions When Buying Your First Home

When considering buying your first home, I am sure you will have many questions. I hope to give you some insight to what lenders are most importantly looking for when qualifying for a mortgage. 1. What’s the best rate I can get? The rate that you receive depends on a number of things. I get a Read More The post 10 Likely Mortgage Questions When Buying Your First Home appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/10-likely-mortgage-questions-buying-first-home/

To the Children of Aging Parents

Are you an adult with an aging parent(s) and are you concerned about your parents’ ability to remain financially independent? Today, Canadian adults have many responsibilities, including the concern for their children’s well-being, as well as their parents’ quality of life and their debt. As life expectancy rises for the senior demographic, there is a Read More The post To the Children of Aging Parents appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/children-aging-parents/

A Slap In The Face… For Canadian’s Too

In the News: 15% Property Transfer (bonus) Tax for Foreign Buyers in B.C. Short Version “Good intentions can often lead to unintended consequences” – Tim Walberg As Canadians we no longer appear to be a people that keeps our word. Review the official policy here. Long Version The BC government is increasing the PTT by a Read More The post A Slap In The Face… For Canadian’s Too appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/slap-face-canadians/

The Year of the Private Lender

Sometimes we forget what great tools we have from our Private Mortgage Lenders. 1. Construction mortgages for the smaller home builder, loans based on each property or blanket several and payout the mortgages as they sell. 2. Are you a builder already and have standing inventory that you d like to take some money out of Read More The post The Year of the Private Lender appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/year-private-lender/

Understanding the Benefits of Getting Pre-Approved for a Mortgage

Pre-approvals are certainly beneficial. However, they can also be very disappointing if you are not prepared to know what they actually mean. They DON’T mean… They don’t mean that you have a mortgage. Until there is a Purchase Agreement (a written up contract to purchase a property) actually submitted to a bank and a commitment Read More The post Understanding the Benefits of Getting Pre-Approved for a Mortgage appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/understanding-benefits-getting-pre-approved-mortgage/

July Employment Great in U.S., Terrible in Canada

Another woeful jobs report in Canada for the month of July triggers further pessimism. Following three consecutive months of stagnant employment, payrolls fell by a much-worse-than-expected 31,000 in July as the unemployment rate increased 0.1 percentage point to 6.9 percent. Gloomily, all of the loss was in full-time employment, which fell by 71,000 from June Read More The post July Employment Great in U.S., Terrible in Canada appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/july-employment-great-u-s-terrible-canada/

Your Financial Future As a Post Secondary Student

So you’ve graduated from high school and off to university or college. Before you start, take the time to set down some goals and a budget for your financial future as a post secondary student. Your parents have probably been telling you to put aside some money from your part time job into savings. However, Read More The post Your Financial Future As a Post Secondary Student appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/financial-future-post-secondary-student/

Fixed vs Variable Rate Mortgage – What’s the Better Choice and Why?

In today s market, variable and fixed rates are not too far apart. This makes most people think that the fixed rate is the way to go as it’s often viewed as the safest option. Many believe that variable rate mortgages are for the daring and at any time your rate could double leaving you high Read More The post Fixed vs Variable Rate Mortgage What’s the Better Choice and Why? appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/fixed-vs-variable-rate-mortgage-whats-better-choice/

Another Example of How All Mortgages Are Not Created Equally and It Will Cost YOU!

When I meet with my clients, I explain that I believe my role is to get them the mortgage that fits their goals and plans, while saving them the most amount of money over the lifetime of their mortgage. This takes into consideration what you might be offered at renewal time by the lender or Read More The post Another Example of How All Mortgages Are Not Created Equally and It Will Cost YOU! appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/another-example-mortgages-not-created-equally-will-cost/

The Power of Education

Knowledge is power! With education comes limitless possibilities. Are our kids learning the essentials in life? Are they being empowered to make life-changing decisions when they enter into the real world of economics? The education that most kids in senior secondary school receive these days focuses on biology, math, physics, chemistry, English, physical education, social Read More The post The Power of Education appeared first on Dominion Lending Centres.
https://dominionlending.ca/news/the-power-of-education/