CMHC Reviews Underwriting Criteria Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; Establish minimum credit score of 680 for at least one borrower; and Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. To further manage... [read more]

The start of a new year always compels people to take a fresh look at their goals, from health and career to relationships and finance. But with historically low mortgage rates, increased home sales and price growth, and a tight housing inventory, the time is right to also make some homeownership resolutions for 2021.   Home buyers, is this the year you work to improve your credit score, pay down some debt, or save for a down payment?   Home sellers, we’ve laid out... [read more]

John Greenlee from the Mortgage Centre joins me, Jennifer Foley, Real Estate Broker, to talk to us about upcoming government changes to qualifying to purchase a home / get a mortgage. Canada’s banking regulator signalled in early April 2021 to tighten qualification rules for uninsured mortgages, this is related to low interest rates possibly putting new home buyers too far into debt. This move will effectively reduce, by about 4 per cent, the size of mortgages households will be... [read more]

9 Tips for Buying and Selling Your Home at the Same Time   Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it's dwindling.¹ You're not alone either if you're already feeling drained by the complex logistics of trying to sell and buy a new home all at once. Searching for a new home can be exciting, but many... [read more]

Now is the time to buy a property!!  Average house prices down 32% from this time last year See this report, Courtesy of Durham Region Association of Realtors        [read more]