When purchasing a house, most people need a loan be able to afford the home. These loans are called mortgages. A mortgage is a legal agreement where a bank or other lender loans money and charges interest in exchange for taking the title of the borrower’s property. Upon repayment of the debt, the borrower owns the property. In Canada, to purchase a home, the buyer must first save up a down...
Canadian real estate has been a tough nut to crack for some homebuyers, and those with less than 20 per cent as a down payment now face another challenge, with Canada Mortgage and Housing Corp.’s (CMHC) tighter qualification rules for borrowers of high-ratio mortgages. This move is in response to the global pandemic that has left many Canadians vulnerable. The changes, which include lower debt...
By now you may have heard it: The Bank of Canada (BoC) just raised its overnight interest rates by 0.25%. This is the first time the rates have gone up in seven years. What does this mean for those in the South Okanagan who have a mortgage or are hoping to get one soon? Here’s a rundown of different scenarios: If you have a variable-rate mortgage Some 30 percent of Canadians have a mortgage with...
