Seller’s Market vs. Buyer’s Market
Buy first, or sell first? This is one of the biggest stresses for sellers. Unless you time both the purchase and sale perfectly, you could end up in one of two scenarios: living in a motel temporarily, or paying two mortgages at the same time. Here are a few things you can do to avoid this dilemma. READ MORE
For Sale by Owner
The private sale of homes is becoming fairly common with advances in technology and an increase in For Sale By Owner (FSBO) companies. How does it work and is it worth it? We have the answers. READ MORE
Transfer Mortgage to New Property
If you’re looking to sell, chances are you still have a mortgage on the home you currently own. So what happens to your existing mortgage when you want to sell your current home for another one? READ MORE
Bridge Financing
What happens if you find your perfect home the day after you put your current home on the market? Like many people, you probably panic. Don’t worry! There is an answer – bridge financing. READ MORE
Hot Real Estate Market: Tips for Sellers
If you’re preparing to sell your house and the market is hot – make sure you don’t get burned! Here’s a list of our quick tips that will prepare you to sell when the market is hot. READ MORE
Our First Time HomeBuyer's Guide is a series of 14 daily emails that will take you through each step of this exciting process. Think of it like a two week boot camp to get you into shape for buying your first home.
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BANK OF CANADA RATES
A reference interest rate used as a basis for other lending rates, such as variable-rate mortgages and personal loans. Each bank will have their own Prime Rate (they all tend to be fairly similar), the Bank of Canada will discount the lowest and the highest of these rates, then take an average of the three remaining to calculate Canada's Prime Rate.
Qualifying Rate: 5.44%
When you are looking for a variable rate mortgage or a fixed mortgage with a term higher than 5 years, you will likely need to qualify at a rate often higher than the actual rate you are applying for. This helps the lender ensure that if rates go up, you will still be able to afford your mortgage payments. All variable and 1- to 5-year fixed mortgages with a down payment of less than 20% will be qualified using the Bank of Canada posted 5-year fixed rate.
