Foreign Buyer Tax, Rent Control Announced to Cool Hell Fire of a GTA Housing Market
Buying A Home / Economic News / First Time Home Buyers / Home Ownership / Mortgage News / RSM News

Foreign Buyer Tax, Rent Control Announced to Cool Hell Fire of a GTA Housing Market

It’s no secret that Toronto’s real estate market is rising at an alarming rate. Just in the month of March, it was announced that the average home price increased by 33.4 per cent, year-over-year. The average price for a detached home in Toronto currently sits at $1.21 million. In response, Toronto Mayor John Tory, Federal … Continue reading »

Cost of Mortgage is Going Up: CMHC Hikes Mortgage Insurance Premiums
Economic News / Lifestyle News / Mortgage News / Mortgages / Mortgages 101 / RSM News

Cost of Mortgage is Going Up: CMHC Hikes Mortgage Insurance Premiums

If you’re applying for a mortgage with a small down payment, be prepared to pay a little more every month for default insurance. The Canadian Mortgage and Housing Corporation recently announced it will increase the premiums for ‘mortgage default insurance’ (also called mortgage loan insurance) effective March 17, 2017… Continue reading »

The Most Surprising Tip to Burn Your Mortgage Faster
Buying A Home / Economic News / First Time Home Buyers / Home Ownership / Lifestyle News / Mortgage News / Mortgages / Mortgages 101 / Personal Finance / Personal Finance News / RSM News / Savings 101 / Savings News

The Most Surprising Tip to Burn Your Mortgage Faster

High home prices got you down? Many people, particularly millennials, feel like the dream of homeownership is out of reach, especially in Toronto and Vancouver – Canada’s most expensive real estate markets. However, buying a home and being mortgage-free… Continue reading »

Bank of Canada Update: Holding Its Benchmark Interest Rate
Buying A Home / Economic News / First Time Home Buyers / Mortgage News / Mortgages / Mortgages 101 / RSM News / Taxes

Bank of Canada Update: Holding Its Benchmark Interest Rate

Bank of Canada Rate Update – December 7, 2016 As expected, the Bank of Canada is holding its benchmark interest rate at 0.5 per cent. The scheduled announcement today was in line with expectations. “Following a very weak first half of 2016, growth in the third quarter rebounded strongly, but more moderate growth is anticipated … Continue reading »

RBC Second of the Big Banks to Hike Mortgage Rates
Buying A Home / Economic News / First Time Home Buyers / Home Ownership / Lifestyle / Lifestyle News / Mortgage News / Mortgage Rate Outlook Panel / Mortgages / Mortgages 101 / Personal Finance / Refinancing and Renewing / RSM News / Selling Your Home / Your Budget

RBC Second of the Big Banks to Hike Mortgage Rates

Just two weeks after TD Canada Trust hiked their prime rate, RBC has announced they’re bumping up their fixed mortgage rates anywhere from 25 to 40 basis points. Read on to find out how much more this may cost you and why fixed rates are rising in the first place. Continue reading »

The New Mortgage Rules: One Month Later
Buying A Home / Economic News / First Time Home Buyers / Home Ownership / Lifestyle / Lifestyle News / Mortgage News / Mortgages / Mortgages 101 / Personal Finance / Personal Finance News / RSM News / Your Budget

The New Mortgage Rules: One Month Later

It’s been a month since the first of the new federal mortgage rules came into effect. Now, RBC has become the second of the five big banks to raise mortgage rates – effective Thursday. How else have these new rules impacted our purchasing power? Continue reading »