On September 6, 2017 the Bank of Canada increased the overnight rate by 0.25%, causing prime lending rates at financial institutions to increase by the same amount. If you have a variable rate mortgage… The impact this increase will have on your mortgage payment will depend on the size as well as the amortization period, but you can estimate the increase… Read More »

While an interest free loan sounds great at first glance, it looks like the new BC Home Owner Mortgage & Equity (BC HOME) Partnership is going to have some extra fees and restrictions to consider that may, in the end, make the program a lot less attractive that we’d hope. It’s been an interesting start to 2017 in the BC mortgage… Read More »

From all of us at Mackenzie Gartside & Associates, we hope you have a wonderful holiday season! 2016 has been an incredible year for us and we owe it all to you, our fabulous friends and clients.  We’ve been honoured to help you with your mortgage needs and we’re truly amazed at how many new clients come to us after… Read More »

In 2 weeks time, many Canadians are going to find it much more difficult to buy the home they want. New mortgage rules are coming into effect at CMHC which will require all high-ratio mortgages to qualify for 5 year mortgages using the Bank of Canada qualifying rate (currently 4.64%) instead of at the actual mortgage rate (currently about 2.44%).  High… Read More »

Came across an interesting article on the Globe and Mail about the risk of making a purchase offer with no subjects (link below). From our perspective, being responsible for arranging the purchase financing, these are the most stressful types of deals. Even if you know the client’s income and credit are great, there’s always the chance that the lender won’t… Read More »

In December the Finance Minister announced a small change to the down payment requirement for CMHC insured purchases between $500,000 and $1,000,000. Currently the minimum required down payment is 5% of the purchase price for any owner occupied property or second home, but starting February 15th, the minimum down payment will be 5% on the first $500,000 and then 10%… Read More »