Understanding Aviva Canada’s Changes in Alberta
First Foundation Mortgages and Insurance Blog
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1w ago
What You Need to Know About Aviva Canada's Recent Announcement On July 3, 2024, Aviva Canada made an important announcement regarding Aviva Direct, its direct-to-consumer home and auto insurance business in Alberta. Direct-to-consumer insurance means that Aviva also sold policies directly to customers without using independent brokers. We understand that such news can be concerning, and as your trusted insurance brokerage, we want to provide clarity and support during this transition. The Facts Firstly, it's crucial to note that Aviva Canada is not leaving Alberta, and Aviva policies with Firs ..read more
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Canada Extends Prohibition on Residential Property Purchases by Non-Canadians Until 2027
First Foundation Mortgages and Insurance Blog
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2w ago
We have some significant news to share that could impact those looking to buy property in Canada. Last week, The Government of Canada has extended the Prohibition on the Purchase of Residential Property by Non-Canadians Act until January 1, 2027. Originally enacted in 2023, this Act aims to make homes more affordable for people living in Canada by restricting non-Canadians from purchasing residential properties. What Does This Mean for You? The Act defines residential property as buildings with three dwelling units or less, including semi-detached houses and condominium units. However, it does ..read more
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Wildfire Season: A Record-Breaking Call to Action
First Foundation Mortgages and Insurance Blog
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2M ago
In 2023, Canada faced its most severe wildfire season on record. Flames consumed vast landscapes from coast to coast, impacting every province and territory except Prince Edward Island. Notably, Alberta and British Columbia experienced some of the most extensive damages. The Devastation Across Canada Last year’s wildfire season was unprecedented in both scale and impact, with over 18 million hectares burned nationwide. This is more than three times the area typically affected in an average year. Alberta alone saw over 2.52 million hectares scorched, a stark reminder of the vulnerability even ..read more
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How to Save Money on Life Insurance: 6 Essential Tips
First Foundation Mortgages and Insurance Blog
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3M ago
Thinking about how to protect your family without breaking the bank? You're not alone. Life insurance is a must-have, but it doesn’t have to drain your wallet. Here are six insider tips from First Foundation's Tyler Pfeiffer that can help you cut costs significantly, including a fantastic program that rewards you for staying fit! Tip 1: Choosing the Right Coverage The right life insurance policy serves as a financial safety net for your family. Consider these two critical questions to determine your ideal coverage: How much insurance do I need? Use our handy calculator to start your calculat ..read more
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10 Smart Moves to Secure Your Car & Lower Insurance Costs
First Foundation Mortgages and Insurance Blog
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3M ago
Welcome back to the #owngrowprotect blog! Today, we're thrilled to have Elyce Cartier, one of our seasoned insurance experts, share some invaluable insights. In her latest piece, Elyce breaks down how some straightforward actions can safeguard your vehicle and help contain your insurance premiums. Thanks to Elyce for these helpful tips! EC: "Keeping your car safe and your insurance costs down doesn't have to be complicated. I'm excited to show you some simple yet effective ways to protect your vehicle and help ease the financial pressure on your wallet. Let’s get started!" Steering Wheel Loc ..read more
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The Truth Behind Mortgage Brokers: Insights from a Viral Conversation
First Foundation Mortgages and Insurance Blog
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3M ago
In the ever-evolving landscape of home buying, the debate between using mortgage brokers and going directly through banks has remained a hot topic. Recently, a thread initiated by @Martyupnorth_2 on X sparked a lively discussion on this very subject, prompting responses from a wide array of individuals, including many directly involved in the industry. The crux of the conversation? Whether mortgage brokers truly offer value to those looking to secure a home loan. Just for fun we threw the comments from the thread into ChatGPT and categorized the sentiments into positive, negative, and neutral ..read more
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The End of the FTHBI
First Foundation Mortgages and Insurance Blog
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4M ago
What's Next for First-Time Home Buyers? In a recent move by the Canada Mortgage and Housing Corporation (CMHC), the First-Time Home Buyer Incentive (FTHBI) has been officially discontinued. While this program aimed to assist Canadians in owning their first home, it faced significant criticism for its restrictive nature, particularly concerning income and property value limits. This has been a point of contention, especially in urban areas where these limits were far from realistic. Others have criticized the ‘shared equity’ component of the program as having the potential to muddy property ri ..read more
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Leap Year Investing: Maximizing Your RRSP in an Extra Day
First Foundation Mortgages and Insurance Blog
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6M ago
Hey there, financial adventurers! Did you know that once every four years, the universe gifts us an extra day? That’s right, I’m talking about February 29th – the elusive leap day. It's like finding a bonus fry at the bottom of your fast-food bag, but for your finances. So, let's hop into the world of leap year investing and see how you can make that extra day work wonders for your RRSP. The Leap Year Phenomenon First off, what's up with leap years? In a nutshell, it takes the Earth about 365.24 days to orbit the sun. Those extra .24 days accumulate, and every four years, we need to add an ex ..read more
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Heads Up, Alberta! A Small but Handy Change to Collision Reporting in 2024
First Foundation Mortgages and Insurance Blog
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6M ago
Quick Update on Collision Reporting Rules Hey there Alberta! We've got a quick update that's worth your attention. Starting January 1, 2024, there’s a change in the collision reporting rules in Alberta. It's not a major shake-up, but it’s something that might save you a bit of time and paperwork in the future. What’s Changing? Previous to this new change, if you were involved in a vehicle collision and the damage was estimated over $2,000, you needed to report it to the police. From 2024, this threshold is increasing to $5,000. Why the Change? This change is a response to rising vehicle repai ..read more
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Twelve Quirky Canadian Financial Curiosities.
First Foundation Mortgages and Insurance Blog
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7M ago
As we conclude our "12 Days of Christmas" series, let's take a break from The Serious and have a lighter look at "Twelve Quirky Canadian Financial Curiosities." This post delves into the lesser-known, sometimes humorous, and always fascinating aspects of Canadian investments, insurance, and mortgages. From historic milestones to unique practices, these tidbits reveal the quirky side of Canada's financial scene. First Canadian Stock Exchange: Canada's first stock exchange was established in Montreal in 1832, a time when stocks were primarily traded in coffee houses. The Loonie's Lucky Arrival ..read more
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