The budget prioritizes easing affordability hurdles for young Canadians, particularly in homeownership, while tax changes aim to target only wealthier individuals Read the full report – Solving the Housing Crisis: Canada’s Housing Plan. Will it meet these goals? Maybe, but we wait and wonder given the Liberal government’s history of lack of execution. This was primarily a big spending election budget, and unfortunately, an inflationary move and not the wisest one when we need to get CPI within the 2% target and ensure it doesn’t rebound. Support for First-Time Buyers The younger generations vo ..read more

In the exciting journey of purchasing a home, there are key factors beyond the surface that often go unnoticed. Understanding these nuances can make all the difference in ensuring a smooth process and minimal surprises after your home closes. What lesser-known aspects should be on your radar screen for a successful home purchase and being financially comfortable in your new home now or in the future? 1 – The Power of a Mortgage Pre-Approval. This preliminary approval from a lender confirms the amount you can borrow, giving you confidence and a clear understanding of your budget when searching ..read more

With expectations of lower mortgage rates on the horizon, homebuyers are gearing up for what promises to be a robust spring housing market. As anticipation builds, many prospective buyers are eager to seize the opportunity to secure a mortgage and purchase their dream home before the market rebounds. Qualifying for a mortgage can be challenging, but there are several strategies you can employ to improve your chances of success. From boosting your credit score to saving for a larger down payment, and understanding debt servicing ratios, you can enhance your eligibility for a mortgage and positi ..read more

While nothing is certain, Bank of Canada cuts to the overnight rate are on tap for 2024, possibly starting in April. The strong potential for rate cuts has made variable and adjustable mortgages a top consideration for some homebuyers and homeowners because these mortgages move in conjunction with the prime rate, which in turn is set based on the overnight rate. The case gets stronger with each anticipated Bank of Canada rate cut. All top economists are predicting rate cuts. Here are the Bank of Canada rate projections for 2024 and 2025 by the major Canadian Banks. Should we get 1.75% in rate ..read more

As the year draws to a close, it’s an opportune time for homeowners in Brampton, Toronto, and the GTA to assess their financial situation and prepare for success in the coming year. By completing some financial tasks, you can start the new year with confidence that you’ll be on track to achieve your financial goals. From reviewing your spending to watching your credit score, here are ten important tasks to ensure a financially healthy year-end. 1- Review Spending & Cut Out Non-Essentials: The first step to achieving financial stability is understanding where your money is going. Take a clo ..read more

Prospective buyers are now embracing innovative strategies to turn their homeownership dreams into a reality. These creative approaches allow you to enter the real estate market and lay the foundation for future financial growth. By thinking outside the box, you can explore unique opportunities that make homeownership more accessible and affordable. One of the innovative trends being increasingly explored is co-ownership. This approach lets individuals and entities share the financial burden while reaping the long-term appreciation of real estate. Beyond the initial appeal of entering the hous ..read more

In today’s real estate market, the path to homeownership is not always straightforward, especially given how difficult it can be to qualify for a mortgage. Many homebuyers and homeowners in Brampton, Toronto, and the Greater Toronto Area find themselves facing challenges when it comes to securing a mortgage from A-lenders like major Banks and other prime lenders because of their stringent approval processes. This is why alternative lenders are so important, they provide another pathway to homeownership. An alternative lender, as the name suggests, is a financial institution or individual that ..read more

Securing a mortgage can be a dream come true for many individuals and families. However, the journey becomes much more challenging when poor credit stands in the way. Poor credit can significantly impact your ability to secure a mortgage, making the process frustrating and disheartening. That’s why it’s important to understand why your credit score affects your ability to secure a mortgage, the reasons behind credit issues, how to prevent credit problems in the first place, and most importantly, how Rakhi Madan, your trusted Mortgage Broker, can guide you through your homeownership journey. So ..read more

According to Insauga.com, Brampton has the highest rents in all of the GTA! Brampton had an average rental price of $3,263 per month in the first quarter of 2023, while the average mortgage payment for a $1,000,000 home was $4,626 for a difference of just $1,363. Given the upward spiral of rents, prospective homebuyers are questioning whether it’s more affordable to rent or take the plunge now and buy a home and make monthly mortgage payments. The narrowing gap between rent and mortgage payments is a compelling reason to purchase this Fall, but there are other reasons why becoming a homeowner ..read more

Applying for a mortgage is an exciting step towards homeownership. However, it can also be a complex process filled with potential pitfalls. To ensure a smooth and successful mortgage application, look to avoid common mistakes that can derail your plans and cause you to miss out on a great opportunity. Being aware of these pitfalls and taking proactive measures can increase your chances of securing the mortgage you need to fulfill your dreams. Skipping the Pre-Approval One of the biggest mistakes you can make when applying for a mortgage is skipping the pre-approval. A pre-approval is a crucia ..read more