Bank of Canada Ends 2024 with Another Rate Cut: Key Takeaways
The Bank of Canada concluded 2024 with a 50-basis-point cut to its benchmark interest rate, marking the fifth rate reduction since June. Below, we summarize the Bank’s rationale for this...
Buy or Rent: Use This Calculator to Make the Best Decision!
Are you wondering whether it's better to buy or rent your next property? The decision can be complex and depends on many personal and financial factors. Fortunately, the Autorité des...
Bank of Canada Focuses on Economic Growth as Inflation Stabilizes
With inflation considered under control, the Bank of Canada has shifted its focus to other factors, particularly economic growth, in shaping its interest rate policies. Gross Domestic Product (GDP),...
Are You Paying Too High an Interest Rate on Your Mortgage?
Tom is one of our clients. Just over a year ago, we worked hard to find him the best mortgage conditions available for current financial situation . At that time, interest rates were much...
October Inflation Report Signals Stability but Slower Rate Cuts from the Bank of Canada
The October inflation report brought unexpected headlines, with Statistics Canada reporting a year-over-year Consumer Price Index (CPI) increase to 2.0%, up from 1.6% in September. While higher than...
From Tenant to Homeowner, a Story of Resilience and Family Support
Seven years ago, Emrick and the mother of his children separated. During the breakup, an important decision was made: Emrick would become the owner of the family home. To do this, he had to seek...
Canada's Inflation Sees a Modest Uptick but Remains on a Downward Trend
Inflation in Canada is expected to show a slight increase for October, with economists forecasting a Consumer Price Index (CPI) of 1.9%, up from 1.6% in September, the lowest level since February...
Shopping for Home Insurance: A Smart Way to Save
Home insurance is essential to protect your house and belongings. However, many people overlook the potential savings they can achieve by shopping for their insurance every year. Here are some tips...
Impact of Donald Trump’s Re-election on Canada’s Economy and Real Estate Market
The re-election of Donald Trump as President of the United States is set to have immediate and long-term economic and social impacts on Canada. Financial markets, especially bond markets that...
Breaking Your Mortgage Early: Is It Worth It?
The Advantages and Disadvantages of Breaking a Mortgage Early Early mortgage termination means ending the contract before the scheduled maturity date in the initial agreement. While this option can...
Increase in Notices of Default and Foreclosures in Quebec’s Real Estate Market
The third quarter of 2024 has seen a significant rise in mortgage-related defaults across Quebec, reflecting financial strain on many homeowners. According to data from JLR, an Equifax company, the...
Refinance at Year-End: Maximize Your RRSP and Reduce Your Taxes!
Refinancing at the end of the year to contribute to an RRSP (Registered Retirement Savings Plan) offers numerous advantages. This strategy not only optimizes personal finances but also provides a...
Bank of Canada Lowers Key Interest Rate to 3.75% to Support Economic Growth
As anticipated by many market analysts, the Bank of Canada has reduced its key interest rate by 50 basis points, bringing it down from 4.25% to 3.75%. This decision marks a shift in the Bank's focus...
The Bank of Canada Reduces Its Policy Rate
On October 23, 2024, the Bank of Canada lowered its key interest rate to 3¾%, reducing it by 50 basis points. This marks the fourth consecutive rate cut by the central bank this year,...
Bank of Canada Lowers Key Interest Rate to 3.75% in Seventh Decision of 2024
The Bank of Canada announced a 50-basis-point cut to its key interest rate, bringing it down to 3.75%. This marks the seventh and penultimate decision for 2024, with four consecutive rate cuts since...
What happens if you miss a mortgage payment?
Missing a mortgage payment can be a stressful experience, but it’s important to know what to expect if it happens and what options are available to prevent long-term consequences. For many...
Bank of Canada Rate Cut Expectations Shift After Strong September Jobs Report
Hopes for a significant 50-basis-point interest rate cut by the Bank of Canada this month have diminished. Several analysts have revised their forecasts after the release of a strong September jobs...
Canadian Competition Bureau Investigates Real Estate Industry Policies
The Canadian Competition Bureau is investigating certain policies and practices of the Canadian Real Estate Association (CREA) to determine if their rules discourage buyer agents from competing by...
New Mortgage Insurance Rules to Facilitate the Addition of Accessory Dwelling Unit
On October 8, 2024, the Department of Finance Canada announced significant changes to mortgage insurance rules, allowing homeowners to add accessory dwelling units (ADUs) to their properties. This...
A Mortgage Broker or a Bank Representative?
This question is often a dilemma for someone who has no expertise in the mortgage industry or who does not know an expert that can provide sound advice and guidance. Here are some tips to follow...
Bank of Canada Expected to Reduce Interest Rates by 50 Basis Points and Mortgage Borrowers Get Relief
The Bank of Canada is set to make a significant 50-basis-point cut to its key interest rate during its upcoming meeting in October. In addition to this, the federal banking regulator, the Office of...
Should You Break Your Mortgage to Get a Lower Rate?
When interest rates drop, many homeowners are wondering if it's worth breaking their current mortgage to lock in a better rate. While this may seem like a tempting opportunity, it's crucial to...
Mortgage Holders: Easier to Switch Banks Without a Stress Test
Starting on November 21, 2024, Canadian mortgage holders with uninsured loans will be able to switch lenders at the time of renewal without having to undergo a stress test, according to the Office of...
Federal government raises CMHC mortgage cap to $1.5M and expands 30-year amortizations for first-time buyers
The federal government announced some sweeping changes to Canada’s mortgage system in an effort to improve housing affordability and access.One of the key changes is the increase in...
The Rising Challenges for Young Job Seekers in Canada
For young people in Canada, particularly those between the ages of 15 and 24, the summer of 2024 brought an unexpected challenge: the most difficult job market since 2012. According to Statistics...
Fixed or Variable Rate Mortgage: How to Make the Best Choice
Choosing between a fixed-rate mortgage and a variable-rate one remains a crucial decision for many homeowners in Quebec. In 2024, this choice is even more critical given the economic uncertainties...
How the Latest Rate Cut by the Bank of Canada Impacts the Housing Market
The Bank of Canada has once again reduced its key interest rate by a quarter of a percentage point, bringing it down to 4.25%. This is the third consecutive cut, with Governor Tiff Macklem suggesting...
Pay Off Your Mortgage Faster: 4 Effective Tips
Carla still remembers the day she got her first mortgage. She had just fulfilled her dream of buying a house, but she was also embarking on a long financial journey. Like many new homeowners, she...
The Impact of Future Interest Rate Cuts on the Canadian Mortgage Market
As inflationary pressures ease and economic conditions stabilize, the Bank of Canada (BoC) is expected to implement a series of interest rate cuts, potentially bringing the overnight rate down to...
Everything You Need to Know About Your Credit Report: The Key to Your Financial Health
Credit reports and credit scores play a crucial role in managing your personal finances. Whether you're about to apply for a loan or simply want to better manage your financial situation, it's...
Buy Now or Pay 100% Interest?
Are you hesitating to buy a house because you think interest rates are too high? Are you waiting for rates to drop? What you may not realize is that every month spent paying rent is like throwing...
How to Find Out About Your Credit Rating
There are essentially two private credit rating firms that produce credit scores which the banks will consider while analyzing your mortgage application. The most well known is Equifax, the other one...
Outlook for Interest Rate Cuts in Canada
Canadians hoping for further interest rate cuts from the Bank of Canada recently received some positive news. On Friday, Jerome Powell, Chairman of the U.S. Federal Reserve, announced that the...
June 2024 Real Estate Market Overview in Quebec
The real estate market in Quebec experienced a slowdown in June 2024, following a period of strong activity in April. Compared to May, June data shows a 3-percentage point decrease in sales and a...
What Are the Real Costs Associated with Purchasing a Property
Imagine that you have just found the house of your dreams. It’s a little gem, exactly what you’ve always envisioned for yourself and your family. But before signing the papers and getting...
La Banque du Canada Rassure sur les Prix de l'Habitation Malgré les Baisses de Taux
Bank of Canada: Housing Price Concerns Ease as Interest Rates Drop As the Bank of Canada begins its cycle of interest rate cuts, concerns linger about what will happen to housing prices. Some fear...
Managing Separation: Be Informed During a Spousal Buyout
When a couple decides to separate, the fate of their shared residence inevitably becomes a question. If the house is jointly owned, several options are available to the partners. The simplest...
Impact of Canada's New 30-Year Mortgage Amortizations
Impact of Canada's New 30-Year Mortgage Amortizations The Canadian government has introduced 30-year amortization periods for insured mortgages, effective August 1, in an effort to make...
How to Maximize the Use of Your Home Equity Line of Credit
The possibility of obtaining a home equity line of credit (HELOC) is attractive for many homeowners, but it comes with specific conditions and careful management. The answer to the question "Can I...
Bank of Canada Announces Another Rate Cut
After weeks of "will they or won't they" debates among market observers, the Bank of Canada has reduced its key interest rate by another quarter point, bringing it to 4.50%. This cut is generally...
Did you know that the HBP is increasing from $35,000 to $60,000?
The dream of buying a home is an aspiration shared by many couples. However, gathering the necessary funds for a down payment can often be a significant challenge. Fortunately, the Home Buyers' Plan...
The Bank of Canada Lowers Key Interest Rate to 4.50%
Encouraged by underlying trends in the Canadian economy, the Bank of Canada announced today a 0.25% reduction in its key interest rate, bringing it down to 4.50%. This is the second consecutive...
Increasing Concerns Among Canadians Over Inflation and Personal Finances
Canadians are increasingly worried about inflation, and the majority are not optimistic about their household finances. These alarming findings come from the latest survey by credit monitoring agency...
Employment and Interest Rates: New Perspectives for the Mortgage Market
Recent employment figures in Canada are widely seen as favorable for the announcement of new interest rate cuts by the Bank of Canada. In June, the economy lost 1,400 jobs and the unemployment rate...
Rising Trend in Variable Rate Mortgages as Bank of Canada Lowers Rates
Homebuyers are increasingly turning to variable rate mortgages, a trend expected to continue as the Bank of Canada continues to lower its key interest rates. The proportion of new borrowers opting...
Understanding Reverse Mortgages: Everything You Need to Know
A reverse mortgage is a financial solution that is often overlooked but can be highly advantageous for homeowners aged 55 and older. This type of loan allows you to convert a portion of your home's...
Understanding the Home Equity Line of Credit
Marie and Jacques, homeowners for over ten years, sit at their kitchen table to discuss their future plans. Their children are now grown and gone, and they are considering renovating their home to...
Highlights, Economic and Financial Review-AMF
In the world’s major economies, restrictive monetary policies appear to be yielding results. The process of disinflation is well underway but is becoming more challenging as inflation nears...
The Mortgage Loan: From Purchase to Renewal
Imagine yourself on the threshold of a new chapter in your life, whether it’s buying your first home or renewing an existing mortgage. This journey is filled with excitement and crucial...
Bank of Canada Concerns Over Potential Housing Market Overheating
The Bank of Canada officials have expressed their concerns ahead of announcing this month's interest rate cut, fearing that easing rates could overheat the housing market. Interest Rate Cut...
Maintaining the Stress Test for Uninsured Mortgages
The head of the Office of the Superintendent of Financial Institutions (OSFI), Peter Routledge, has firmly rejected calls to remove the stress test for interest rates when switching uninsured...
Why is it Important to Shop for Home Insurance?
Home insurance is an essential protection for any homeowner or renter, but choosing the right policy can be complex. Shopping for home insurance allows you to find the most suitable coverage for your...
Learning to Live with Uncertainty
The low interest rates from before the pandemic are not coming back anytime soon, and unpredictability must now be part of the economic equation. Central Banks and Inflation Central banks are on...
Identity Fraud
Identity fraud, also known as “spoofing,” is a sophisticated scam where someone impersonates another person to obtain personal information or money. Fraudsters use various tactics,...
Capital Gains Tax Increase: What You Need to Kno
Finance Minister Chrystia Freeland has confirmed that the increase in the capital gains tax will take effect as planned on June 25, 2024. Despite calls for a six-month delay, this measure, announced...
Down Payment Options
A mortgage down payment is the amount of money you pay upfront when purchasing a home. A typical down payment is expressed as a percentage that is calculated as the dollar value of the down payment...
The Bank of Canada Lowers Key Interest Rate: Impact on the Housing Market
The Bank of Canada's first interest rate cut in four years could have a direct impact on the housing market and the economy as a whole. Homeowners renewing their mortgages will find some relief,...
The Bank of Canada Lowers Key Interest Rate: What Does This Mean for You?
On June 5, 2024, the Bank of Canada announced a 25-basis-point cut to its key interest rate, bringing it down to 4.75%. This decision comes amid moderate economic recovery and declining inflation....
Fixed or Variable Mortgage Rate: What to Choose in 2024?
Choosing between a fixed and variable mortgage rate depends on several factors, including your financial needs and risk tolerance. In an uncertain economic context, it is essential to understand the...
Ask Yourself These Questions When Your Mortgage Is Almost Up for Renewal
Clearly, although your mortgage renewal may seem like a banal procedure, it can be if you do not seriously think about the questions listed below: Are we satisfied with our current financial...
Your Credit Score: Debunking the myths
Your credit rating, also known as your credit score, is a number assigned by credit bureaus based on your debt payment habits. The lower your score, the more risky it is for lenders to loan you...
Get rid of your credit card debt!
Imagine this: your son is in immediate need of braces, but all your credit cards as well as those of your partner have reached their spending limit. Are you in a momentary bind? What if I told you I...
Canada’s Housing Plan: An Insider's Perspective
Canada’s Housing Plan was announced in April with the ambitious goal of tackling the housing supply and affordability crisis. Here is an analysis of the key aspects of this plan and the changes...
Is My Mortgage Renewal the Ideal Opportunity to Consider Restructuring My Mortgage?
The answer to this question depends on your future projects and your current level of debt. In a nutshell, if you already have credit card debts, a line of credit, a personal or car loan, or a...
‘Unexpected Windfall’: Mortgage Rates Fall Below 7% in the U.S. for the First Time in Over a Month
This week, mortgage rates in the United States dipped below 7%, with the average rate for a 30-year fixed home loan dropping from 7.02% last week to 6.94%, according to Freddie Mac. “Spring...
Fixed or variable: which is best for you?
Should you stick with the stability of a fixed mortgage rate or roll the dice with a variable? It’s one of the most difficult decisions faced by new homebuyers and homeowners who are renewing...
Homebuyers in Limbo Awaiting Bank of Canada's Rate Cuts
It's Canada’s worst-kept economic secret. Tens of thousands of prospective homebuyers are hesitant to purchase, waiting for the Bank of Canada to lower interest rates. A BMO poll conducted by...
Speed Up Your Mortgage Payments and Save Money
What is the difference between an accelerated weekly payment and a non-accelerated payment? Simple! If your mortgage costs you $1,000 a month, and you want to pay it weekly, your financial...
Bank of Canada Report: Renters Face Greater Financial Strain Than Homeowners
The rapid rise in interest rates has sparked widespread concern, particularly among mortgage holders. However, a Bank of Canada report reveals that households without mortgages are exhibiting the...
Bank of Canada Balances Optimism and Caution on Interest Rates
Recent Background of the Governor's Statements Those anticipating a drop in interest rates by the Bank of Canada may find some solace in recent comments by Governor Tiff Macklem. However, these...
Canada's Monetary Policy Autonomy Relative to US Rates, According to Tiff Macklem
Bank of Canada Governor Tiff Macklem recently clarified Canada's stance on monetary policy during his testimony before the House of Commons finance committee. He stated that although Canadian...
Ensuring Financial Health: The Importance of Regularly Checking Your Credit Report
In the dynamic world of personal finance, caution is key. Many Canadians strive to keep their finances on solid ground, making smart decisions regarding budgeting and saving. However, even with the...
Canada's Record Government Debt Issuance in 2024 Raises Concerns
On April 24, 2024, the Government of Canada (GoC) marked a significant turn by recording the most substantial monthly debt issuance since 2021. This surge in bond market activity comes just before...
Should you rent or should you buy a home?
When it comes to finding a place to live, the age-old question often arises: should you rent or buy a home? It's a complex decision with no one-size-fits-all answer, as it depends on personal...
Quebec's Budgetary Impacts from Tax Harmonization
On April 23, 2024, Quebec's Finance Minister, Eric Girard, defended the decision of François Legault's government to adjust the provincial tax regime to align with the new federal measures,...
Federal Budget 2024
On April 16, 2024, the Finance Minister presented the 2024 federal budget. After years of speculation, this budget finally increases the capital gains inclusion rate, introduces tax relief on capital...
Highlights of the 2024 federal budget
The Federal Budget for 2024 has been revealed, outlining key initiatives aimed at addressing pressing issues while maintaining fiscal responsibility. Here's a summary of the...
Stability and Expectations in the Canadian Real Estate Market as of March 2024
In March 2024, the Canadian real estate market exhibited signs of stability with minor yet significant fluctuations in sales and price trends. According to the latest data from the Canadian Real...
Putting home ownership back within reach and supporting Canadian homeowners
Homeownership, a significant challenge for young Canadians, is at the heart of the new measures announced by the federal government. Chrystia Freeland, Deputy Prime Minister and Minister of Finance,...
Mortgage Renewals in Canada: A Current Overview
Nearly half of the active mortgages in Canada are set for renewal in the next two years, a scenario that could grow complex despite the prospect of upcoming interest rate cuts. The current situation...
Fed Official Foresees Long-term Rates Around 3%
In an evolving economic context, a Federal Reserve official has recently adjusted long-term interest rate forecasts, now estimating them to be around 3%. A Significant Upward Revision Loretta...
Title Insurance - Helpful guide AMF
A title deed is an official document that proves that you are the owner of property such as a house, condo, chalet or land. Title insurance protects you against losses caused by problems related to...
Canada's Housing Market Forecast: A Return to Peak Prices by 2026
The Canada Mortgage and Housing Corp. (CMHC) projects that home prices may rebound to peak levels observed in early 2022 by next year, with potential to reach new heights by 2026. This forecast comes...
Make sure you are ready to sign at the notary.
Recently, you've invested time engaging with various key players in the acquisition of your future home: the seller, the real estate agent, the mortgage broker, the inspector, the banker... Since...
Quantitative Tightening Expected to End in 2025, Says Bank of Canada
The Bank of Canada projects that quantitative tightening will conclude around 2025, as stated by Deputy Governor Toni Gravelle during a speech focused on the central bank's balance sheet management...
Canadian Households Wealthier at the End of 2023
Statistics Canada's latest reports offer a glimmer of hope, revealing an uptick in Canadian households' wealth in the last quarter of 2023. A Positive Year-End for Canadian Households Thanks to a...
Tips for Renewing Your Mortgage
The timing of mortgage renewal often goes unnoticed by many homeowners. Receiving a simple renewal letter by mail can prompt many of them to accept the new rate proposed by their current lender...
The Growing Wealth Divide: Renters vs. Homeowners
A recent report highlights how renters are increasingly facing barriers to wealth building, as a higher percentage of their income is required to cover housing costs. Widening Wealth Gap Research...
Concerning Rise in Mortgage Defaults in Canada
Equifax has released troubling figures that underline the housing affordability and cost of living issues facing Canadians. According to the credit assessment firm, mortgage default rates have...
Managing Divorce: The Financial Relief Offered by the Spousal Buyout Program
Divorce and separation are challenging milestones in a family's life, affecting everyone involved on multiple levels, including financial. The process is inherently stressful, often involving the...
Bond Yields and Mortgage Rates: A Crucial Relationship
In the world of mortgage brokerage, staying ahead of market trends is crucial. Imagine having the power to predict the fluctuations of fixed mortgage rates days, or even weeks, before they...
The Shifting Impact of Interest Rates on Housing Affordability in Canada
The hope that interest rate cuts would improve housing affordability is unlikely to materialize. A new survey by Royal LePage indicates high pent-up demand, while real estate statistics show that...
If it smells like mould, it probably is mould!
Jeremy, newly separated from Nancy, urgently needs to find a house that will meet his needs. Since he is in a rush, he makes an offer on a house and decides to accept the inspection report provided...
Bank of Canada Holds Policy Rate Steady Amid Quantitative Tightening
The Bank of Canada announced today that it will keep the target for the overnight rate at 5%. The Bank Rate is correspondingly 5¼%, and the deposit rate is at 5%. Furthermore, the Bank...
Boosting Your Home’s Worth: The Impact of Energy Efficiency on Canadian Property Values
In the balance between sustainability and economic growth, energy efficiency stands out as a key factor transforming the Canadian property market. For homeowners and investors, the benefits of...
Making sense of a pre-qualification and a pre-authorization
Thinking of buying a property? You must first find out how much you can actually afford to pay for this important purchase. Your financial institution (or lender) must take many factors into...
Canadian Economic Growth in the Fourth Quarter: Analysis and Outlook
The Canadian economy recorded an annualized growth of 1% in the fourth quarter, with high interest rates impacting growth but not enough to push the economy into recession. This follows a 0.5%...
Is a home inspection a pre-purchase must?
Technically, the answer is no. However, as mortgage specialists, we strongly recommend it! We are strong believers in pre-purchase home inspections because they provide you with a better...
The cohabitation agreement... to ensure your couple's peace of mind!
Did you know that common-law couples can agree on a cohabitation agreement? Often referred to as a "cohabitation contract", the cohabitation agreement for common-law partners defines the obligations...
The Challenge of Buying a Home with One Million Dollars in Canada
"A dollar doesn't buy what it used to." And a million dollar budget isn't even enough according to some Canadians in search of a home. Varied Perceptions Across the Country Royal LePage has...
Don't let a new car ruin your dream of home ownership!
Vanessa and Julien decided it was time to leave their apartment and buy a house. They are excited about becoming home owners. Bye-bye rent! Following the advice of some friends, they...
Desjardins Doubles Reserves Against Loan Losses
The year 2023 has been challenging and cautious for Desjardins Group, marked by a significant doubling of its loan loss reserves. This move comes at a time when many entrepreneurs and credit card...
Surprising Uptick in Canadian Home Sales in January
The beginning of 2024 has seen a remarkable rebound in the Canadian real estate sector. According to the Canadian Real Estate Association (CREA), there has been a notable increase in home sales in...
Current Economic Trends: Japan's Fall, Canadian Construction, and More
In the ever-evolving world of the global economy, 2023 has brought significant changes. From Japan losing its position as an economic powerhouse to the evolution of Canada's real estate market, these...
Understanding the Current Economy: Impacts on the Real Estate Market and Interest Rates
Welcome to our blog, where we delve into the current economic dynamics and their influence on the real estate market. As expert mortgage brokers, we constantly monitor economic trends to better...
First-Time Home Buyers Tax Credit: What You Need to Know
As mortgage brokers, we are often asked about the tax benefits available to first-time homebuyers. One of the most significant benefits is the first-time homebuyer's tax credit offered by the...
Canadian Economy and Real Estate in 2024: Between Gloom and Resilience
As of February 2024, Canada's economic situation presents an intriguing duality. On one hand, there's a pervasive gloom, reminiscent of the current winter climate, and on the other, a lack of major...
Highlights, Economic and Financial Review-AMF
• In 2023, the fight against inflation turned a corner as the effects of key policy rate hikes were felt. Inflation gradually came down from the highs reached in 2022. At the same time, the...
Understanding the Impact of Monetary Policy on Housing Affordability in Canada
Recently, a statement from the Bank of Canada has shaken the real estate world: despite significant inflation in housing costs, the Bank does not plan to make housing more financially accessible by...
Interest Rate Forecasts for Canadian Mortgages: What to Expect in 2024?
As expert mortgage brokers in Quebec, we closely monitor the Bank of Canada's (BoC) interest rate trends and their impact on the real estate market. The BoC's decision on January 24th to keep its key...
Find out how to calculate the mortgage you can afford
To determine the maximum mortgage amount you are eligible for, it is essential to consider several factors, including your repayment capacity and the limits imposed by financial institutions and the...
Understanding Mortgage Broker Fees in Quebec: Your Complete Guide for 2024
Recently, during a real estate transaction in Quebec City, a couple of first-time homebuyers expressed surprise and relief upon learning that their mortgage broker's services would cost them nothing....
Current Mortgage Rates in Quebec: Your Comprehensive Guide for 2024
During a morning stroll along the Saint Lawrence River, a couple animatedly discusses their home buying plans, highlighting the critical importance of mortgage rates in their decision-making. This...
How to Verify a Mortgage Broker in Québec: A Comprehensive Guide for an Informed Choice
The question "How to verify a mortgage broker?" is of paramount importance for anyone navigating Québec's real estate market. This guide aims to provide clear and precise answers, essential...
Buying a new home? You may be eligible for a GST and QST rebate!
Buying a new home can be an exciting project, but it comes with its share of government fees. Traditionally, when you buy a new home, you must pay the Goods and Services Tax (GST) and the Quebec...
Who Pays the Mortgage Broker in Quebec?
Imagine Jean and Marie, a couple from Quebec in the midst of searching for their first home. As they navigate the intricacies of the real estate market, a crucial question arises: "Who must pay the...
What is the Commission of a Mortgage Broker in Quebec City?
During a recent real estate transaction in the charming Saint-Roch neighborhood of Quebec City, a young couple was pleasantly surprised to learn that their mortgage broker's services would cost them...
Top home improvement tips to consider before selling your home
A renovation is probably the last thing on your mind right before you plan to sell your home. However, there are some key areas where a little bit of TLC can go a long way to impressing potential...
Unlocking Financial Options for Aging in Place: A Guide to Reverse Mortgages for Supporting Your Parents' Independence in Retirement
If your parents wish to age in place but you believe they don't have sufficient funds to cover the cost of such a choice, there is an alternative solution. Reverse mortgages can provide your parents...
Did you know about the 9% tax?
Did you know that a 9% tax applies to most insurance premiums in Quebec? In Quebec, it's essential to consider the 9% tax when purchasing a home and the mortgage insurance associated with...
Insured, insurable and uninsured mortgages…what’s the difference?
If you’ve spent any amount of time researching mortgage rates, you’ll likely have seen references to these types of products: insured, insurable and uninsured. It’s important to...
I'm a self-employed worker looking for a mortgage loan, but my declared income isn't representative. Are there solutions?
Your declared income isn’t representative of your current income? If this is the case, we’ve got good news: you now have access to a program that could help you buy a property. Mortgage...
CHMC: WHAT IS IT, ANYWAY?
You want to buy a house, but don’t have the required 20% down payment. This is when you are offered the CMHC loan insurance. But what is the CMHC? Why do we offer this insurance? Is...
Swap your bungalow for a condo!
Their youngest has just left the nest. Jocelyne and Jean-Luc are in the mood to travel and enjoy some well-deserved R&R. Mowing grass and shoveling snow are not part their retirement dream. They...
The 5 Questions to Ask Yourself When You Need a Mortgage?
How do you negotiate a mortgage to make sure you’re getting the best possible product? What do you need to know before you sign on the dotted line? Below are a few tips to help you find your...
The importance of knowing the rules of succession without a will
The issue of succession is often complex and emotionally charged. While many people choose to draft a will to ensure that their assets are distributed according to their wishes after their passing,...
Another good reason to obtain a pre-approved mortgage.
Patrick is walking around in the city and spots a condo for sale that interests him. He immediately calls the real estate agent whose phone number is on the sign to find out the price and to visit...
Optimizing Your Assets: The Benefits of Mortgage Refinancing"
Mortgage refinancing sometimes gets a bad rap, often likened to recklessly tapping into one's home equity as though it were an ATM. However, this viewpoint only paints a partial picture. Beyond the...
Can't find the property you want to buy?
Shabby carpeting , splintered moldings, a bathroom from a bygone era, and a kitchen with old melamine cabinets…There always seems to be something wrong when looking around for a potential new...
The secrets to building a solid credit profile!
Whether you are young or have reached a certain age, having a strong credit history is essential to realizing your dream of owning a property. Your credit profile plays a crucial role when applying...
A place for your kids to live through university: Better to buy or rent?
With the high cost of rent, especially in Quebec City and Montreal, more and more parents are buying condos for their kids to live in while they’re at school. After all, they could probably...
Key factors for mortgage approval
Getting ready to start looking for a property? To do so, you will need a mortgage pre-approval. Although this is the maximum amount you could get, it does not guarantee that you will obtain a proper...
Simulation of expenses related to the purchase of a $400,000 property
For those looking to find out the costs related to buying a property, here is an example: Scenario: $400,000 home with a 5% down payment Standard rate: 95% financing: 4.00% 90%...
Mortgage refinancing: a solution for paying off your debts
With the rise in interest rates and inflation, you may be losing your ability to make your credit card payments. Credit card debt with interest rates of 20% or more can be harder to pay off. However,...
Documents to include with your mortgage application
1) Proof of income: Of all the documents you need to provide for your loan application, proof of income is the most important, the most difficult to find, and the one that will take the most effort....
Strategies to Avoid, Reduce, or Navigate Mortgage Penalties
If you are currently tied to a mortgage for several more years, you might feel trapped. Whether considering refinancing, mortgage transfer, or even early renewal, you could face substantial...
Discover CMHC's "Homebuying Step by Step" Guide
Canada Mortgage and Housing Corporation is giving you a guide for everything you need to buy a home in Canada.This workbook provides worksheets, calculators and checklists for each step in the...
Use your RRSP to buy your property!
Did you know that you could withdraw up to $35,000 from your RRSP without penalty to use in acquiring your new home or condo if you are a first-time home buyer or if 5 years have passed since you...
Your home can be used as financial leverage.
Eight years ago, Julie and Carl made a financially savvy decision by leveraging the value of their home (through refinancing) to invest in a 5-unit multiplex worth $600,000. Since then, the real...
Is it smart to use part of my RRSP’s to pay down debts so I can become a homeowner?
Marie-Pierre decided to buy a nice home in the suburbs. However, when she applied for a loan with her financial institution, she was refused. They explained to her that she was...
How to Create a Tax Deductible Mortgage
When you take out a mortgage loan, it is easy to underestimate your total cost including the interest. Imagine you take out a $100,000 mortgage for 25 years with a 5% interest rate. After just 5...
A home equity line of credit... Why not?
A home equity line of credit is very useful for real estate projects. Whether you want to renovate your home, buy a second home, or use it as a backup in case of unforeseen circumstances, your...
Debt consolidation via a mortgage
Debt consolidation consists in borrowing a single amount of money with a financial institution to pay all of your debts. This way, you end up with a single payment which greatly facilitates the...
The story of Jean-Simon, undergoing separation, but wanting to keep his house.
Jean-Simon and Vanessa are separating. Vanessa found a condo and needs to sell her share of the house they purchased together to fund her down payment. As for Jean-Simon, he wants to buy...
The HBP – your ally when purchasing your first property
The down payment required to purchase your first property is often a daunting financial headache. But did you know that the Home Buyers' Plan (HBP) can be a feasible solution to obtain the required...
First-time home buyer incentive
What is it? The First-Time Home Buyer Incentive (FTHBI) is a government program that helps first-time home buyers* reduce their monthly mortgage payment without increasing their down...
Can I afford to buy a property?
To take advantage of the best conditions at the best interest rates, good financial health is paramount. How is yours doing? Is it healthy or on life support? Here's how to evaluate and improve...
Refinancing your mortgage can make your dream kitchen a reality!
You may wonder whether there is a way to use your mortgage to finance a specific project, such as a kitchen renovation. Let’s take a look at how it is not only possible, it is actually the most...
Buying your first home? 5 mistakes to avoid
Looking for your first home? What exciting project! At Mortgage Planners, we have your best interests at heart. Therefore, we want to warn you against the most common mistakes made by our...
Housing Market Highlights
Source: Housing and Mortgage Market Review The Bank of Canada’s soft landing is on track…for now Highlights: The inflation fight is progressing well, but the Bank...
Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?
The minimum cash down payment to purchase a house, condo or duplex valued at less than $500,000 is 5%. When the price is higher than $500,000 but lower than $999,999, you must put down 5% for the...
Tips for improving your credit rating
You've been thinking about starting the process of buying your first home in the next few months and you're concerned about the viability of your credit rating. Is your concern caused by poor credit...
5 tips for a greener home
5 tips for a greener home Sustainable development, energy efficiency, environmental responsibility... It’s not a fad, it’s a lifestyle. According to a 2017 study by Sagen, more...
Should I choose monthly or weekly payments?
You have just completed the mortgage approval process, and the inevitable question from your mortgage broker or bank adviser crops up: do you want to make weekly or monthly payments? If you answer...
The FHSA: a new ally for first-time homebuyers
Last year, the Canadian government announced the creation of a registered account that can help you save money, tax-free, for your first home purchase. In this article, we invite you to learn about...
To avoid unpleasant surprises, do an annual review
Have you thought of doing a yearly review of your mortgage in order to avoid any payment shock if interest rates increase? It’s really quite simple. On each anniversary of your mortgage,...
Changing jobs during the mortgage application process has its risks!
Changing your job in the middle of your mortgage application (purchase, refinancing, renewal or investment) can cause you some serious problems. In order to obtain your mortgage approval with all the...
Good or bad debt?
What is a good debt? What is a bad debt? Knowing the difference between the two will make it easier to manage your debts and reduce their burden. A debt by any other name… No one...
Can I optimize my mortgage renewal ?
When the time comes to renew your mortgage, are you the type to accept the first offer or to look around to get the best possible product? Surprisingly, barely half of Quebecers try to get a better...
Your mortgage renewal could reduce your debts.
A car financed at 7%, a line of credit at 9%, credit cards at 19%… Have you ever made a comprehensive list of your current debts? Many Quebeckers prioritize paying off their mortgage,...
Everything about the house is perfect except for the kitchen. What are my options?
Although the kitchen, the bathrooms as well as the floors are rarely to our taste when we visit houses for sale, is this a reason to reject a house that has many other assets? The CMHC...
Taking advantage of the CMHC portability option
Anna and Jeff own a condo. However, with their third child on the way, they need to buy a larger home. Can they take advantage of the Canada Mortgage and Housing Corporation (CMHC) portability...
Falling in love with your dream house - how to get the information you need to help you with your decision
Karen and Carl live in a beautiful, cozy house in the Laurentians. During a walk on a beautiful Sunday, they found a house for sale, hidden in the woods. The real estate broker was there and showed...
The questions you need to ask before deciding to move or upgrade your home
We often want to move because we want a bigger home. However, several factors, such as hesitating to leave a neighbourhood your family is fond of or the high cost of a larger home, might lead us to...
Can I use the increase in value of my home to maximize my RRSP?
Josianne is in her early forties and a single mother of two beautiful daughters of 9 and 12-years old. Recently, she realized that she had more than $100,000 in unused RRSP contribution room. Based...
Pay Attention to Mortgage Loan Penalties!
A mortgage loan has certain risks, which need to be evaluated carefully, especially those regarding penalties. Choosing a mortgage lender is not easy because there are approximately twenty financial...
Use your RRSP as a down payment on a your real estate purchase.
How can you use your RRSP as a down payment on a real estate purchase? How do financial institutions manage this procedure? It’s really quite simple. If you are considered a first-time...
Save $240 per month with the Government of Canada's First-Time Homebuyer Incentive!
You may already be aware of this, but did you know that the federal government's first-time homebuyer incentive can help you buy your first home? In fact, this incentive helps you without increasing...
Can a bridge loan be a good solution ?
A bridging loan, better known as a “bridge loan” provides a solution for all buyers in the process of purchasing a property who have received an unconditional commitment for the purchase...
Do I need to have my mortgage pre-approved if I’m planning to buy a condo?
The short answer is no, but your real estate agent and mortgage broker strongly recommend it. Here’s why: You will be spending a lot of time with your real estate agent because they will be...
Itching to renovate your home? Here's how to make it happen.
After a visit with me at my office, Vanessa and Thomas decided to renovate their home to bring it up to date. They even took the opportunity to add a garage! Fifteen years ago, they paid $150,000...
What are the potential dangers of dealing with a virtual bank?
Virtual banks such as Tangerine (ING Direct), First National, MCAP, Home Trust, Merix, Equitable Bank are more and more present on the market and keep gaining ground every day at the expense of...
When back to school expenses and your summer vacation leave you strapped for cash.
Your summer vacation was great, but your budget took a hit; back to school brings its own new expenses, and you have been carrying some credit card debt for far too long. Clearly, the passing time...
Buying a property needing major renovation? Careful planning will bring big savings!
For some years, you can no longer refinance* a mortgage for more than 80% of the market value of a home. We have noticed that many of our clients return to our offices seeking mortgage refinancing in...
The 10-point case for working with a mortgage broker.
1. Get expert advice on your financial options. Because we are independent mortgage brokers, we are not tied to a specific product range or a particular lender. Our only goal is to help you secure...
Could you be exempt from the welcome tax?
The "welcome tax", also known as the "property transfer tax", is an amount that a municipality must collect when a property located on its territory is transferred. This tax was created to...
Recent graduates purchase their first condominium
Ann and Sophie, both twenty-five, just graduated from university. Both have found a job in their respective fields with annual salaries of around $42,000. Their job probation period is over and now...
Variable rate mortgages – a worthwhile option?
Greater risks yield greater results. The same applies when comes the time choose a mortgage. Choosing a variable rate mortgage allows you to benefit from a rate that is lower than what you would...
A mortgage for self-employed : Can it be possible?
Well yes, it is possible! Qualifying income is the only difference in qualifying for a mortgage between a salaried individual and a self-employed individual . For each situation here is the...
What do we do if we just made an offer on a house, but haven’t sold our condo yet?
Start by asking yourself this one all-important questions: could you qualify for 2 mortgage loans – your current one on your condo and a new one for the house you want to buy? In effect, even...
Affordability 101: tips for future homeowners
AFFORDABILITY 101: TIPS FOR FUTURE HOMEOWNERS Always dreamt of owning a home but confused by all that complex real estate lingo? Don't worry, we’re here to help! Today we’re going...
Finance your new swimming pool with your mortgage loan
Paul has just been woken up at 7 AM by the noisy machines digging his neighbor’s new pool. Curious by nature, Paul goes to speak with his neighbor, Robert, busy surveying the work....
All you need to know about subsidy programs that make homeownership easier!
Over the past few years, housing affordability has become a forgotten dream for some. The advent of the COVID-19 pandemic, the fluctuations of the economy linked to this same pandemic - but also...
Can refinancing my home solve my debt issues?
This is a question frequently asked concerning mortgage financing… I have credit card debt. Could my house be the solution to my debt issues? The answer is YES, if you have the necessary...
Planiprêt is Expanding Their National Footprint!
St-Eustache, Canada, March 31, 2022. The largest independent mortgage brokerage in Quebec joins forces with the largest independent brokerage firm in...
Has confinement given you the urge to renovate?
During this crisis period, we find ourselves spending a lot of time at home. And with the arrival of spring, renovations projects are very likely to bloom everywhere! We’d like to take a few...
Why is there is an additional $684 in my notary’s fees?
OMG! There is an additional $1 026.00 in my notary’s fees. Vanessa recently signed the deed of sale on her townhouse at the notary and has just received her bill. She discovers the amount of...
Christmas was magic! Now, how do I pay the debt racked up on my credit cards?
It’s February, cold and dark, and here you are, faced with a pile of debts and credit card bills that reflect your over-spending on holiday celebrations! You’ve received one or more...
Reversed mortgage: miracle product or danger?
The reversed mortgage is used primarily by retirees who own their principal residence and want to increase their retirement income, or simply cash out a portion of their property value for personal...
Underused Housing Tax: a major change for homeowners living abroad
On January 1, 2022, the federal government introduced a new tax: the UHT, or Underused Housing Tax. The UHT is calculated by multiplying the assessed value of residential real property by the 1% UHT...
Purchasing with Peace of Mind : The Impact of the Credit Bureau on Your Buying Plans
Your credit score is a comprehensive record of your financial history, which potential lenders can access to evaluate your capacity to repay your debts. When you’re in the process of buying a...
Creating financial padding by using a line of credit – is it a good idea?
Let’s say it how it is – the COVID-19 pandemic crisis raises a lot of concerns, on both the health and finance front. Will I still have a job in a week? Will I go back to work...
Being mortgage-free with a mortgage discharge
You are the new owners of a beautiful home and have taken out a mortgage to make your dream come true. You should know that when you take out a mortgage, the lender registers a right that is a lien...
Should you renegotiate your mortgage before maturity?
Marc and Isabelle have a $300,000 mortgage with the ABC Bank. They planned to pay off their house in 25 years. They took a loan at a fixed rate of 3.45% on a 5-year term. Two years before the date of...
Planiprêt embauche Marc-Alexandre Maglieri au poste de Vice-Président Opérations-eng
Planiprêt, dont le siège social est situé à Saint-Eustache, est fier d’annoncer l’arrivée de Marc-Alexandre Maglieri. Il se joindra à la...
Incentive programs and measures available for the purchase of a property
Are you considering buying a house or a condo? Are you wondering if there are incentive programs and measures available and tailored to your financial situation? The first thing to do is to reach out...
Planiprêt embauche Pierre-Alain St-Laurent au poste de Vice-président, développement des affaires et marketing (français)
Planiprêt, dont le siège social est situé à Saint-Eustache, est fier d’annoncer l’arrivée de Pierre-Alain St-Laurent qui se joindra à la...
The booming Quebec real estate market
version française
After a year of global pandemic, it's time to take a look at your financial situation
At this time last year, we were quietly going about our business. Life was happening at full speed until one day the world plunged into the unknown.This global pandemic has challenged many of our...
How to purchase an income property when you renew your mortgage
For years, you have been thinking about investing in an income property. Why not take advantage of your mortgage renewal to refinance your property and to provide you with the 15% or 20% down payment...
Faster mortgage repayments.
It’s simple. Just make early refunds for the duration of your loan, thus reducing interest costs and, at the same time, accelerating the repayment of your mortgage debt. You can increase the...
Your Mortgage VS Covid-19 ; answer to the questions you ask yourself
Can I cancel my real estate transaction? As mentioned on the OACIQ website: “Once accepted by the seller, a Promise to purchase can no longer be cancelled by either party unless: a clause...
If I decide to defer my mortgage payments, will the government make payments for me?
With everything that we hear, it can be very confusing to understand the specifics of the various aid programs offered during this pandemic crisis. The answer to this question is no – the...
Covid-19; your mortgage lender has solutions for you if you're having trouble
You would like to know if you are eligible for assistance from your mortgage lender, below you will find the details and the steps to follow depending on your lender. Desjardins Here is a quote...
The ABC’s of the HBP.
Test your knowledge of the Canadian government’s HBP program (Home Buyers’ Plan): 1. I own my main residence and I would like to buy another property. Can I use the HBP? No. 2. I own my...
Introducing Plani-Docs
MP Mortgages Financial Group* is proud to launch Plani-Docs, encompassed in the industry leading Maestro platforms, a leader in mortgage application preparation in Canada. Plani-Docs assists the...
The steps to property ownership in 2018.
It’s easy! You start by securing a pre-approved mortgage from an expert in the field such as a mortgage broker. Your mortgage broker will not only become your partner in this important...
Choosing the right mortgage: It pays to be informed!
Too many Quebec families are making the wrong financial choices… choices that can stay with them for the next 25 years. Not enough people take the time to get all the facts or to talk to an...
Important changes to Mortgage financing standards. Effective January 1st, 2018
The Office of the Superintendent of Financial Institutions (OSFI) published on Tuesday, October 17, 2017 the final version of its B-20 Guideline, Residential Mortgage Underwriting Practices and...
Important changes coming to mortgage financing standards
The Office of the Superintendent of Financial Institutions (OSFI) is currently studying the possibility of applying another major change that will affect anyone looking to purchase or refinance a...
(Français) Que faire si vous avez une hypothèque à taux variable?
Sorry, this entry is only available in French.
Important Notice: If you have a Variable mortgage rate, what should you do?
To the surprise of many economists and analysts the Bank of Canada (BoC) has decided to increase its key lending rate for the second time in 2 months by another 0.25% on September 6th 2017. This...
All homebuyers have to pay a land transfer tax (the “Bienvenue” tax).
The land transfer tax or duties on real estate transfers is called the “taxe de bienvenue” in Quebec. Bienvenue has no connection with the expression “Welcome [Bienvenue] to your new...
(Français) Le taux variable vous rend frileux? Voici de quoi vous faire changer d’idée!
Sorry, this entry is only available in French.
CMHC mortgage insurance premiums have been increased.
January 17th, 2017, the CMHC announced an increase in their mortgage insurance premium rates as of March 17th 1st of this year. This means that if you submit your insured financing to your...
Save $2,000 with a $500 investment.
Did you know that making a 10% down payment instead of 5% saves you 0.75% on your CMHC (Genworth or Canada Guaranty) premium? So be mindful of how much you put down on the purchase of your...
Important changes in the rules regarding mortgage financing effective October 17
On Monday, October 3rd, the Finance Minister of Canada announced a major change to the rules of mortgage financing, which will affect all clients currently in the process of purchasing a new...
Fixed or variable? Definitely something to consider.
Your dream of owning a new home is about to happen, but you still have a couple of decisions remaining: a fixed or variable rate mortgage? What to do … It is important to understand that...
Renegotiate your mortgage before it comes up for renewal
Karine contracted a mortgage loan three years ago and there are two years remaining before the end of the term. Her mortgage interest rate is 4%. During a discussion with a colleague, she learns...
Mortgages: Some savings are penny-wise and pound-foolish
SOME SAVINGS ARE PENNY-WISE AND POUND-FOOLISH This well-known saying simply means that it is a waste of time to save your pennies while not paying attention to your dollars. Unfortunately, it is a...
Down payments soon to be higher on some mortgages
On December 11, without addressing the risk of a potential real estate bubble, Federal Finance Minister Bill Morneau announced that down payments on mortgages between $500,000 and $1 million would be...
A private lender could help you find the missing funds needed to complete the construction of your home.
Louise and Roger decided to build their own home. Since they have a lot of construction and renovation experience they figured, “Why not build our own dream home and take advantage of our...
Make sure you have cash on hand to act quickly on a good deal!
Emmanuel and Julie were looking for an attractive rental property to invest the equity they had accumulated over the years on their home. Several criteria guided their search: they wanted one near...
Discover the grants available when you become a homeowner.
Did you know…? You can obtain government grants when you purchase your first home. You are entitled to free services concerning energy efficiency (Éconologis) when you are a new homeowner;...
Consider a 10-year term for your mortgage if you are worried about future interest rate increases.
Economic experts will tell you that, aside from 2 or 3 exceptions over the last 25 years, it has always been wise to take out a 1-year term or a variable mortgage. That being said, rates are...
Secure a mortgage credit line without changing your current mortgage and WITHOUT ANY NOTARY FEES?
It is now possible to obtain a mortgage credit line at very competitive interest rates without changing you current loan, i.e. without any penalties. Effectively, if you have the necessary equity to...
Request for submission 