Pros and Cons of Refinancing Your Mortgage to Get Out of Debt
Mortgage refinancing is a popular way to get out of debt, but is it the right option for you? During the ongoing COVID-19 pandemic, you may be looking for ways to reduce your debt load. If you own a home, you can use available equity to pay down your debts. Read on for the pros […]
Affordable Housing in Toronto is Still a Major Problem
Affordable housing in Toronto has been difficult to find for a while now — but despite hopes that it would get better, it is still a major problem for many. A recent report from Zoocasa determined that in the Greater Toronto Area, it would take 32 years for a household earning a median income to […]
Don’t Wait Too Long to Refinance Your Mortgage – Get Ahead of Rising Interest Rates
If you’re interested in refinancing your mortgage, it’s better to act sooner rather than later. Why? Let’s break down the reasons. New Canadian mortgage regulations are making it harder to access financing. On January 1, 2018, the Canadian government implemented new mortgage rules onto federally-regulated lenders (such as banks). These lenders now have to implement […]
TREB Has to Make Sold House Prices Public – What This Means for You
An important court case involving the Toronto Real Estate Board (TREB) could have big benefits for consumers when it comes to sold house prices. For nearly seven years, TREB has been trying to keep sold house prices private — meaning only real estate agents or other mortgage professionals could access those figures. But on August […]
Should You Get a Home Equity Loan to Pay Off Debt Before Interest Rates Increase Again?
How confident are you that you could survive another Canadian interest rate increase? If your answer is “not very” perhaps it is time to consider getting a home equity loan to pay off debt. Since July of 2017, the Bank of Canada (BOC) interest rate has increased from 0.5% to the current 1.5%. Although the […]
Toronto Housing Market Cooling? Now’s the Time to Get Mortgage Financing Locked Down
Back in April, after much discussion and prompting from outside sources, the Ontario government instituted several measures to cool a continually hot Toronto housing market. These measures are an attempt to temper rising prices which are becoming more and more prohibitive for the average Canadian and to reduce the impacts of a potential crash. As […]