For those renewing mortgages soon, understanding terms and options can ease rate shock. Use tools like mortgage renewal calculators to compare offers and total costs. Consider adjusting mortgage terms or switching to variable rates to stay competitive. Higher payments may require strategies like prepayments, extending amortization, or cutting expenses. If renewal is declined, seek new lenders before considering selling your home.
Self-employed homebuyers often face mortgage challenges due to fluctuating income and tax deductions. Modern self-employed loans, like bank statement, profit & loss, and asset depletion loans, assess real cash flow rather than just tax returns. Key approval factors include consistent deposits, good credit, business stability, low debt, and savings. Expert guidance and organized documentation improve approval chances and simplify the process.
Moving homes is harder today as rising rates and stricter lending rules limit flexibility for homeowners.
Mortgage porting lets you transfer your existing loan, rate, and term to a new property.
Most lenders require closing both sales within 30–120 days and requalifying under current standards.
Porting helps avoid thousands in penalties and keeps lower payments if rates have since increased.
Still, it limits lender choice and flexibility—careful timing and contract review are essential before moving.
A new TD Bank survey shows Canadians are divided on future interest rate movements amid ongoing economic uncertainty.
Many respondents are rethinking mortgage strategies due to inflation, rate volatility, and tariff-related financial pressures.
Nearly one-third of Canadians say tariffs have affected their borrowing capacity or mortgage choices.
Despite high overall awareness, many still face affordability challenges and unexpected costs when buying a home.
TD emphasizes that expert mortgage advice remains essential, with 88% of Canadians valuing trusted, personalized financial guidance.
Home remodeling often involves unexpected costs, stress, and delays. Key lessons from homeowners include hiring professionals instead of DIY to avoid costly mistakes, doubling budgets and timelines, and getting detailed contracts in writing. Careful contractor vetting is crucial, as is avoiding trendy designs that may lower resale value. Planning renovations with long-term resale in mind ensures better returns.
In Canada, first-time home buyer programs like the First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP) allow individuals to qualify as first-time buyers multiple times. To be considered a first-timer again, one must not have owned a qualifying home for a specified period. The FHSA permits contributions of up to $8,000 annually, while the HBP allows borrowing up to $60,000 from an RRSP. Provincial programs have stricter definitions, often requiring no prior home ownership at all.
FHSA lets first-time buyers save tax-free for a home, up to $8,000 in the first year.
Contributions are generally deductible, but RRSP transfers to FHSA are not deductible.
First-time buyer status differs for opening vs. withdrawing from FHSA.
To qualify, you and your spouse must not have lived in a qualifying home you owned in the past four years.
Withdrawal rules exclude the 30 days before withdrawal from the four-year residency check.
The “eleventh hour of the eleventh day of the eleventh month" of 1918 that signaled the end of World War I.
On this day we honour those who have sacrificed so much to keep our flag flying high.
Remembrance Day
Salute to all heroes, and thank you for your service.