The process of buying a home can be exciting yet stressful, especially for first-timers in Canada. Assess your finances, get pre-approved for a mortgage, understand different rate types, and build up your down payment. Consider closing costs and stay in touch with your lender post-purchase for ongoing support and advice. ATB Financial offers tools and resources to help navigate the home buying journey effectively.
Securing the best mortgage rate in Canada is essential for both first-time homebuyers and those refinancing. Understanding the mortgage landscape, including economic conditions and regional differences, is crucial. Improving your credit score through timely payments and debt management can lead to better offers. Comparing lenders and mortgage products, considering fixed versus variable rates, and potentially working with a mortgage broker can enhance your chances of finding favorable terms. Timing your mortgage decision based on market trends can also yield significant savings.
Mortgage brokers provide access to more deals than banks, including exclusive and non-public lender offers.They offer personalized advice based on income, credit, deposit, and property type.
60% of Canadian mortgages renew by 2026, with most facing higher payments due to rate hikes.
Homeowners renewing 5-year fixed terms in 2025 face average monthly payment hikes of $300.
RRSP contributions reduce taxable income, but withdrawals are taxed later, making it ideal for retirement.
TFSA allows tax-free withdrawals, offering flexibility for savings and investing without tax implications.
Securing a mortgage as a self-employed individual in Canada requires extensive documentation, such as tax returns, Notices of Assessment, financial statements, and proof of business ownership. A strong credit score above 680 is important. Challenges include higher down payment requirements and longer approval times. Options include traditional and stated income mortgages, and specialized programs. A knowledgeable mortgage broker can assist with these complexities.
Canada’s spring housing market is slowing due to economic uncertainty and U.S. tariff concerns affecting buyers and sellers.
Home sales dropped 9.8% in Mid-Q1, with prices declining 3.3% and new listings falling 12.7%.
Home prices in Canada are projected to fall by 3.2% in 2025 due to economic uncertainty.
TD Economics downgraded forecasts after weaker-than-expected sales and price declines in Q1 of 2025.
Average asking rents in Canada dropped by 4.8% in Mid-Q1, reaching their lowest level since July 2023.
Despite declines, rents remain 5.2% higher than in 2023 and 16.9% above pre-COVID levels.
To find a good mortgage broker, comparing options is crucial. Brokers save time and money by handling the process efficiently. Seeking second opinions can lead to significant savings. It can be challenging to identify a reliable broker, but checking reviews and backgrounds can help. Look for brokers with experience, who shop around for rates, and understand your financial goals. A competent broker should have closed substantial mortgages, possess years of experience, and prioritize your best interests.