If you are currently in the market for a mortgage, you should be familiar with the term “mortgage default insurance.” For those who aren’t or if you need a bit of a refresher, I’m going to outline some of the basics about mortgage default insurance and how it can impact the rates that are available to you. First and foremost, it’s important to differentiate mortgage default insurance...
by timirealestate 
Given today’s affordability challenges, finding your perfect dream home right off the bat isn’t always feasible. But did you know there are financing options that allow you to incorporate renovation costs directly into your mortgage? This means as long as you find a home in your desired location, you can then customize or update it to meet your specific needs and tastes. Home renovations...
by timirealestate 
And it's because despite the unpredictability of interest rates, there's a significant wave of buyers eager to enter the market. So why now? A couple reasons They want to buy before competition heats up. They're feeling more optimistic about home prices, ever since November 2023 (Source: Nanos Research). They can afford it now, when they couldn't last year. And for some, it simply comes...
by timirealestate 
How to prepare for the busy spring market I think it’s safe to say we’re all eagerly anticipating the arrival of spring as the snow melts and the days grow longer. It's a season of renewal, not just for nature but also for the real estate market as both homebuyers and sellers come out of hibernation and prepare to make their next big move. If you plan to count yourself among one of these...
by timirealestate 
As the April tax deadline approaches, understanding the plethora of tax credits available can be a game-changer for homeowners and first-time buyers. Whether you're stepping into your first home or you're a seasoned homeowner, being aware of these deductions and programs can significantly impact your tax filings and maximize your return this season. GST/HST new housing rebate What is it?...
The money that banks lend out comes from depositors and investors, both here in Canada and in other countries. So, funding cost is largely driven by the interest rates in these places. And these rates move up and down for several reasons. The global economy matters Many Canadian banks borrow money in other countries, particularly the United States. And keep in mind that the world’s financial...
by timirealestate 
One of Canada’s largest banks doesn’t see rate cuts boosting home prices by next year. Scotiabank’s forecast, filed with its recent earnings report, shows prices falling by next year. Even in the bank’s most optimistic scenario, their team anticipates home prices will continue to fall over the next 12-months. Macroeconomic Scenario Forecasting Modern accounting regulations require...