Category: Uncategorized
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Down Payment Tips for Home Buyers | Get Your Mortgage for a LilLez!
Down payments are a crucial part of home buying success in Canada, beyond just mortgage rates.The minimum down payment in Canada depends on the home’s price and your province of purchase.
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Canada’s New Mortgage Rules Will Drive Up Housing Prices
In December 2024, the federal government eased mortgage lending rules to improve housing accessibility. Changes include increasing the maximum price cap for insured mortgages to $1.5 million and extending loan terms for first-time buyers to 30 years. This may help some buyers leave the rental market but could inflate housing prices, particularly in Toronto and…
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New Mortgage Rules Aim to Ease Homebuying Stress | Get Your Mortgage for a LilLez!
The government introduced 30-year amortization periods for all first-time buyers and new builds starting December 2024. Insured mortgage caps will rise to $1.5 million, making high-value homes more accessible for buyers.
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Things Homeowners Should Check in Winter | Get Your Mortgage for a LilLez!
Protect Pipes: Insulate exposed pipes to prevent freezing and bursting during cold weather. Seal Air Leaks: Check windows, doors, and outlets for gaps to save on heating costs.
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7 steps to fix Canada’s housing shortage
RBC Economics suggests actions to address Canada's housing shortage, including expanding the labor pool, developing new technologies for faster construction, speeding up approval processes, easing zoning restrictions, reducing government charges, incentivizing purpose-built apartments, and expanding housing stock by reclaiming units and facilitating conversions. Continue to full article
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Slow Mortgage Growth Persists Amid Buyer Uncertainty | Get Your Mortgage for a LilLez!
Mortgage debt growth in Canada remained historically slow, reflecting ongoing market hesitation from homebuyers in 2024.High borrowing costs and elevated home prices kept potential homebuyers sidelined throughout much of 2024.
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Is the Bank of Canada Pivoting on Interest Rates? | Get Your Mortgage for a LilLez!
The Bank of Canada reduced its key rate by 50 basis points in Early-Q4. Council members agreed a larger rate cut was justified to counter economic softness and weak growth.
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How to Run a Tenant Background Check: 10 Essential Tips for Smart Landlords
Finding reliable tenants is crucial for landlords, requiring thorough background checks. Tenant screening involves verifying personal information, credit history, rental history, and criminal background. Key components include credit reports, employment verification, and adherence to fair housing laws. Monitoring red flags like low credit scores, criminal records, and eviction history is important. Consistent screening criteria and…
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Market Reactions to BoC’s Rate Cut and Future Outlook | Get Your Mortgage for a LilLez!
Many economists anticipate smaller, 25 bps cuts moving forward, aiming to reach a neutral rate by mid-2025. The market currently anticipates a rate reduction to around 3.19% by the end of January. The rate is expected to decrease further to approximately 3.01%and by June and July, rates are likely to stabilize near 2.75%. By December…
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Will the Bank of Canada Continue Cutting Rates? | Get Your Mortgage for a LilLez!
The Bank of Canada cut its benchmark rate by 50 basis points, marking a significant reduction. Total cuts in 2024 have reached 1.25% by Late-Q3, indicating the central bank's proactive stance in addressing economic conditions.