Gerri Vaughan Mortgage Associate - Invis

10/19/2023

First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!

What is a First Home Savings Account (FHSA)?

An FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn is not-taxable1.
Am I eligible for an FHSA?
To open a First Home Savings Account, you must be:
• A Canadian resident
• 18 years or older2
• A first-time home buyer3
How does an FHSA work?
• Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit.
• A maximum of $8,000 unused contribution room can carry forward to the following year.
• The account can stay open for a maximum 15 years4 or until the end of the year you turn 71

Check with your banking institution to open your FHSA account today and begin saving for your first home.
I will be here to help with the pre-approval when you are ready to proceed!

10/18/2023

Did you know that if you purchased a High Ratio, energy efficient home in the past 24 months, you may qualify for a rebate of up to 25% of the insurance premium.
This is being offered by both CMHC and Canada Guaranty.
Clients will need to complete an online application form. I have attached the links below for your reference.

https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-eco-programs/cmhc-eco-plus

https://www.canadaguaranty.ca/energy-efficient-advantage-program/

To support initiatives that promote environmental consciousness and its ongoing protection, we are pleased to offer a 25% premium refund on the Canada Guaranty mortgage insurance premium paid for qualified borrowers purchasing an energy-efficient home or making energy-efficient upgrades.

10/11/2023

What’s in store for 2024? Here is the answer from one national lender.

With the fourth quarter now upon us, it’s a good time to critically assess Canada’s housing market outlook and bring preparations for 2024 into sharp focus.

Review analyses from various authoritative voices expect interest rates to stay higher for longer because of inflation, with an ongoing impact on home buying activity. This theory will get its next test on October 25th when the Bank of Canada makes its penultimate interest rate decision of 2023.

Others suggest we are closer to the end of the rate hiking cycle than the beginning and that consumer home buying intentions are beginning to firm up. That contrarian view is bolstered by the observation that the Bank of Canada has already raised rates 10 times since March 2022 and demand from immigration-fueled population growth, combined with a meaningful lack of housing supply, will support buying activity and prices.

It's tough to know where the market will land. Much will turn on the health of the jobs market. Currently, employment appears to be holding its own and in part that may be related to growth created by baby boom retirements. As a result, mortgage arrears rates remain low. To the extent borrowers are feeling stress, this lender remains committed to doing everything they can to keep people in their homes with various proven approaches.

What we can say definitively is that originations since the Bank of Canada last raised rates in July have weakened. Commitment levels would also suggest market challenges will continue into the fourth quarter, compounded by seasonality.

I look forward to assisting you with any questions you may have or if you are looking for mortgage financing ... pre-approvals, purchases, refinances - I'm here to help !

10/09/2023

Thankful for this family of mine … I feel very blessed ❤️

03/21/2023

Shout out and thanks to First National for these beautiful flowers. I was the winner of their Spring giveaway contest. They are a wonderful lender that I’ve worked with for many years 😊🌼🌞
Happy Spring Everyone

02/15/2023

Without the support of clients, referral partners and my family this wouldn’t have been possible. So I thank each and every one of you for your continued trust in me to help you get the mortgage you need.

07/01/2022

Wishing everyone a great long weekend! Have fun and stay safe!

06/28/2022

Not sure what's possible for you and your budget?

REACH OUT to learn more about your options for Homeownership!

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Inflation in Canada grew at a pace not seen since 1983, further increasing the likelihood of an “oversized” rate hike of 75 basis points at the Bank of Canada’s next meeting in July. The Consumer Price Index (CPI) accelerated to an annual rate of 7.7% in May. That’s a 1.4% increase from Apri...