Megan Foss, mortgage agent level 2

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Megan Foss, mortgage agent level 2

Hi there! My name is Megan and my life is all about mortgages. Please contact me anytime you want to chat about making your dream home a reality.

02/04/2025

New Tariffs were announced tonight, but this time Canada was omitted. That being said, if you have mortgage needs and your industry is subject to the tariffs you may want to renegotiate your mortgage now before the effects have set in.

11/10/2024

Do you know what the three big changes are that are coming up in the mortgage industry?

First, the federal government introduced two major changes aimed at helping more home buyers get their foot in the real estate door. These rules start on December 15, 2024:

The home-price cap for insured mortgages (requiring less than 20% down payment) is increasing from $1M to $1.5M — opening more access to primary and secondary home purchases in expensive markets.

First-timers and new-build buyers can extend their insured mortgages from the standard 25 years to 30 years — helping them qualify for more ‘home’ or lower their mortgage payments.
Then, one more big rule change came from the federal banking regulator OSFI (Office of the Superintendent of Financial Institutions), which takes effect on November 21, 2024:

At renewal time, homeowners with uninsured mortgages (20% down payment or more) don’t have to face the federal stress test when switching lenders for a better deal. (Insured mortgages already have a pass.)

10/10/2024

Get ready! The next rate announcement is in a couple of weeks. Do you think they will cut rates again?

05/10/2024

I'm proud to say that I'm joining a new chapter of BNI downtown Toronto. We are looking to complete our group, so if any of you know any entrepreneurs that are looking to scale up their business through referrals, please reach out to me. This group is meant for people who have experience, have some established business but are still looking to grow.

04/10/2024

What happens when you need the equity in your home to buy your new one, but you haven't sold yours yet? That's called a bridge loan. Look at my tip below for more details.

02/10/2024

So excited for Buffy trivia tonight. What is Buffy's middle name? Why was she expelled from her last school?

25/09/2024

Another mortgage update? OFSI has now removed the stress test at renewals for uninsured mortgages! Let's keep the positive changes coming.

19/09/2024

All mortgage brokers are now required to report suspected money laundering to FINTRAC. So make sure to use the good soap when you clean your laundry so that you don't wind up like the person in this picture

13/09/2024

Move over ChatGPT! Edmonton becomes 1st Canadian city to approve automated development permits. The new digital tool will allow people to apply for a development permit, which will also allow them to begin building on the same day.

The goal of the automated process is to allow builders to get shovels in the ground faster, and to increase development to meet the growing need for houses in Edmonton.

11/09/2024

The latest survey shows that despite the government's efforts, StatsCan has released that there has been little progress made in housing affordability. Renters have it worse than homeowners, which is a gap that has been growing. How do you feel about this? Do you agree, disagree or have your own opinion?

06/09/2024

Housing sales have slowed significantly in many areas, as much as 17% in Vancouver in August. These numbers can be deceiving though! Buyers seem to waiting for further rate drops to enter the market, but they might be missing a bottom. Lower rates spur buying, but that means higher home prices! Make sure you're doing what's best for you, but don't try to time the market.

04/09/2024

BREAKING NEWS
The Bank of Canada has lowered its benchmark interest rate by 25 bps to 4.25%

As was widely expected, the Bank of Canada today lowered its benchmark interest rate by 25 bps, bringing it to 4.25%.

This is the Bank’s third consecutive rate cut following a previous cut in July.

Address

40 Asquith Ave

Telephone

+14166602729

Website

http://www.fiercemortgages.com/

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