Tanya Mashkova - Mortgage Broker

08/10/2022

When will I hit my trigger rate? And what is a trigger rate?

Trigger rate is unique to every mortgage.

There's been a lot of discussion recently about how variable-rate mortgage holders could face their "trigger point." We're going to explore what that means, and the implications for borrowers.

07/15/2022

Still debating on Buying vs Renting..?

Does Buying seem to be a scary move?
Well, don’t think of a rental market as a safe spot. 1️⃣ you never know when you might be asked to move out 2️⃣ your new rent might be significantly higher even if you manage to find a new place in current tight market

*** Vancouver tops the list as the most expensive rental market

https://www.canadianmortgagetrends.com/2022/07/canadian-rent-prices-stabilized-in-june-but-demand-is-expected-to-grow/

04/22/2022

Important note on Investor Mortgages: a higher down payment is likely to be required for investment properties in the nearest future.

“…as part of the domestic implementation of the Basel III reform package in banks’ fiscal Q2-2023, we are increasing the risk weights, and thus capital required, for investor mortgages compared to the risk weights for owner-occupied properties,” the report reads.

While it’s not clear what this will translate to in terms of specific regulations, an increase in risk-weighing will likely mean a higher down payment requirement compared to owner-occupied mortgages.

In its first Annual Risk Outlook, OSFI identified several potential issues in the housing market and outlined plann

04/10/2022

“Unfair practices like blind bidding or asking buyers to waive their right to a home inspection can make the process of buying a home even more stressful for too many Canadians,” the federal budget reads. “To help level the playing field for young and middle class Canadians, the government will take steps to make the process of buying a home more open, transparent, and fair.”

A ban on blind bidding is in the works as the federal government announced the development of a Home Buyers' Bill of Rights.

03/30/2022

What is a mortgage stress test and How does it work?

A mortgage stress test is a high interest rate on a mortgage application that a bank or a mortgage broker uses to qualify you. Essentially, a mortgage stress test is a rate that is raised artificially in order to lessen the amount of mortgage for which you may qualify, rather than acting as a real interest rate viewable on your mortgage approval document, or that your payments could be based on. Read more below ⬇️

Essential facts to understand about the mortgage qualifying rate

03/11/2022

“The economy is now in a place where moving to a more normal setting for interest rates is appropriate. The economy can handle it”

So shall we expect some rate increases in the nearest future? I think we shall. How will it affect you? It depends on a type of rate that you have - variable, adjustable, or fixed. Contact me to find out more.

Bank of Canada Governor Tiff Macklem reaffirmed that controlling inflation is the central bank’s “number one job.” That’s why, on the heels of the country’s highest inflation reading in 30 years, the Bank of Canada will move ahead with further interest rate hikes, which Macklem said is the...

03/03/2022

Prime rate increases by 0.25%.
Variable rates still look way more attractive than fixed rates

The news marks the first time Canada's banking giants have raised prime rates since 2018

12/02/2021

RE/MAX: «Atlantic Canada is likely to become a major hub of price growth, with the most significant increases expected for Moncton (20%) and Halifax (16%), RE/MAX said. On the national level, the average residential sales price is projected to increase by 9.2% next year.»

RE/MAX delivers its verdict

11/18/2021

Ontario And B.C. Still Lead As The Top Spot For Immigrants

The majority of permanent residents were attracted to the Big 3 immigration provinces, including British Columbia

https://betterdwelling.com/canadian-immigration-data-shows-the-biggest-month-in-at-least-a-century/

Canadian immigration was slow through the pandemic but it’s now back with a vengeance. Government of Canada (GoC) data shows permanent resident arrival admissions soared in September. It didn’t just recover from the lull either. The number of arrivals in the month was the biggest number in at le...

11/12/2021

⚠️ "The median household income needed to purchase a home in Vancouver - $215,354 per annum."

Contact me to see how much we can qualify you for.
As for a house purchase, potential income from a mortgage helper (basement suite) in a house can be added to your household income to increase your maximum mortgage amount.

Even before fixed mortgage rates started rising last month, housing affordability continued to deteriorate in the third quarter.

10/28/2021

“Starting Friday, big banks will continue to move FIXED RATES, likely about 30 bps by the time the dust settles next Friday.”

The growing spread between fixed and variable rates will continue to drive borrowers towards variable rate mortgages.

Bond yields rocketed higher following today’s Bank of Canada rate decision, making it likely that fixed mortgage rates are about to climb higher.

10/27/2021

Bank of Canada: overnight rate remains the same => Variable rates are not affected again

https://www.bankofcanada.ca/2021/10/fad-press-release-2021-10-27/?fbclid=IwAR3HkNJRCEWBBCEt6gR2ceIIjJJ5ozYqRm5wV0bpFgSZENu6Pv8q5XKFwaQ

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.