Torres Mortgages

01/29/2023

On January 25th, 2023, the Bank of Canada raised their overnight rate to 4.50% (0.25% rate hike) to help further slow down inflation and economic growth. This will be the eighth time that they raised interest rates.

On the positive note, the Bank of Canada hints that they may pause further rate hikes in a news conference.

Impact To Mortgage Holders & Buyers

1. If you're pre-approved on a fixed rate, there are no changes.

2. If you have a fixed-rate mortgage, there are no changes to your payments.

3. Current variable rate approvals are still valid through this change.

4. Monthly payments for homeowners with variable-rate mortgages will slightly increase. The 0.25% rate hike= $15/month per $100k borrowed.

Swipe left for more details ⬅

If you have any questions, reach out to us by email at
[email protected] or call 604-355-3592

01/01/2023

Happy New Year! Wishing all the best to you and your family as we head into 2023. 🍾🎉🥳

01/01/2023

Interest rate announcement dates for 2023!

01/01/2023

Change in prime rate over the year 2022.

12/29/2022

Starting on January 1st, 2023, the federal government will enforce the Prohibition on the Purchase of Residential Property by Non-Canadians Act. The objective is to help make homes more affordable for people living in Canada. This new law will prevent non-Canadians from buying residential property in Canada for two years.

It is important to note that the federal government has made several exemptions, including for many foreign workers and international students who plan on living in Canada long term. 

Some exemptions from the ban include:

1. An individual who is a non-Canadian that purchases a residential property in Canada with their spouse or common-law partner if the spouse or common-law partner is a Canadian citizen.
2. Buildings containing more than three dwelling units.
3. Buying commercial properties.
4. Recreational properties (cottages, cabins and other vacation homes).
5. Properties acquired through foreclosure.
6. Individuals that acquired residential properties as the result of death, divorce, separation or as a gift.
7. The dwelling unit is rented out to a tenant who will occupy the unit. In other words, a tenant affected by the ban can still rent a home in Canada. Purchasing a rental property of three dwelling units or under is NOT OKAY. 
8. The transfer is under the terms of a trust created before January 1st, 2023.
9. The transfer results from exercising a security interest or secured right by a secured creditor.

You can check out our blog for more details.

https://lnkd.in/gNii9Zif

12/28/2022

Starting on January 1st, 2023, the federal government will enforce the Prohibition on the Purchase of Residential Property by Non-Canadians Act. The objective is to help make homes more affordable for people living in Canada. This new law will prevent non-Canadians from buying residential property in Canada for two years.

It is important to note that the federal government has made several exemptions, including for many foreign workers and international students who plan on living in Canada long term.

Some exemptions from the ban include:

1. An individual who is a non-Canadian that purchases a residential property in Canada with their spouse or common-law partner if the spouse or common-law partner is a Canadian citizen.
2. Buildings containing more than three dwelling units.
3. Buying commercial properties.
4. Recreational properties (cottages, cabins and other vacation homes).
5. Properties acquired through foreclosure.
6. Individuals that acquired residential properties as the result of death, divorce, separation or as a gift.
7. The dwelling unit is rented out to a tenant who will occupy the unit. In other words, a tenant affected by the ban can still rent a home in Canada. Purchasing a rental property of three dwelling units or under is NOT OKAY.
8. The transfer is under the terms of a trust created before January 1st, 2023.
9. The transfer results from exercising a security interest or secured right by a secured creditor.

You can check out my blog for more details.

https://lnkd.in/gNii9Zif

As of January 1st, 2023, non-Canadians are banned from buying residential property for the next two years. However, there are many exemptions made.

12/25/2022

From our families to yours, we want to wish you all a Merry Christmas. We hope everyone stays safe and that you have a great time with your loved ones. May God bless you at Christmas and always. 🎄

12/08/2022

On December 7th, 2022, the Bank of Canada raised their overnight rate to 4.25% (0.50% rate hike) to help further slow down inflation and economic growth. This will be the seventh time this year that they raised interest rates.

1. This won't impact fixed mortgage rate holders
2. For variable-rate mortgages and lines of credit, there may be a slight increase in the monthly payment ($30 per $100k borrowed)
3. For variable-rate mortgage holders with fixed payments, consider increasing your payments or paying a lump sum to avoid the trigger point.

Interestingly, about 50% of Canadian homeowners that took out a variable rate mortgage already hit their trigger point, according to the Bank of Canada. This number is expected to grow to 65% by mid-2023.

Swipe left for more details ⬅

If you have any questions, reach out to us by email at
[email protected] or call 604-355-3592

10/28/2022

On October 26, 2022, the Bank of Canada raised their overnight rate to 3.75% (0.50% rate hike) to help slow down inflation and economic growth.

1. This won't impact fixed mortgage rate holders
2. For variable-rate mortgages and lines of credit, there may be a slight increase in the monthly payment ($26 per $100k borrowed)
3. For variable-rate mortgage holders with fixed payments, consider increasing your payments or paying a lump sum to avoid the trigger point.

On the bright side, there are more investment opportunities.

Swipe left for more details ⬅

If you have any questions, reach out by email at
[email protected] or call
604-355-3592

10/17/2022

Real estate metrics for investors [Other Formulas] 🏡

10/06/2022

Real estate metrics for investors [Cashflow & Return] 🏡