When you move into your new house or apartment, you have probably already envisioned what piece of furniture will fit perfectly in each corner of the space. However, it is one thing to imagine how it will look in theory and then when you actually put it to the test does it work altogether in the space? At this point, some people will want to buy all new furniture for the whole home but what they fail to realize is, small, shuttle changes, can transform your space! Here are a few tips to help spruce up your new or current space without breaking the bank:
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If you are debating on starting renovations on your property or have already begun the process, you should consider implementing energy efficient designs and products into your home improvements or upgrades in your home. When doing upgrades or improvements in your home, the first thought that typically comes to mind is aesthetics, how it looks. Because of this, we tend to steer our attention away from energy efficiency and focus on the beautiful and delicate looking aspects of our home.
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Hope everyone is enjoying their summer so far! We all know too well it comes as quickly as it leaves here in Toronto. Here are some helpful tidbits for minimizing ‘payment shock’ for your mortgage:
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When people think of first time home buyers, you think of anxious, confused and indecisive individuals. However, a new report is stating it is the exact opposite. There were two surveys done by BMO and Genworth. This study finds that first time home buyers are expecting to spend $300,000 when the current average of home prices start at $368,895. This is a difference of 19% of what they think they will spend versus what is likely the will spend. In regards to down payment of the home, first time home buyers are averagely showing of putting down 16% percent of the purchase price (works out to be $48,000).
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Clients often call me with this question, “Is it worth breaking our current mortgage for a better mortgage term and interest rate”.  Each case varies significantly as there are many factors to consider.
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Canadians appear to be getting their household debt in order. And that’s showing up on the bottom line at the big banks. After some 15 years of fuelling bank profits, consumer loans are on the decline. Q2 earnings reports from Canada’s major banks start today (Wednesday). While the slow return to growth in the U.S. and the debt turmoil in Europe are grabbing the headlines, Canadian household debt remains the biggest domestic concern. The cautioning and cajoling by the finance minister and the governor of the Bank of Canada have been couched in fears of a housing bubble. But more than one bank analyst says, simply the level of debt-to-income leaves some households vulnerable to shocks like job loss or interest rate hikes.
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I was recently approached by a borrower who wanted to make an offer on a one million dollar home.  I asked him if he was mortgage pre approved.  He said no but felt he could handle the payments.  After a brief conversation I calculated he would need 3 times his currently salary to be approved to purchase the property.  The client was still hesitate at the thought of getting pre approved.  He believed to have his credit bureau checked would damage his credit.   Let us think about that one.  You need to have a credit check to be approved for any type of loan so how will this damage your credit.  (Random shopping for different types of credit will single red flags with Equifax and will impact your credit score but not for just one type of loan over a specific period).
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There has being a tremendous amount of chatter and media news over recent mortgage rules changes implemented by Government of Canada and Superintended of Financial Services.  Yes these new rules seemed to have possibly effected the market or maybe it is just bad timing (the market had to slow down at some point).  Below is a simplified review of the changes.  As you will see it is not the end of the world and some mortgage products never changed at all.
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Subprime (B) and private lending options available to clients in Canada

In Canada there are three lending tiers.   The top tier or A lending as it sometimes called refers to clients who can qualify based on income and credit score to support the mortgage.  This type of lending would represent the majority of mortgage lending in Canada.   There are however two other lending options available to consumers, Subprime (B) and private lending.  This source of lending represents a large portion of the overall Canadian mortgage lending market.
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More than 1 in 4 renters are planning to buy a home in the next two years according to recent study commissioned by The Mortgage Group (TMG).  This could translate to about 12% growth in ownership.  Of those surveyed, more than 54% said they would likely buy sooner if they expected interest rates to rise 2% or more in the next year.  While the fear of future rate hikes often drives consumers psychology, a budding homebuyer may also want to consider:
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