Archives for homebuyers

Faces Magazine Awards – Nominated for Favorite Real Estate Female 2018

Hello Nicole, I hope this email finds you well and that you had a wonderful holiday! I just wanted to ensure that you knew that you are a finalist for Ottawa’s Favourite Female Real Estate Agent for the 2018 Faces of Ottawa Awards – congratulations! As always, the awards are people’s choice, and your friends and contacts can vote for you once per day, per IP address by visiting the voting page at – voting takes place between January 3rd and January 25th – with the winners being announced at the 2018 Faces Awards event on Saturday, January 27th! The Awards are being held at the brand new event space in the Brookstreet Hotel this year and are being hosted by Ottawa’s own Team Homan, who will be representing Canada at the 2018 Winter Olympics in Women’s Curling! Congratulations once again, Evan Childerhose Associate Editor Faces Magazine

What Canadian home buyers need to know NOW about the upcoming changes to Mortgage rules

What home buyers need to know before 2018 As of January 1, 2018, Canadian homebuyers will have to meet stiffer requirements in order to qualify for a mortgage with a federally regulated mortgage lender. Why are the Mortgage Rules changing? As Canada’s financial “watchdog” OSFI believes these new rules will decrease the risks for Canadian households with significant debt if and when the interest rates rise. Are you a Confused by the upcoming changes to the mortgage rules? Don’t panic. Our very own Kent Browne, Owner and Broker at Royal LePage Team Realty, sat down with Mortgage Broker York Polk  of Mortgage Alliance to discuss all these changes in order to help you, our clients, understand how they may affect you. Here are the highlights: Changes that came into effect November 30, 2016 and still apply: All buyers having a down payment of less than 20% are required to pass a “Stress Test”* to obtain a mortgage. To pass the stress test, buyers with a payment of less than 20% need to qualify at a higher rate (4.64% at the time) even though the contract rate is much lower (2.3% at the time). Changes starting January 1, 2018 When OSFI’s new rules take effect – even those who have down payments of 20% or higher and do not require mortgage insurance – will also have to undergo a “Stress Test”.   Home buyers will need to qualify for mortgages that are two percentage points higher than the rates at which they are applying. The qualifying rate for the “Stress Test” would be the greater of either 2% higher than the contract rate or the Bank of Canada rate (currently at 4.99%). The contract rate remains unaffected. If you’re a prospective home buyer concerned about how the new mortgage rules will impact your buying power, here are a few tips: If you are thinking about buying a home, seriously consider buying now. Any firm agreement of purchase and sale on a specific property that has been completed and signed off on will follow the old rules, regardless of the closing date.  Note, if you need to make any changes to the agreement after January 1st, you will need to qualify within the new rules. Conventional mortgages can be stretched over up to 30 years and by doing so, it will be easier to qualify at this time. While home buyers should always get pre-approved, this will not protect you from needing to qualify under the new rules if you are unable to purchase a property before 2018. Contact your Realtor  and a professional mortgage broker now to ensure that there are no surprises when it comes time to buy a home.  Questions? We’d love to help! Contact us * Stress testing is a best practice risk management tool. Stress tests are not predictions or forecasts­, they involve searching out extreme “what if” scenarios that have a very remote chance of happening, and planning for them. Diligent stress testing is an essential