(778) 668-9320 scott.dawson@verico.ca

News Wrap

RBC hikes mortgage rates again The rate on a five-year closed mortgage is now 6.25 per cent, an increase from the previous rate of 6.10 per cent. A one-year closed rate will, as of tomorrow, be priced at 3.80 per cent. All rates were increased by 15 basis points Read...

Benchmark Qualifying Rate Now 6.10%

In accordance with the new CMHC mortgage changes, at 12:01 AM EST today, the benchmark qualifying rate for insured high-ratio mortgages is 6.10%. Clients will now have to qualify based on the 6.1% interest rate if they want to choose a variable or a 1- to 4-year fixed...

News Wrap

New mortgage rules kick in amidst hot housing market Tougher mortgage rules come into effect Monday, though experts say that the incoming changes have done little to cool a thriving national housing market Read More Markets watch for Bank of Canada signals The Bank of...

News Wrap

Busiest March ever for Canadian housing listings Homeowners across the country are frantically planting “for sale” signs on their lawns this spring, hoping to sell at the top of the market before higher rates and tougher mortgage qualification rules temper the housing...

Fixed vs Variable Rate

The #1 question I am asked by clients is should I go fixed or variable (VRM). This isn’t always an easy answer to provide as it really depends on the client. This is why sitting down with a mortgage planner makes good sense. I can explain in detail the...

News Wrap

Canada housing starts dip, two months revised up Canadian housing starts unexpectedly dipped 1.5 percent in March, but the two prior months were revised higher, suggesting the residential housing sector remains a positive factor in the country’s economic...
Top 5 CMHC Questions

Top 5 CMHC Questions

Homebuyers in Canada require mortgage default insurance whenever they are placing less than a 20% down payment on their purchase. Typically first time home-buyers take advantage of CMHC mortgage insurance to allow them to put as little as a 5% down payment on their...

CMHC Rental Qualification Changes

In addition to CMHC’s Self Employed Guideline changes the following Rental Qualification Changes are also coming into effect as of April 9th at some lenders. With others following as of April 19th, 2010. An 80% rental offset is no longer allowed in the TDS...