Wednesday, December 23, 2015

Merry Christmas!

A huge thank you to all of my clients and referral sources for making 2015 my best year yet! It has been a pleasure getting to know you while helping you achieve your goals!

Best wishes for a very Merry Christmas and a happy and prosperous 2016! 

Wednesday, December 16, 2015

Five Reasons to use a Mortgage Broker

A while ago I started posting on 5 great reasons to use a broker and then I got busy and forgot all about it! Here is the list in its entirety, in case you needed yet another reason to choose working with a Mortgage Broker on your next renewal, refinance, or property purchase.

Friday, December 11, 2015


As you have likely already heard on the news, earlier this morning the Finance Minister announced changes to the minimum down payment on houses valued over $500,000. Effective February 15th 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000 (NOT THE FULL PURCHASE PRICE). The move is an effort to curb the rising real estate prices in Toronto and Vancouver.  

For example, under the new rules, a buyer looking to purchase a home priced at $750,000 would need to have a minimum down payment of $50,000 which is calculated as follows: $25,000 (5% of $500,000) plus $25,000 (10% of $250,000). Prior to the rule change, the borrower could have purchased the same home with a total down payment of $37,500 (5% of $750,000). The new rule changes result in the purchaser having to put an additional $12,500 down on the property.

The change will NOT affect borrowers who have already entered into an agreement to purchase or build a home, or borrowers who enter an agreement before the February 15th 2016 deadline.

With any change, there is often a lot of misinformation that is spread. So, please share this important news with your friends, family and colleagues! If you have any questions, or would like to discuss your particular situation with me, please get in touch anytime!