Canadian homeowners can access government programs for greener home retrofits, including interest-free loans of up to $40,000 over ten years (Canada Greener Homes Loan), grants of up to $5,000 (Canada Greener Homes Grant), and a 25% mortgage insurance premium reduction (CMHC Eco Plus). These retrofits help improve energy efficiency and can lead to significant long-term savings, with potential reductions of up to 78% in energy costs over ten years, making them a wise investment amid rising energy prices.
As it becomes more difficult to secure a mortgage traditionally through a bank, Canadians are turning to the private mortgage option. Increasing more people are using private mortgage brokers to finance homes for various reasons. The high interest rates are putting pressure on homeowners and some people simply aren’t able to get a mortgage at their bank. Private mortgages in dollar value are at $22.4 billion in Ontario alone.
With the real estate market in flux, many Canadians are wondering what to expect from home prices in 2023. If you’re thinking about buying a new house, or you’re considering getting the equity out of a home you already own, it can help to know what the experts are saying.
If you have bad credit, have irregular income, depend on foreign income, or are new to Canada and don’t have employment history, a private mortgage is well suited to you.
While interest rates have gone up, there are some things that contribute to it being a good time to buy. Many Canadians know that home ownership is a great long-term investment. However, they also acknowledge the higher interest rates may have a negative effect on their ability to buy or sell a home. At this point, 67% of Canadians wouldn’t consider purchasing a home in the early part of 2023.
Can you afford the monthly payments and property taxes as well as any incidentals that might come up? Here’s a guide on what a lender is looking for in terms of your credit score and how to get an approval.
In a perfect world, we’d all retire debt free. But the majority of Canadians today are retiring with some debt. In fact, the Financial Post reports a sharp increase in the number of seniors seeking debt relief, and it’s understandable. Carrying debt can be overwhelming, especially on a reduced income. Fortunately, there are tools and resources you can use to help you get your debt situation under control, no matter what stage of life you’re in.
Foreclosure may be forced on a homeowner because of criminal activity or bad living conditions. There are many circumstances that can cause someone to be removed from their property. Lenders who keep the liens to properties like this will need to do something to get some of their money back as they will be at a loss. The lender is legally allowed to sell the home, putting it up for sale.
The technology of real estate has made great progress, making it easier than ever to house hunt while navigating complex home equity loans applications. Here’s our list of the 10 best real estate apps available to Canadians.
There is a specific age requirement in order to take advantage of the benefits of a home equity loan. Watch this video to find out if you’re eligible for a home equity loan.