Beat Your Bank Residential and Commerical Mortgages

Article is a good starting piont for commercial landlords experiencing non payment of rents

https://www.mondaq.com/canada/operational-impacts-and-strategy/929800/covid-19-a-review-of-commercial-landlord-remedies?email_access=on

COVID-19: A Review Of Commercial Landlord Remedies - Coronavirus (COVID-19) - Canada Due to the significant economic impacts of COVID-19, many commercial tenants may be struggling to make monthly rent payments. It is therefore important for landlords to be aware of the remedies that may be available...

https://www.scmp.com/business/article/3077639/chinas-housing-market-springs-back-life-sales-30-major-cities-triple

China’s housing market rebounds as sales triple on pent-up demand China’s housing market is staging a revival as more sales offices reopen across the country following a nationwide shutdown, saving home builders from a deeper liquidity crunch.

https://www.mondaq.com/Article/907186?email_access=on

Tips For Commercial Landlords And Tenants In Navigating The COVID-19 Crisis - Real Estate and Construction - Canada COVID-19, the coronavirus dominating headlines in recent weeks, has become a global pandemic. In the past 72 hours there has been increasing concern as to the extent of the pandemic.

https://www.cbc.ca/news/business/mortgage-deferral-rbc-banks-covid19-coronavirus-credit-card-1.5505704

Consumers could face hit to credit scores, jump in payments from mortgage deferrals | CBC News Details of RBC's mortgage deferral program, obtained by CBC News, reveal the option will available to all mortgage holders but in a way that will add to customers' debt load and appears to ensure the bank will not lose money in the short term, and possibly even come out ahead.

Only a matter of time before this is nationwide. I doubt it would grandfather existing corporate structure as well. Going to be interesting times for those of you with a lot of "joint venture" or whatever you want to call them.

https://www.mondaq.com/Article/903700?email_access=on

End Of The Wild West: BC Land Owner Transparency Registry Coming To Town - Real Estate and Construction - Canada In the coming months, a new Land Owner Transparency Registry, a fundamental requirement under the Land Owner Transparency Act

RBC and BNS have passed the full BOC 50 bps cut onto borrowers. Their prime rates are now 2.95%. I expect other lenders to follow.

Don't forget that TD prime rate is, and will likely continue to be, 15 bps higher than all other mortgage lenders.

Bank of Canada just cut the overnight rate by 1/2 percent. Remains to be seen if lenders will pass that full 1/2 percent cut to its borrowers though. My guess is they won't

https://ca.finance.yahoo.com/news/bank-of-canada-cuts-interest-rate-to-protect-the-economy-from-coronavirus-150036404.html

BREAKING: Bank of Canada cuts interest rate to protect the economy from coronavirus The Bank of Canada cut its key benchmark interest rate Wednesday morning over concerns about what the coronavirus could do to the economy.

A post specifically for all the realtors I've partnered with...

Bill 104, Tax Fairness for Realtors Act, 2017 is in the works that will allow realtors to incorporate their business activities.

The proposed Bill will put realtors on equal footing with other professionals such as dentists, lawyers, veterinarians, physicians and other health professionals, when it comes to the ability to establish a professional corporation, and it will provide realtors with the opportunity to take advantage of the many benefits of incorporation. Some of these benefits include the issuance of dividends or payment of salary to family member shareholders[2], deferring tax by virtue of retaining earnings in the corporation, as well as other tax and retirement planning strategies.

For the full article on this potential tax saving strategy follow the link below.

https://www.siskinds.com/realtors-treat-yourselves-fairly/

Realtors, treat yourselves fairly | Siskinds Law Firm Bill 104, Tax Fairness for Realtors Act, 2017 represents a potential opportunity for realtors in Ontario to engage in tax planning strategies that were.Bill 104, Tax Fairness for Realtors Act, 2017 represents a potential opportunity for realtors in Ontario to engage in tax planning strategies that w...

This is a welcome change!

Mortgage stress test has officially been lowered insured mortgages! Changes are also expected for uninsured mortgages as well.

If you didn't qualify for a mortgage previously you may now.

Call for more information..

Full press release below

https://www.canada.ca/en/department-finance/news/2020/02/a-new-benchmark-rate-for-insured-mortgages.html

https://beta.ctvnews.ca/local/montreal/2020/2/17/1_4815229.html

Social housing shortage: Montreal claims right of first refusal on properties for sale in 'key neighbourhoods' The city says it will use the right of first refusal to improve its inventory of social and community housing.

TD Lowers Qualifying Mortgage Rate 35 bps To 4.99% - Dominion Lending Centres Canadian Qualifying Mortgage Rate Lowered to 4.99% Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% ...

Bank of Canada qualifying rate might be dropping..

TD Bank has lowered it 5 year posted rate to 4.99%.

The BOC qualifying rate uses the statistical mode of the 6 major banks posted 5 year rate to determine the qualifying rate used for the stress test, we may see some relief if the other major banks follow suit. They usually do.

This certainly isn't a significant drop but could the a sign of things to come. Keep an eye on the posted rates of the other big banks and look for the new qualifying rate on Thursday

If you're saving for a down payment proceed as usual. If you're a realtor its time to reach out to those clients that couldn't qualify previously.

5 year mortgage rates continue to drop.

If you've been considering breaking your mortgage for a better rate and/or a refinance of higher interest debt now is the time to get details on what is and isn't possible.

I get asked about current mortgage rates everyday. Its not that simple and here's why.

The rates that flood your inbox and fill your screen when you shop mortgage rates online are all the lowest possible rates that can be offered. That means those are mortgage insured rates with less than 20% down payment and that you pay for the insurance (which isn't cheap).

Rates are staged based on the following:

Lowest rates are MORTGAGE INSURED RATES - less than 20% down payment and requires BORROWER PAID mortgage insurance> These are the rates you see in ALL the advertising and on the rate sites.

Next lowest rates are MORTGAGE INSURABLE meaning they meet the requirements for the mortgage to be insured. Not as low as mortgage insured rates (unless the loan to value of the property is very low but not always offered) BUT typically THE LENDER PAYS the mortgage insurance fee which is quite a savings. Down payment must be 20% or more

Most expensive rates are the UNINSURABLE MORTGAGES. No mortgage insurance cost obviously but the highest rate.

Do you meet the criteria to be eligible for mortgage insurance? Well you likely wouldn't know because the criteria cover income, property, credit score, down payment and quite a few more.

So when you're looking for clarification and education about where you fit into the above three buckets, give me a call and I'll be happy to explain it

Canadian 5 year bonds yields are down 0.25% over the past few days. Good chance mortgage rates will be dropping as well if it keeps up. And with Bank of Canada leaving room for a rate cut on the prime rate in its last rate announcement its time to take advantage of this.

If you have higher interest debt a refi is likely beneficial. If your mortgage rate is a couple of years old its also likely beneficial.

A five minute conversation with me will give you a better idea of whether you should take advantage of this. A quick mortgage check up could save you thousands

For my landlord clients that are always contemplating the Air BNB model

http://www.mondaq.com/article.asp?articleid=868290&email_access=on

What You Need To Know About Toronto's New Short-Term Rental By-Laws - Real Estate and Construction - Canada

******Year End Rate Special*******

5 year fixed as low as 2.44%
5 year variable as low as 2.7% (Prime - 1.25%)
Appraisal legal fees paid
Must close by December 31 2019

Call or message for details!

http://www.mondaq.com/article.asp?articleid=863976&email_access=on

Investing In Canadian Real Estate As A Non-Resident - Tax - Canada Many non-residents do not realize that serious income tax repercussions can arise when investing in Canadian real estate. Canada Tax Crowe Soberman LLP 14 Nov 2019

It seems there is a new government program in town meant to assist with your hydro bill.

"If the cost of energy saving upgrades is out of reach, Ontario’s new Affordability Fund is here for you.

This program is designed to help people who do not qualify for low income electricity support programs and are unable to undertake energy efficiency improvements without support. Free upgrades include energy-saving LED light bulbs, power bars, improved insulation, weatherstripping and may include air conditioners and refrigerators. "

https://www.affordabilityfund.org/

Looking to save money on your mortgage?

Fixed rates are now lower than variable rates.

If your mortgage rate is variable you're probably paying more interest than you should with the additional risk of paying even more in the future as well.

One of the best refinance offers available now is a 5 year fixed rate of 2.89%. Line of credit is included.

Refinancing any higher interest debt you may have will increase your savings even more.

Take advantage of the low fixed rates that are available now and lock in

As usual contact me with may questions you may have.

Its not often you get can something for nothing.

Wealth One Bank is giving away $7,000 in GIC to a few lucky winners.

Follow the link below to enter the contest. No purchase necessary and it runs until December 13, 2019.

https://www.wealthwonchallenge.com/

Wealth Won Financial Challenge We\’re giving away $7,000!

Attention First Time Home Buyers

Sign up with CMHC for details around the First Time Home Buyer's Incentive (FTHBI).

You may have noticed that the announcement of the FTHBI during the most recent budget was just a wee bit short on the details of the program and very little has been released to date as well.

CHMC has started a website where you can subscribe to get the latest information on the program as it is released.

Sign up here:

https://www.cmhc-schl.gc.ca/en/nhs/canada-first-time-home-buyer-incentive?utm_medium=link&utm_source=newsletters&utm_campaign=fthbi&utm_term=alert-sign-up&utm_content=launch-client-eupdate-en

Canada's First-Time Home Buyer Incentive Canada's First-Time Home Buyer Incentive provides a 5-10% down payment to help qualified first-time homebuyers buy a home. Click-through to learn more.

https://www.bankofcanada.ca/2019/05/fad-press-release-2019-05-29/

Bank of Canada maintains overnight rate target at 1 ¾ per cent The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.

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I'm forever getting worried comments from clients regarding credit bureau checks. A few times a year is fine.
In the extreme case below the individual checked her score 13 times in a short period of time so of course her score was hit. Her actions made it look like she was desperately looking for money. They were credit card inquiries as well which would likely be worse than a single inquiry from a mortgage broker making the request to talk to several lenders with a single request. However what happens when you shop your mortgage with several.lenders and they each make a request....pretty logical outcome there...

I Applied For 13 Credit Cards Last Year. Here's What Happened To My Credit Score - Rewards Cards Canada What happened to my credit score after I applied for 13 credit cards last year? The result would make any personal finance blogger bury their head in shame:

Invest or pay down your mortgage? I've always been a fan of the latter but however it depends on the investment opportunities on hand.

Great arguments here on why paying down your mortgage makes the most sense.

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-how-paying-down-the-mortgage-beats-tfsas-and-rrsps/

How paying down the mortgage beats TFSAs and RRSPs Plus a way to check on the finances of charitable donation foundations

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