Mortgage Tips Mohsen Ravankhah 9 Jan
Trying to time mortgage rates is like trying to guess the next market crash—it’s a gamble. With economic uncertainty running high and no clear direction from the Bank of Canada, homeowners renewing or taking on a new mortgage ask themselves: Do I lock in or roll the dice on a variable rate? The good news? You […]
Read MoreFirst Time Home Buyer Mohsen Ravankhah 3 Dec
Buying your first home is a monumental step, but with rising home prices, saving enough for a down payment has become a major hurdle for many Canadians. If you and your partner already have $150,000 saved between you, you’re closer to your dream home than you think. By leveraging tax-smart strategies and government programs, you […]
Read MoreFirst Time Home Buyer Mohsen Ravankhah 27 Nov
A Big Step Towards Affordable Homeownership On September 24th, 2024, the federal government unveiled new measures aimed at making homeownership more accessible for Canadians. These updates, supported by Sagen and effective December 15th, 2024, include changes to the price cap for insured mortgages and expanded eligibility for 30-year mortgage amortizations. Let’s break down what these […]
Read MoreGeneral Mohsen Ravankhah 16 Oct
When it comes to managing your finances and maintaining a healthy credit score in Canada, one critical factor to understand is credit report inquiries. These inquiries can impact your financial well-being, and knowing when they become a cause for concern is essential. In this blog, we’ll explore what credit report inquiries are, the difference between […]
Read MoreGeneral Mohsen Ravankhah 9 Oct
Canada’s housing market is experiencing a subtle shift in affordability, according to a recent report from RBC economist Robert Hogue. Although the recent interest rate cuts by the Bank of Canada have provided some relief, prospective homebuyers are still facing significant challenges in achieving homeownership. Small Steps Towards Affordability Hogue’s report, released on Tuesday, highlights […]
Read MoreFirst Time Home Buyer Mohsen Ravankhah 11 Apr
As MLN hinted last Thursday, insured 30-year amortizations are coming back from the dead after a 12-year absence—with a few strings attached. Finance Minister Chrystia Freeland made the announcement today, and the change takes effect on August 1. Insured extended amortizations will be available to first-time buyers purchasing new construction only. There’s no word yet […]
Read MoreGeneral Mohsen Ravankhah 29 Feb
Buying a home is a significant financial milestone, often accompanied by taking out a mortgage to finance the purchase. The interest rate on your mortgage plays a crucial role in determining how much you’ll ultimately pay over the life of the loan. Let’s delve into the factors that influence this rate, shedding light on the […]
Read MoreFirst Time Home Buyer Mohsen Ravankhah 7 Feb
1. How much contribution room do I have? And do things like pension deductions, group plans, or dividends affect that room? Every year, you build a contribution room—either 18% of your income from the year before or the annual cap (2023’s is $30,780; 2024 will increase to $31,560), whichever is smaller. The CRA includes your […]
Read MoreFirst Time Home Buyer Mohsen Ravankhah 16 Jan
Canada’s housing market is in turmoil. With a severe housing shortage, skyrocketing demand, and soaring interest rates, the dream of homeownership seems further away than ever. It’s a common belief, often passed down from generation to generation, that owning a home is a crucial step in wealth building. But in today’s economic climate, is this […]
Read MoreFirst Time Home Buyer Mohsen Ravankhah 8 Jan
Introduction The Canadian government has introduced an innovative savings tool for first-time home buyers, the First Home Savings Account (FHSA). This account combines the benefits of tax-free savings accounts (TFSA) and registered retirement savings plans (RRSP) to aid prospective homeowners in their journey to owning their first home. The FHSA Mechanics The FHSA allows individuals […]
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