Author: Gary

With the tremendous growth in the housing market over the past several years, mortgage providers have developed new products and services to meet the varied needs of borrowers. In a rising housing price market, more mortgage products help Canadians buy their homes sooner. While not all products suit all borrowers, the variety provides for more […]

In Ontario, purchasers of new and resale residential homes must pay a tax at the time of the closing of the purchase known as the Land Transfer Tax.The tax is calculated upon a sliding scale that increases with the purchase price of the house (excluding any GST). The rate of tax as of January 1st, […]

If your down payment is less than twenty percent of the purchase price you are required by Canadian law to purchase mortgage insurance from Canadian Mortgage and Housing Corp. (“CMHC”) or a private insurer (Genworth Financial or Canada Guaranty). For all insured mortgage loans, the maximum purchase price must be below $1,000,000. If the purchase […]