
As of January 1, 2023 the Canadian Government has enacted a temporary two-year ban (2023-2024) on non-Canadian purchase of residential real estate. The legislation link is here.
Posted by Chris Richards on Jan 25, 2023 12:23:40 PM
As of January 1, 2023 the Canadian Government has enacted a temporary two-year ban (2023-2024) on non-Canadian purchase of residential real estate. The legislation link is here.
Posted by Joel Richards on Jan 3, 2023 12:43:56 PM
Life has certainly kept us on our toes the last couple of years. At this point, I'm sure that most of us are yearning for some of the relative normalcy of years past, however looking forward into 2023, it doesn’t seem like there will be much of a let up. Buckle up your seat belts and get ready for another interesting year. As a mortgage broker and economist by training, here is a list of 4 trends that I will be keeping a close eye on over the coming year, which should help provide some context to understand what is going on in the world of Canadian real estate.
Posted by Chris Richards on Oct 10, 2022 11:41:47 PM
Normally in purchase financing, mortgage lenders have a rule that their loan be based upon 1) the appraised value of the property, or 2) the purchase price, whichever is less. But what if the property has appreciated considerably since the purchase price was agreed to years ago, as may be the case in pre-sale condominium and pre-construction purchase agreements and even rent-to-own transactions? The question then becomes, can I get a pre-sale condo mortgage based on the higher market value? Can I use price appreciation as my mortgage down payment?
Posted by Chris Richards on Jun 1, 2022 8:36:00 AM
Posted by Chris Richards on May 5, 2022 11:16:57 AM
I have a client - let's call him Ted - who recently reached out to me to do some mortgage planning.
Posted by Chris Richards on Jun 12, 2021 12:23:21 PM
Last updated November 9, 2022
As you approach retirement, before relocating or downsizing, or otherwise before losing your regular predictable employment income, you may want to consider to position yourself to retain access to your home equity and be aware of your future lending options - it's smart retirement planning in my opinion. Once you lose your regular employment income, your lending options are drastically reduced and your home equity may become trapped forcing you to sell or change your plans if there is an acute need for money. I always say, the best time to apply for credit is when you don't need it! Please enjoy the video (click the image) and the supplementary discussion below.
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Our Richards Mortgage Group blog is a wealth of information for anyone looking to apply for a mortgage to purchase or refinance a property. Browse through the articles and find the topics that are most useful to you in your home mortgage information search. Find out if You Can Get a Mortgage here.
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