Unlocking Homeownership: Canada’s New First-Time Home Buyers 30-Year Insured Mortgage As home prices continue to rise, it can feel nearly impossible for first-time buyers to break into the market. The 30-year insured mortgage is a game-changer for young Families, and first time buyers trying to purchase their first home, especially in cities where prices have […]
Maximizing Income vs. Using Business Write-Offs: A Balancing Act When Qualifying for a Mortgage If you’re self-employed and planning to buy a home, refinance, or transfer your mortgage, balancing income and tax write-offs is crucial when tax season arrives. Your financial profile plays a significant role in mortgage qualification, and understanding how lenders assess self-employed […]
Homebuyers Benefit From More Purchasing Power 1. Introduction of 30-Year Amortizations for Insured Mortgages One of the most significant shifts this year is the introduction of 30-year amortizations for insured mortgages. This extension allows certain buyers to spread out their mortgage payments over 30 years instead of the previous 25-year maximum, increasing purchasing power. The […]
Make the Most of Your Mortgage Renewal As your mortgage renewal date approaches, our team at Mid Island Mortgage wants to help you make the most of this opportunity. With many Canadians renewing their mortgages in 2025, this renewal season comes with some unique advantages, thanks to recent policy changes. Here’s why a […]
BC Tenancy Act Changes & 30-Year Amortizations for First-Time Buyers Recent government policy changes have significantly impacted the real estate and mortgage landscape in British Columbia. These changes, which took effect in July and August 2024, are crucial for landlords, tenants, and home buyers to understand. The amendments to the BC Tenancy Act and the […]
Bill 44 – zoning changes The Provincial Budget announced in April includes Bill 44-Small Scale Multi Unit Housing (SSMUH) initiative. Municipalities in BC had to take action and announce their zoning bylaw changes by June 30, 2024. On June 18, 2024 the City of Nanaimo’s response was announced. What is Zoning? Zoning refers to designations […]
The Secondary Suite Incentive Program (SSIP) will help homeowners create affordable housing in their communities. The program will provide money to help homeowners create a new secondary suite on their property to be rented out for below market value. Homeowners who qualify will receive up to 50% of the cost of renovations, up to a […]
2024 Federal Budget Announcements and Thirty Year Amortization Period Finance Minister Chrystia Freeland announced April 11, 2024 that the federal government will allow a thirty year amortization period on insured mortgages for first-time homebuyers purchasing newly built homes. Some say expanding the policy to all Canadians would help make home ownership more affordable. The change […]
CMHC Eco Program CMHC has introduced their Eco Program: providing premium refunds for energy efficient homes are for clients who are buying a home deemed “energy efficient”. Clients could be eligible for a 25% refund of their CMHC Insurance Premium! For some perspective; on a purchase price of $850,000 with minimum down payment […]
CEBA Loan Forgiveness Deadline Approaching For eligible CEBA loan holders in good standing, repaying the balance of the loan on or before January 18, 2024 will result in loan forgiveness of up to 33 % (up to $20,000). As of December 4, 2020 the maximum CEBA loan amount was increased to $60,000. CEBA loan holders […]
