The Tribe Blog
What Do-It-Yourself Home Repairs Should You Tackle?
Owning a home comes with a fair share of responsibilities, including maintenance and repairs. And, while some items on your to-do list can be tackled with a little DIY spirit, others are best left to the professionals. There are so many specialty renovation...
Why Do I Need a Mortgage Co-Signer?
When mortgage qualification rules tighten up and/or interest rates rise, you may require a mortgage co-signer to qualify for the loan amount required to get you into your new home. Additionally, if you’re experiencing difficulty meeting traditional lender...
Consolidating Debt Can Increase Your Monthly Cashflow!
With all of the rate increases over the past year – following several years of historically low rates – many mortgage borrowers are concerned about increased mortgage payments, regardless of whether they’re currently in a fixed-rate or variable-rate mortgage. In many...
Important Conditions to Include in Your Offer to Purchase
During the red-hot Canadian real estate market spurred by the pandemic where bidding wars were pretty much expected, it was virtually impossible to get an Offer to Purchase accepted that contained important conditions to protect the buyer when making among the largest...
Is Your Mortgage Coming Up for Renewal? Read This First
A lot has changed since your last mortgage term began thanks to high inflation leading to increased interest rates – following years of historic lows. That’s why it’s important to review all options before your renewal date. Step one is to speak with your mortgage...
Navigating Debt Trends: Can Mortgages Continue to Defy the Odds?
As Canadian households grapple with mounting debt and rising interest rates, one area seems to be holding steady amidst the storm: mortgages. While credit cards and vehicle loans experience a worrisome increase in delinquency rates, mortgages have managed to maintain...
When was the Last Time You had a Mortgage Review?
A lot can change over the course of your mortgage term – regardless of its length – including your income, debt load and interest rates, to name a few. That’s why it’s important to undergo a free annual mortgage checkup with your mortgage agent to ensure you’re saving...
Worried About a Low Credit Score?
If your credit has taken a hit due to missed or late payments, high debt levels, etc, there are things you can do to help repair it. The key is to start right away. The longer you leave it in disrepair, the worse your credit situation will become. And, as we know,...
When was the Last Time You had a Mortgage Review?
A lot can change over the course of your mortgage term – regardless of its length – including your income, debt load and interest rates, to name a few. That’s why it’s important to undergo a free annual mortgage checkup with your mortgage agent to ensure you’re saving...
Worried About a Low Credit Score?
If your credit has taken a hit due to missed or late payments, high debt levels, etc, there are things you can do to help repair it. The key is to start right away. The longer you leave it in disrepair, the worse your credit situation will become. And, as we know,...
Takeaways from CMHC’s Latest Housing Market Outlook
Canada Mortgage and Housing Corporation (CMHC) expects home prices to bottom out this year, but they aren’t expected to fall below pre-pandemic levels. That was the takeaway from the agency’s spring Housing Market Outlook, which said weaker growth and higher mortgage...
New First Home Savings Account Now Available!
First-time homebuyers can now take advantage of an extra downpayment savings tool as of April 3rd, 2023 in the form of the First Home Savings Account (FHSA) courtesy of the federal government. The FHSA combines the benefits of both a registered retirement savings plan...
Foreign Homebuyer Ban Amendments Announced
On March 27th, the federal government announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations to enhance the flexibility of newcomers and businesses looking to add to Canada's housing supply,...
How are Canadians Feeling About Homeownership in Today’s Market?
It’s no surprise that many Canadians are feeling the pinch of higher inflation, higher interest rates and higher home prices. But an overwhelming majority continue to believe real estate is a good long-term investment. The latest information from Mortgage...
When are Alternative Mortgage Lenders Helpful?
Are you worried about being turned down for a mortgage or not being able to renew with your existing lender? If so, you’re not alone. Mortgage qualification is more difficult right now due to higher interest rates and lower property values. Fortunately, mortgage...
Bank of Canada Publishes First Summary of Deliberations
In its very first summary of deliberations released this month, the Bank of Canada (BoC) pointed to a tight labour market, strong GDP growth and the risk of inflation getting stuck above 2% as the rationale for raising its key rate by a quarter of a percentage point...
Multi-Generational Home Renovation Tax Credit Available
The federal government is providing a new tax credit to help make it easier for Canadians to care for adult relatives in their own homes. The multi-generational home renovation tax credit took effect January 1st for expenses related to building a secondary suite for a...
Three New Regulatory Proposals Could Restrict Mortgage Borrowing Power
Canada’s banking regulator – The Office of the Superintendent of Financial Institutions (OSFI) – announced three new regulatory proposals in January that could further limit mortgage lending pending a consultation period. OSFI’s three proposals are focused on debt...
Where’s the Housing Market Headed in 2023?
Most regions of the country (60%) are expected to shift into balanced market territory in 2023 – a trend that’s already starting to materialize as a result of current economic conditions – after a seller’s market dominated for much of the pandemic, says RE/MAX...
It May Be Cheaper to Buy Than Rent Right Now
There are many benefits to homeownership in any market. It’s important not to let the media tarnish your homeownership journey. And with average rent in Canada rising nearly 12% year-over-year in October 2022 to almost $2,000 – according to the National Rent Report –...
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