Dylan Hayward Mortgage Broker
103-719 McCallum Road V9B 6A2 Langford Station, BC, Canada

"For the first time in more than a decade average non-mortgage debt balances declined". With restaurants and many retail stores closed down due to the Covid-19 pandemic, many people in Canada spent less. Resulting in more money put towards credit cards and other non-mortgage debts!

For the first time since January 2018 the Canadian stress test will be under 5%. Sitting 4.99% as early as next week and possibly dropping to 4.94% some time after as many are projecting .

It is important to know exactly what to expect when opting for the mortgage deferral program through these trying times. Many people went after this option immediately without fully being aware if it was right for them or not. Here is a good read that states what negatives will come along with this option that many borrowers may have not considered.

So many Canadians are having their jobs impacted by the Covid-19 outbreak. However there is relief on the way! Banks will be allowing mortgage payment deferrals on a case by case basis. It is important to remember this is not a blanket offer, it is for those who qualify as someone who's income has been directly affected by the spread of the disease.

More and more people are considering a reverse mortgage as an option to access funds in their senior years. If you are wondering what a reverse mortgage is and how you can make the most out of it, contact me today!

Starting on April 6, there will be a small reduction to the stress testing done on Canadian home buyers. Although being widely considered as not enough of a reduction, this will still provide home buyers with a bit more purchasing power than they previously had before. If you are considering buying a home, please feel free to contact me for an accurate idea on how much you qualify for.

"Last month was the strongest January for purchase applications since 2009"

If you have any questions about the Speculation Tax please feel free to ask me

It's that time of year again, property assessments are out and it may have you wondering, what does a property assessment really represent?

Good news as the federal government plans to review the stress test introduced two years ago!

It seems like the Bank of Canada will finish the year with the overnight rate sitting at 1.75%. Which is exactly where it began at the beginning of 2019.