For those who are self-employed and show low personal income to save on income tax by keeping money in your corporations, it is tough to qualify for a mortgage isn’t it? Luckily, Lotus Loans & Mortgages Corp. has access to A Lenders that will take your corporation’s income into consideration which will allow you to [...]
The Bank of Canada raised rates for the 8th time since March 2022 this past Wednesday, January 26th by a ¼% which means that the Bank Prime rate is 6.7%. That is the highest level in 15 years! The BoC alludes to the fact that they will likely pause any further rate increases which I [...]
The Bank of Canada has raised the Prime rate 7 times since March 2022, that is a whopping 4% in 9 months. The next BoC meeting is scheduled for next week January 25th. The good news is that inflation appears to be heading downward here and in the US but it may not be enough [...]
With the colder weather setting in, it's important that homeowners have done their seasonal home maintenance. Keeping your home in good running order will ensure that your heating, cooling, and plumbing systems are working as efficiently as possible. Most homeowners in Mississauga do their annual home maintenance during the spring and autumn to prepare for [...]
Looking for a Mississauga mortgage? We've got you covered with everything you need to know about the market and the latest rate trends. This past week Canada’s banking regulator called OFSI confirmed that it would leave the qualifying rate for the mortgage stress test unchanged. That means the qualifying rate remains at the higher of [...]
This past week the Bank of Canada raised prime rate for the 7th time this year. Bank prime now sits at 6.45%, up 4% from March. That is an incredible amount of quantitative tightening in a short period. Those with adjustable variable rate mortgages and lines of credit will feel the effect quickly and for those [...]
There has been an uptick in the need for private mortgage financing lately especially for new construction homes. When a new construction property is completed, the new homeowners are often required to close on the property with minimal final notice. Our office has seen deals where buyers are only receiving 2 weeks notice to arrange [...]
This past week in early November 2022 it was announced that Canada’s annual inflation rate held firm in October, likely keeping the BoC on track to press ahead with interest rate hikes. Remember that bank Prime is up to 5.95% today. The BoC meets on Dec 7th where they likely move Prime upwards by a [...]
The next Bank of Canada rate announcement is Wednesday, October 26th and there will certainly be an increase. The prediction is between 0.5% and 0.75%. Existing variable rate mortgage clients either have variable payments that change every time prime changes or they have fixed payments where the allocation of principal and interest changes with every [...]
After months of most housing markets being highly competitive, the Mississauga Ontario area is starting to see a slowing down. Some of this may be due to the current global crisis happening with Ukraine and the rising cost of living. Our expert Mississauga mortgage brokers team has the latest figures for you. Housing Market Update [...]
