In a move to help BC citizens and residents buy their first home, the BC government announced today that it is launching a new program to augment down payments for first-time buyers. The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing […]

It is well known that when you are a First Time Home Buyer you can use up to $25,000 from your RRSP without paying any personal taxes. However, you will have to repay any amount withdrawn from your RRSP for down payment of a home purchase. Who is a First Time Home Buyer? Normally, you […]

With plenty of activity in the real estate market and more new building slated over the next few years, here is my list of “Things to Consider When Buying in a New Development”. Representation Some buyers attend the display suite and consider a purchase directly with the developer sales person or the developers Realtor. Regardless […]

One cost that can be overlooked by home buyers is mortgage default insurance. So, what exactly is mortgage default insurance and why do you need it? If you’re buying an owner-occupied home with less than 20% down payment, you are required to purchase mortgage default insurance in order to arrange your financing.  When buying a rental […]

A “Gifted” Down Payment is very common for first time buyers. Essentially, a buyer’s family member, usually the parents or grandparents will offer up money to go towards the down payment. Often this is done because their son or daughter doesn’t quite have enough funds saved up for the full 5% down payment. Or, because they […]

Not long ago, someone contacted us wishing to refinance their mortgage. They presently held a mortgage from one of the big banks. When this homeowner originally obtained her mortgage, the bank offered her a discounted rate of 2.99%. It matured in July of 2016, however, when they contacted us at Dominion Lending Centres, they wanted […]

So you have worked hard and saved up a down payment of $25,000. What do you buy a condo or a house with a suite? Sometimes the decision is an easy one while for some it may not be as obvious. If you have a specific neighborhood in mind which is high density condo living […]

When you are new to Canada and establishing credit, deciding on the best way to create a good credit history can be difficult. You need a good credit rating in Canada if you are planning to rent or buy a home, buy a car or borrow money. By taking some important first steps to get […]

When you are searching for a mortgage, you shouldn’t only base your decision on rate. It is important to search for the “best mortgage”. A mortgage that not only provides the best interest rate, but also the one with the best terms and conditions. By understanding mortgage terms and what they mean in dollars and […]

Effective today (Wednesday), newly-built homes up to $750k will be property transfer tax exempt, but only for Canadian citizens and permanent residents. This exemption will apply to homes that are owner-occupied for at least a year after purchase date (qualifications for this do not include relatives). This is in addition to the existing First Time […]