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How To Budget for Your First Home

How To Budget for Your First Home

Planning and adhering to a budget is one of the most challenging tasks for people when it comes to their personal finances. Knowing what you can reasonably afford each month becomes even more crucial when you’re purchasing your first house because it’s probably the biggest purchase you’ve ever made. If you are currently renting, a

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First-Time Home Buyer Incentive

First-Time Home Buyer Incentive

What is the First-Time Homebuyer Incentive? The Government of Canada offers a shared equity mortgage (loan) as a first-time home buyer incentive.  There are no ongoing payments or interest paid on the incentive, but the loan must be paid back within 25 years or when the property is sold, whichever occurs first. How does the

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Getting a Second Mortgage in Victoria BC

Getting a Second Mortgage in Victoria BC

With inflation sky-high, you might be considering leveraging the equity in your Victoria BC home to finance an important project or meet a big expense. A second mortgage uses your home as collateral for an additional loan on the property. There are pros and cons to this, which we will discuss below, but first let’s

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What Does a Mortgage Broker Do?

What Does a Mortgage Broker Do?

Shopping for a house in Victoria BC is stressful. Housing prices on Vancouver Island and specifically in Victoria BC just keep on going up, in contrast to dropping prices elsewhere in British Columbia.  With house prices so high, choosing the right mortgage is critical. A lot is on the line when selecting a mortgage, since

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Top 20 Factors That May Affect Your Mortgage Approval

Top 20 Factors That May Affect Your Mortgage Approval

  If there’s one thing our team of mortgage planners has learned from their years of experience, it’s that no two mortgages are the same. Even if, on the surface, you think that your situation matches your neighbor, friend, co-worker or parent, it doesn’t take much digging to start finding differences. Since you’re not “just

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How to Get Pre-Approved for a Mortgage

How to Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage will keep your house hunting on a smooth and realistic track. It will save you time, possibly money and can increase the chance a seller will accept your offer when you find a home you’d like to buy. What is a Mortgage Pre-Approval? A mortgage pre-approval is a lender’s estimate

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Solutions for Bad Credit

Solutions for Bad Credit

It can feel overwhelming to find yourself in debt, with your credit going from bruised to damaged. It may seem impossible to fulfill your desire to make a significant investment, such as purchasing a home. Even though it can be challenging to get your finances in order and restore your credit on your own, there are

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BC 2024 Budget: New Housing Measures

BC 2024 Budget: New Housing Measures

The BC 2024 budget, released on February 22, contains several real-estate related measures to tackle the BC housing crisis. The BC Home Flipping Tax is meant to discourage speculation, while the threshold increases for the First Time Buyers Property Transfer Tax (PTT) Exemption and the Newly Built Home PTT Exemption are intended to help with

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What You Need to Know About The BC Speculation and Vacancy tax

What You Need to Know About The BC Speculation and Vacancy tax

The BC Speculation and Vacancy Tax is a levy placed on BC homes that are vacant homes or homes that are empty more than 6 months of the year. The tax was first implemented in 2018 by the BC NDP Government in order to address the housing crisis. The purpose was to free up housing

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