Category: Uncategorized

Slowing Real Estate Market: Is this a good time to buy?

Home sales fall in the GTA: Will home prices follow? Home sales and home prices continue to weaken in Canada’s largest real estate market, the GTA, as revealed by the latest numbers. According to the Toronto Regional Real Estate Board (TRREB), home sales in April were down a sharp 41.2 percent year over year. In fact, home sales were down 27 percent from the previous month. Home sales slowing down in the summertime is expected, but not during the usually red-hot spring real estate market. On the home price front, home prices are still up, but not by as much…

The Foreign Homebuyer Ban: Will it Work?

The federal government has banned foreign homebuyers for a two-year period from Canada. What will it do to the market? Read on to find out. The spring federal budget 2022 The federal government announced several measures to help with the red-hot real estate market, including a new tax-free home savings account, doubling the pace of the construction of new homes, and a two-year ban on foreign homebuyers. Canada is borrowing pages from the playbook of places like Singapore and Hong Kong and trying to put the housing needs of its citizens first. But will it actually work? Ending the game…

Rate Hikes Incoming: How to Prepare

The Bank of Canada is set to raise rates for the first time in over 3 years. Why is it happening and how to prepare? The Bank of Canada may not have raised rates in January, but it was crystal clear: rate increases are coming. It’s not a matter of if, it’s a matter of when. Let’s look at why they are happening and how to prepare. Why they’re happening The short version is because it’s time. At least that’s how our central bank sees it. It seems that the worst of Omicron is behind us. With Canada’s biggest provinces…

Top 3 Reasons Why Lowest Rates are Not Always the Best

Low rate mortgages may come with high penalties and restrictions that can end up costing you thousands more later on. We go over the features that really matter when shopping for a mortgage. When shopping for a new car, would you buy the lowest priced car on the lot, while ignoring all other relevant features? Of course not! If you did that, you’d probably end up driving away in a 10 year old used Volkswagen Beetle for your family of six. Does this story seem implausible? Well, we have this exact scenario playing out when it comes to mortgages every…

Rate Hikes Incoming

If you’ve read the news lately, you’ve probably heard quite a bit about rising interest rates. Let’s take a closer look at where rates are going, how rates normally increase and what impact they have on variable rate mortgages. Where are rates going If you’re in the market for a fixed rate mortgage, fixed mortgage rates have been heading up like a rocket over the last couple of months. This is due to the sharp rise in Government of Canada bond yields. (Mortgage lenders price their fixed rate mortgages based on bond yields.) This has led to something we haven’t…

Should You Choose A Fixed Or Variable Mortgage Rate Today

When considering mortgages, it doesn’t take long before the entire process gets confusing, stressful, and exhausting. However, we don’t believe it should be this way which is why we are trying to make the industry more accessible. By providing you and many others with genuinely useful information, you will be in a better position to make good decisions before then passing knowledge on to friends and families. Today, we are addressing one of the biggest questions of them all; fixed or variable rate? Fixed Rate Mortgage Firstly, we have fixed rate and this means you will benefit from a short-term…

How To Apply For A Mortgage After
Bankruptcy

If you’ve been through the process of bankruptcy, you will know just how damaging it can be for your finances, credit score, and even your confidence within the market. However, damaging the experience is though, there is always a way out and we will try to provide some hope for you today. At Turkin Mortgages, we regularly see people who have experienced bankruptcy and we tell them the following when attempting to get a mortgage. Don’t Panic First and foremost, lenders are now more understanding than ever and this is partially due to the global crisis from which we are…

Difference Between A Mortgage Broker And A Lender

As you may know, we at Turkin Mortgages are on a mission to make the mortgage industry more accessible than ever before. Over the years, we have seen just how confused some people become at the sheer amount of options and the terminology used so we are trying to reduce the barriers that currently exist. Today, we have a guide for you discussing the differences between a mortgage lender and a mortgage broker. In recent times, these two terms have been used interchangeably but this shouldn’t be the case and here’s why! Mortgage Lender For a body to be considered…