Maximizing Your Mortgage Savings: How to Use a Mortgage Interest Calculator in Canada When you’re in the market for a new home in Canada, securing the right mortgage can be a game-changer for your financial future. One of the most effective tools at your disposal is a mortgage interest calculator. Many homebuyers don’t realize how much they could save by comparing mortgage interest rates and terms, but this simple tool can help you make informed decisions that could... [read more]

 Understanding 5-Year Fixed Mortgage Rates: Your Complete Guide Introduction What Are 5-Year Fixed Mortgage Rates? A 5-year fixed mortgage rate is a loan with a fixed interest rate for the first five years. After this period, the rate can either reset to current market rates or convert to a variable rate, depending on the terms of your mortgage. This type of mortgage provides stability in your monthly payments, as the rate remains unchanged for a significant period. Why This... [read more]

  Last month, the Toronto Real Estate market experienced its steepest monthly sales decline in a year. The city’s realtor board is of the opinion that the revised mortgage rules are the culprit behind the decline in sales and need to be reviewed before they keep more buyers on the sidelines. According to reports by the Toronto Real Estate Board on Tuesday, sales fell 7.7 per cent to 6,212. Benchmark prices, which vary from home type to home type, climbed 0.8 per cent from the... [read more]

The new mortgage stress test rules are out. With these rules, it will be more difficult for new and renewing mortgage borrowers to be eligible for their home loan commencing June 1st, 2021. The “stress test” now looks at a higher threshold. The Introduction to Stress Test A mortgage stress test was introduced in 2018 for all Canadian homebuyers. This catered to validating whether they can make a down payment of 20% or more on a home. Additionally, new mortgage stress test... [read more]

Calculating Your Downpayment for Condo In Toronto Making plans to buy a brand new property is a reason to celebrate. However, it can be challenging to determine the exact down payment needed for a condo in Toronto. At The Toronto Condo Team, we have created an outline of down payments for condos so you have all the information and can pay for your new home. What Is The Cost Of A Condo Downpayment? The typical down payment for Condos in Toronto could go down to as little as 5%.... [read more]