Mortgages for the Self-Employed and "Business for Self"

In the current interest rate environment it may seem challenging for those who have do not fit the salary with a pay stub and T4 as all the income verification they need.

Those who are self-employed, be it a sole-proprietor, partnership, shareholder or owner of a corporation may have different requirements. Those who have several income streams also may require more creativity and "out of the box" thinking when it comes to qualifying for a mortgage.

Whether you are feeling constrained from how traditional lenders may calculate your income or are being limited as you have "too many properties" (no such thing!) reach out to us and let us see how we can work on a solution for you leveraging our many lenders who offer many specialized programs for individuals such as yourself

Inflation - how it affects us all

You may have seen headlines focusing around CPI - Consumer Price Index. You may have noticed the price of gas, groceries, commodoties have all experienced big changes and been quite volatile.

While it appears inflation may have peaked and we are on the way down, we have seen the CPI from our neighbours to the south came in higher than expected last month

What this means is that we are likely going to move in lockstep with the US Federal Reserve and the Bank of Canada, which signaled more rate hikes are in the future, is likely to continue raising in the near future.

Until inflation is brought under control these measures will continue

What this means from a financing perspective is qualifying for credit will become more challenging. Traditional lenders are most sensitive to these changes and typically conservative in their criteria. A profound "tap on/tap off" effect can be felt as they tighten the purse strings.

As independent agents we are not tied to any single institution, we are able to source a variety of solutions to meet ever changing needs in a volatile and challenging market.

Let us show you how with creativity and strong partnerships we are able to find solutions where traditional channels are unable to.

Bank of Canada increases raises key interest rate by 1%

The Bank 🏦 of Canada 🇨🇦 has increased its key interest rate by 1.00% This brings the policy rate to 2.50% 🏦 The majority of lenders prime rate will go from 3.70% to 4.70% Let us explain what this means for you. 👉🏽It is important to understand that what goes up must come down. This can be validated through the past 30 years of rate increases by the Bank of Canada. 👉🏽There have been six periods of interest rate hikes ranging from 1.25% to 3.25% in the past 30 years. 👉🏽The one thing that the six periods had in common was that it didn’t take long for rates to start declining. The decline ranged from 1.25% to 5.125%. 🤔 As interest rates continue to rise and the real estate market continues to change, it is important to speak with a qualified mortgage professional to build your plan to grow your wealth through real estate. Contact our team of mortgage professionals to discuss how we can help because dealing with a professional should be your only option.