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More personal income is required now to qualify for a mortgage since the new b20 guidelines were implemented on jan 1, 2018. Following is an example of how much income you would need today to qualify through many institutional lenders. Please note that these following figures are not carved in stone, but give you a rough idea of how much income you need. 

I've come across borrowers that rather keep their loan balance in a heloc (home equity line of credit) rather than a mortgage. The number 1 benefit is usually the lower monthly payments, because the heloc requires interest only payments, as opposed to the mortgage which requires principal and interest payments.  Today a standard heloc rate is prime plus .50 which is effectively 3.95%. A variable mortgage rate today is prime minus .60 which is 2.85% today. Monthly payments for 500k heloc would be about 1,646 per month, and monthly payments for a 500k variable mortgage would be around 2,064, which is 418 less per month.  From…

We are delighted to announce the launch of our new website!

Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer.

New Website Coming Soon!