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Financing Your Mortgage: Stress Test Eliminated Starting November 21
Right now, lenders require you to pass a ‘stress test’ to approve your mortgage renewal. As of November 21st, this will no longer be the case. Note that this only applies to straight switches of uninsured mortgages between lenders –...
Encouraging First-Time Ownership: 30-Year Amortization Periods in the Canadian Market
Following changes to the Canadian Mortgage Charter, the Federal government is introducing mortgages with 30-year amortization periods to the Canadian market. The product was made available to borrowers who submitted their mortgage applications starting on or after August 1, 2024....
New Changes to Notices of Security Interest (NOSI) Explained
The Homeowner Protection Act (the “HPA”) came into effect on June 6, 2024. Lawyers and other real estate professionals have wanted changes to the Personal Property Securities Act (the “PPSA”) for a long time. Now, the updated version finally reflects...
Land Titles Applications for Absolute Title: Part I
What is an Application for Absolute Title and Why Should You Care? An application for absolute title is a process of upgrading a qualifier in a Parcel Abstract (PIN) of title to a property. This upgrade changes the status from...
Assignment of Residential Real Estate Transactions – Part 3 of 3
This is the final installment in our three-part series on assignment of residential agreements of purchase and sale. If you have not done so already, click HERE to read part 1 and HERE to read part 2.In part 1, we...
