If you’re reading this while sitting in the lineup at Costco gas… you’re not alone 😅 And you’ve probably noticed — it’s creeping up again. Here’s why that actually matters for your mortgage: When gas prices go up, it pushes the cost of everything up — groceries, shipping, just life in general. That’s what drives inflation . Now here’s where it connects: When inflation stays higher than expected, the Bank of Canada usually holds off on cutting rates .That impacts variable rat

Saving for a down payment is a huge accomplishment — but before you make an offer, it’s important to factor in closing costs  so there are no surprises at the finish line. A good rule of thumb is to budget 1.5–2% of your purchase price  for closing costs, regardless of how much your home costs. These fees cover everything involved in legally transferring ownership and finalizing your mortgage. Here’s what that typically includes in Newfoundland: 1. Legal Fees & Disbursements

Not all help is equal. When you’re struggling with debt, it can be hard to know which path will help you move forward fastest. In Canada, the two most common options people consider are bankruptcy  and a credit proposal  — but they’re not created equal, especially if you plan to qualify for a mortgage in the future.. Let’s break it down. Bankruptcy  typically lasts around 10 months . During that time, you’ll make minimal payments to your trustee, and once it’s discharged, you

More Canadians are entering retirement with a mortgage—and it’s not necessarily a bad thing. Rising home prices, financial support for adult children, and strategic borrowing have made mortgage debt in retirement more common than ever. According to Royal LePage, 30% of Canadians retiring soon expect to carry a mortgage, up from just 14% in 2016. While this shift may seem risky, it can work—if you have a plan. Smart strategies include: Refinancing before retirement  to secure

Building homes in Newfoundland and Labrador often feels like rowing upstream—material costs are high, trades are stretched thin. One major, under-the-radar culprit? Canada’s interprovincial trade barriers —rules that hinder the free movement of goods, services, and labor between provinces. According to the Canada Mortgage and Housing Corporation (CMHC), removing these barriers could add 30,000 housing starts per year nationwide , pushing annual starts to nearly 280,000 —about

A new report from Deloitte suggests that Canada might fall into a mild recession by the middle of 2025. That word— recession —can sound scary, but let’s take a closer look at what’s happening and what it means, especially for us here in Newfoundland and Labrador. So, What’s Going On? Deloitte predicts that Canada’s economy will slow down in 2025. Specifically, they expect two quarters in a row where the economy shrinks, which is considered a technical recession. The main caus

It’s one of the first questions I get asked: “What’s your best rate?” I get it — with rates plastered all over bank ads and online calculators, it’s natural to assume that the lowest rate equals the best deal. But here’s the truth most Canadians don’t hear: The lowest rate doesn’t always mean the lowest total cost. In fact, it could end up being the most expensive choice you make in your homeownership journey. Let me explain. 💡 Rate Is Just One Piece of the Puzzle When it co

If you're renting in Newfoundland and dreaming about homeownership, you might be closer than you think. Between national programs, flexible financing options, and supportive lenders, there are more ways than ever to take the leap from renting to owning—without needing a massive down payment or perfect credit. Here are 8 powerful ways you can make that dream a reality. 🏡 Programs & Incentives for First-Time Buyers in Newfoundland and Canada 1. First-Time Home Buyer Incentive

Across Canada—and right here in Newfoundland—renting is no longer just a stepping stone to homeownership. Between 2016 and 2021, nearly 500,000 new renter households  were added across the country, pushing Canada’s national renter rate to over 33% , the highest it’s ever been. This signals a powerful shift in how Canadians are living—and it’s something we’re starting to see more of across our own communities. What’s changing? More and more homes that were traditionally built

Exploring Current and Proposed GST Rebates for New Homes: Insights by The Mortgage Missus Inc. Buying a newly built home in Newfoundland just got more exciting—especially for first-time buyers. The federal government has proposed major changes to the GST rebate program  that could save you thousands of dollars on your new home purchase. But what’s actually changed? And how does it compare to what’s currently in place? Let’s break it down. ✅ Current GST Rebate (2024 Policy Sti

When someone asks, “Who’s the best mortgage broker?”, the better question to ask is: 👉 “Who’s the best mortgage broker for me ?” The truth is, every borrower has different needs—first-time buyers, rental property investors, credit-challenged clients, or those needing creative financing. The right  broker for one person might not be the best fit for another. To find the best mortgage broker for your  situation, I recommend asking a few key questions before deciding. This will

On March 12, 2025, the Bank of Canada reduced its benchmark interest rate by 0.25%, bringing it down to 2.75%. This decision has led many Canadian banks, including the National Bank of Canada, to lower their prime lending rates to 4.95%. Impact on Variable-Rate Mortgages Variable-rate mortgages are directly influenced by changes in the prime rate. When the prime rate decreases, the interest rate on these mortgages typically follows suit, leading to reduced interest costs for

The recent imposition of 25% tariffs by the U.S. on Canadian imports, effective February 4, 2025, has significant implications for Canadian homeowners and prospective buyers. In response, Canada has announced equivalent tariffs on U.S. goods. Potential Impacts on Mortgages: Interest Rate Volatility:  The Bank of Canada may adjust interest rates to counteract economic uncertainties arising from these tariffs. Such changes could affect your mortgage payments, particularly if y

Selling your home and purchasing another is a major life event that requires careful planning and strategic decision-making. Here are the most important things to consider: Timing : Understand the local real estate market. Selling in a seller's market may give you the leverage to buy quickly, while in a buyer's market, selling first might be prudent. Finances : Know your financial situation. Get pre-approved for a mortgage to understand your budget for the new home. Factor in

Key Economic Data: Durable Goods : These are big items like cars and appliances that last a long time. GDP : Gross Domestic Product, which shows how much a country's economy is growing. Jobless Claims : How many people are filing for unemployment benefits. Corporate Profits : How much money companies are making. Consumer Spending : How much people are spending on goods and services. Treasury Yields and Economic News: U.S. Treasury Yields : This is the interest rate the govern

When shopping for a mortgage, many people focus solely on finding the lowest interest rate. While the rate is important, it's not the only factor to consider. Other aspects, like the mortgage term, payment flexibility, and prepayment options, can significantly impact your financial health and long-term savings. **Mortgage Terms**: Different lenders offer various terms ranging from one to ten years. Choosing the right term depends on your financial goals and market conditions.

Variable-Rate Mortgages and Fixed-Rate Mortgages Variable-Rate Mortgages: These mortgages change whenever the Bank of Canada changes its interest rates. So, if the Bank of Canada lowers rates, the payments on these mortgages will go down right away. But, not many people use these kinds of mortgages. Most people use fixed-rate mortgages, where the interest rate stays the same for a certain period, like five years. Fixed-Rate Mortgages: These are influenced by bond yields. A bo

In the Canadian mortgage landscape, front-line employees—such as healthcare workers, firefighters, police officers, and educators—are recognized not just for their essential services but also for their dedication to community safety and wellbeing. Recognizing their contributions, mortgage brokers in Canada often facilitate exclusive rate discounts tailored specifically for these professionals. A front-line employee in the mortgage context refers to any worker directly involve

Banks that expect customers to fetch lower mortgage rate offers from competitors at renewal time are missing a crucial aspect of customer service—valuing loyalty. This practice can feel like a loyalty test, putting the onus on clients to secure competitive rates themselves, which can be a frustrating and disheartening experience. A mortgage client should not have to approach a broker on renewal for the purpose of rate shopping only to take the rate back to their bank to negot

Non-residents looking to purchase a home in Canada with mortgage financing can do so, but there are some additional considerations and requirements compared to residents. Here are the key points: 1. Down Payment: Non-residents typically need to make a larger down payment, often 35% or more of the purchase price, compared to the minimum 5-20% required for Canadian residents. 2. Income Verification: Lenders will require proof of income, which may include foreign income. You'l