Welcome 2024!
  
Happy New Year! We hope you all had a marvelous Holiday Season and rang in the New Year with friends, family, joy and love.
We want to send out a big thank you to our amazing clients and referral partners who helped us get through a somewhat tumultuous 2023. It was a year filled with rate hikes and a very slow real estate market, and we can't say we were terribly sorry to see it go.
Already this year is looking to be busier, and we are ready to serve all that pent up real estate demand. We are excited for 2024, and look forward to helping you, and anyone you send our way, with all of your mortgage needs.
Bring on 2024! Here's to Home!
Jamie & Michelle
Hey You! Are You Worried About Interest Rates?
Things are looking up and rates are coming down!
The Bank of Canada may not have lowered their overnight rate today, however, they did offer some good news, signaling that rate drops could start as early as April or June. We have also seen a steady decline in fixed interest rates, a trend we expect to continue throughout 2024. If you are worried about interest rates and would like to discuss options, we are always to help!
In other good news, if you, or someone you love, is over 55 years of age, we can explore doing a CHIP Reverse Mortgage to eliminate mortgage and debt payments all together. With rates lower than most HELOCs, personal loans and Credit Cards, a CHIP mortgage could bring financial comfort to older Canadians looking to remain in their homes when retirement reduces their income. Many of our clients are absolutely thrilled with their CHIP Reverse Mortgage, and you could be too. Contact us to today for more information.
First Home Savings Account or FHSA - What Is It And How Does It Work?
What is a First Home Savings Account?
The First Home Savings Account is a registered plan that was introduced by the federal government in 2022 and it is designed to help first time home buyers save funds towards a down payment for a new home TAX-FREE. This program can be used in conjunction with RRSP savings, which allows up to $35K to be used under the current Home Buyers' Plan. Unlike an RRSP, the FHSA withdrawals do not need to be paid back over a 15 year period.
Who Is Eligible To Open A FHSA
To be eligible to use this program you must be at least 18 years old (or no less than the age of majority in your province, so 19 years old in B.C.), be a Canadian resident with a Social Insurance Number and be purchasing your first home. If you have owned a home in the past, you may still be eligible to use this program provided you have not owned a home where you have lived in the last 4 years.
How Does A FHSA Work?
You can then set up an account with your regular bank and make annual contributions up to $8000 with a lifetime limit of $40,000. Should you contribute less than $8000 annually, your contribution room is carried forward to the following year. The account can remain open for a maximum of 15 years or until the end of the year when the account holder turns 71. The funds you save are tax-free!
If you are looking for more information on this program, click here...
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