From virtual picnics to video-chat mimosas, you can still celebrate her from afar.
From birthday car parades to virtual happy hours, we're starting to navigate this whole "shelter in place" thing relatively well, all things considered. But a socially distanced Mother's Day feels particularly hard, doesn't it? After all, your mother's likely the very person you need most right now—for a reassuring...
(BPT) – This year spring cleaning is more than ever about the deep clean. Spring typically inspires a little more time dedicated to cleaning, in fact, a recent survey commissioned by Bona and conducted by Harris Poll found that more than half of U.S. adults say that the start of spring triggers extra cleaning in the household. While in the past it might have been more about simply dusting har...
Sure, you can afford your home now, but what if mortgage rates go up?
Low interest rates and mortgages have been a fact of life in Canada for some time now. At the time of publication, the 5-year average mortgage rate has hovered around 5% for nearly a decade. This is a far cry from late 1981 when mortgage rates were as much as 21%.
In 2017, the Office of the Superintendent of Financial...
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In Iran, the idea of “spring cleaning” isn’t just a seasonal excuse to gut your closet; it’s the basis of a national holiday dating back millennia.
Every year, millions celebrate Persian New Year, or Nowruz (prounced “no-rooz”). In Iran, the new year begins with the advent of spring, and most everyone in the country — not to mention the millions of Iranians...
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Information related to the efforts to mitigate the outbreak of COVID-19 is constantly evolving. First and foremost, we recommend to follow the guidelines and precautions set by Canada’s public health authorities. See Health Canada’s website for comprehensive coverage.
In ongoing discussions with government officials from various departments and agencies, we continue to emphasize the unique challenges as economic measures to support self-employed Canadians and small businesses are considered. The result of these advocacy efforts since the emergence of COVID-19 are captured below.
- Government introduced the Emergency Care Benefit, providing up to $900 bi-weekly for up to 15 weeks, to workers, including the self-employed, who are quarantined or sick with COVID-19, as well as those who are taking care of a family member who is sick with COVID-19, but do not qualify for Employment Insurance (EI) sickness benefits. Application for the Benefit will be available in April 2020 through the Canada Revenue Agency My Account secure portal, My Service Canada Account, or through an automated application process by telephone.
- Also announced was the Emergency Support Benefit, which will provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment. This will be available to Canadians who are self-employed; more details will be provided in the coming days.
- Effective March 16, the Bank of Canada has lowered its target for the overnight rate by 50 basis points to ¾ percent as a proactive measure taken to counter negative shocks to Canada’s economy. In the interest of providing financial institutions with the confidence to continue lending to one another, as well as to businesses and consumers, the Bank of Canada will also be purchasing approximately $500 million in mortgage bonds per week, while the Canada Mortgage and Housing Corporation will acquire up to $50 billion of insured mortgage pools.
- For small businesses, government will provide a temporary wage subsidy for a period of three months, equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. The subsidy is available to corporations eligible for the small business deduction, as well as non-profit organizations and charities.
- Businesses will also be allowed to defer, until after August 31, 2020, the payment of any income tax amounts that become owing between now and September 2020. This applies to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
- Regarding the stress test, the Office of the Superintendent of Financial Institutions is suspending all consultations on regulatory matters, including on the proposed new Benchmark Rate for the minimum qualifying rate for uninsured mortgages. Government is also suspending the coming into force of the new Benchmark Rate for the minimum qualifying rate for insured mortgages until further notice.
The full list of measures announced by the government today is available here. It is expected the House of Commons will be recalled next week to pass the emergency economic measures.
While all the details of the various programs announced today are not yet available, the Governor of the Bank of Canada concluded today's press conference with the assurance that "if people need the support, they will get it."
Canada's six largest banks also announced financial relief for Canadians impacted by the economic consequences of COVID-19, including up to a six-month payment deferral for mortgages and the opportunity for relief on other credit products.
Source:
The Canadian Real Estate Association
For free Real Estate Advice please call/text me at (604) 537-9791
Summary Findings:
In a bold move on Wednesday (March 4, 2020), the Bank of Canada slashed its key interest rate by 50 basis points to 1.25%, in an attempt to keep the economy moving. It cited COVID-19 as the primary reason for its decision. Although...
In 2018, there were 2.9 million self-employed Canadians, accounting for 15 per cent of the total workforce. In 2017, Small business owners in Canada accounted for 97.9 per cent of entire employer businesses or 1.15 million. Those numbers continue to rise. Self-employed and small business owners can deduct certain business...
Multi-generational living—where two or three generations of a family live under the same roof—continues to grow in Canada and the real estate market is taking note.
According to Statistics Canada, multi-generational households are fastest growing type of households in the country. Between 2001 to 2016, multi-generational households rose 37.5%, which was well above the median increase (21.7%)...
The idea of quitting your 9-to-5 and working from home, a beach or on the opposite side of the world may sound like a dream, but if you ask the 4.2 million Canadians who are either temporarily employed or self-employed (without employees of their own) they might tell you it's great—until you want to put down roots.
Buying a home is often seen as a milestone towards adulthood. But as the real estate...
Are you thinking about breaking your fixed-rate mortgage? While traditionally considered a financial faux-pas, many Canadians choose to break their fixed-rate mortgage when they find their current terms and conditions no longer meet their needs.
“Breaking a fixed-rate mortgage occurs more often than you would think,” Jared Ksenica, Regional Vice-President, Mortgage Specialist, with BMO Bank...
There are many factors to consider when searching for your dream home, including cost, number of bedrooms, layout and neighbourhood. But if you have children—or plan to someday soon—you need to think about another important selling feature: schools.
After all, you don't want to buy a house only to discover the local schools don't get a passing grade.
Home buyers might assume there's no need to work with a REALTOR® when purchasing a pre-construction build. After all, the builders and developers have on-site representatives promising to take care of all the paperwork, right?
Not so fast. There are a number of advantages to working with someone who has your best interests in mind. Here's what you need to know if you're thinking about buying a brand-new...
Buying a house can be an exciting, but complex process. So when you embark on your journey, one of your first stops should be familiarizing yourself with the lingo.
We've curated helpful information from our Homebuyers' Road Map and Tips for Buyers, to share with you some of the most important terminology a new buyer needs to know—from pre-purchase to post-purchase.
First things...
Scroll through your Instagram feed and you'll likely see hundreds of photos documenting your friends' renovation progress, interior décor choices and house hacks. Social media has given us a sneak peek into the best parts of other people's lives. What were once intimate celebratory moments are now carefully-curated photo-ops to share with followers. REALTORS® are even setting up photoshoots...
In 2017, 22% of Canadians (about 6.2 million people) reported having at least one disability but the real number is likely higher and growing. With such a staggering statistic, it's unsurprising the focus on accessibility is gaining traction in architecture, design, real estate—and even in outdoor public spaces.
Accessible parks and playgrounds connect people...
For most, the fantasy of building a dream home is just that—a fantasy: the perfectly styled gourmet kitchen, the shower big enough to fit an elephant and every tiny detail carefully considered to be exactly what you want.
As a trained architect, it haunts me that at my age I still haven't designed and built my own home. With so much to consider, where do you begin? As always, a good place to start...
If you're a millennial considering buying your first home, congratulations! You're probably excited until you remember: houses are expensive and—regardless of your current financial situation—you'll likely need to save money to afford one.
This can be intimidating for anyone but, according to a recent survey, millennials in particular say it's become more difficult to buy a home....
People born between 1981 and 1996 (birth year definitions vary) who have reached adulthood in the early 21st century are dubbed “millennials”. It's an entire generation who have been collectively branded with a mix of stereotypes, including being smartphone-addicted avocado lovers who are content to live with their parents well into their 30s and who aren't interested in buying a home.
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"Nothing brings me more joy than seeing my buyers & sellers have success in their Real Estate endeavours. I hope you find the articles on my blog inspiring and educating in your ventures." - Moe Pourtaghi
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