10 Nov

B20 Demystified. Mortgage Market Update November 10, 2107

General

Posted by: Anne Martin

MARKET UPDATE
B20 DEMYSTIFIED  The office of the Superintendent of Financial Institutions (OFSI) announced some regulatory changes on October 17, 2017. There were 3 changes announced, but it was the introduction of a qualifying rate stress test to all non-insured mortgages that will have the most impact on consumers.Home Buyers with a down payment of 20% or more must now qualify at a new minimum qualifying rate, which is the greater of the five year Bank of Canada Benchmark rate or the lender contractual rate +2%

What does this mean?

The biggest impact will be on the amount in which the homebuyer will be able to qualify. For example, if a homebuyer needs a $400,000 mortgage, has 20% down payment and a 25 year amortization, here is the difference:

Actual Rate to be Paid:            To Qualify:
Mortgage Amount $400,000 Contract rate 3.49%  The greater of the two: 4.99%, the current BOC Benchmark Rate OR 3.49% contract rate + 2%,WHICHEVER IS HIGHER = 5.49%
Monthly Payment for Debt Ratio Qualification $1994.98   $2439.24
Minimum Income Requred to Qualify $76,724.12   $90,052.14

E & OE – rates shown are subject to changing market conditions and OAC

To recap:

Uninsured Mortgages- Homebuyers/owners will now have to qualify for a mortgage using the benchmark rate, which is the Bank of Canada rate (currently 4.99%) or the lender rate + 2%, whichever is greater.

Insured Mortgage- Homebuyers must qualify using the Bank of Canada Rate (again, currently 4.99%). This came into effect in 2016 and has not been affected by the recent rule changes.

Can you still refinance your home? – yes. Homebuyers still can refinance up to 80% of the value of the property but the new stress test applies.

What if you have a contract written prior to October 17, 2017? – This depends on the lender. Some lenders will use current rules up to January 1, 2018. Others will implement the necessary changes before this deadline.

Best fixed rates are as low as *2.84 – 3.49 % for a 5 year fixed,
variable rate mortgages from as low as p-.85%
Prime Rate is 3.20%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.89%
2 YEARS 3.24% 2.54%
3 YEARS 3.44% 2.64%
4 YEARS 3.89% 2.84%
5 YEARS 4.99% *2.84 – 3.49 %
7 YEARS 5.30% 3.44%
10 YEARS 6.10% 3.74%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”
10 Nov

How will the new mortgage qualification restrictions affect you? NDLC Monthly Mortgage Newsletter.

General

Posted by: Anne Martin

Welcome to the November issue of my monthly newsletter !

This month’s edition discusses what the Bank of Canada is (not) up to, and more importantly what the Federal Government is implementing Jan 1.   Also look for a short note regarding maternity or paternity leave while shopping for a new home or renewing your mortgage on an existing home.

Please let me know if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!

Bank of Canada – Back on Hold

On Oct. 25, the Bank of Canada made no change to the overnight lending rate.

This lack of movement was widely expected, then again the Bank of Canada surprised 27 of 33 economists polled with the previous 0.25% rate hike on Sept 6, following a previous 0.25% hike July 12. At this point cooler heads are prevailing.

These two recent increases should be viewed with the consideration that the last time the Prime rate reached a level this ‘high’ was September 2010, where it then sat stagnant for more than four years. Until a shock to the system triggered two 0.25% drops in early 2015. A response to the sudden drop in oil prices.

Shocks to the system often cause rates to drop, the unexpected.

What will cause rates to continue to rise in the future? Economic good news, which is something that tends to build in a predictable and slower fashion. Interest rates are unlikely to rise significantly anytime soon; they are also likely to increase gently and slowly when they do so. Just as they have thus far.

The net effect of the two increases in 2017 is a return to a previous high set in 2010; a ‘high’ that remains a remarkable historical low.

The next Bank of Canada meeting is set for Dec. 6 and at this point, few experts are anticipating a rate increase.

Wondering about locking in that variable? Act with caution, act with knowledge, and gather that knowledge from multiple sources, including a conversation with me.

Restrictions On Mortgage Qualification

When – Jan 1st, 2018 – Lenders may adopt new policies sooner due to the date selected

Who is affected by these upcoming changes?

#1 Nobody renewing an existing mortgage.

#2 Nobody purchasing a home with LESS than a 20% down payment.

OK, so who then?

People with more than 20% to put down on a new purchase, or with more than 20% equity in their home.

Yep, the group that represents the absolute lowest risk to market stability. You may have amazing credit, a great income, and 20% or more down…but you will have your mortgage maximum cut by a solid 20% over where it has stood for the past twenty years or so.

Is this a big deal? Yes and No.

No, because the majority of Canadians rarely borrow 100% of their maximum. The group hitting their maximum tend to be the same group that has LESS than 20% to put down and that group was addressed by the government last October.

In other words the impact of these rules will be small overall…mostly.

Yes it is a big deal though, specifically for the small number that will be directly impacted, these changes will feel like the cold and devastating slap in the face they are.

This is being done in the face of a track record of statistics decades long that shows homeowners with greater than 20% equity represent just about as close to zero foreclosures as can be imagined.

In other words, the group impacted is not one that needed ‘stabilizing’ or restrictions. These are people already self-regulating to a great extent. After all, that is how they got the 20% equity and the excellent credit and income required for that maximum amount in the first place.

What does this mean for the market? Is a meltdown imminent?

No.

Again, this is a small number of people affected. Albeit a small group impacted in a massive way if you were to ask them.

In particular these changes are unlikely to have any impact of note on the already flattening and softening Vancouver or Toronto markets. This is due to higher than average homeowner household incomes in these cities.

However small town Canada, where the impact of last year’s ‘stress test’ for buyers with less than 20% down has had a big negative impact. could well feel yet another wave of negative price pressure. Something that will displease many existing homeowners, and as the price softening is unlikely to be significant enough to please prospective buyers, basically nobody will be pleased.

To be clear, these changes were made by the Office of the Superintendent of Financial Institutions (OSFI) and OSFI’s mandate is specifically ‘to protect the stability of the CDN banking system’.

These changes are not about creating affordable housing, addressing consumer debt, stopping bidding wars, slowing condition free offers, or runaway property prices, etc. If you are concerned about these changes affecting your own financing abilities please contact us immediately, we can still take action well before the Jan. 1, 2018 deadline.


Did you know…
Often the impending arrival of a new addition triggers thoughts of other changes in our lives. We often decide that a larger vehicle and/or larger living quarters are in order. And we are perhaps unaware of the impact increased payments can have on mortgage qualification.

There are a few key points around mortgages and new debt additions.

1. The monthly payment on a leased or financed car can have a significant negative effect on mortgage qualification. Housing first, vehicles second.

2. Being on maternity or paternity leave while shopping for a home is not a showstopper. The key is a job letter that clearly defines a return to work date, i.e., you have a full-time income position to return to.

3. Being on maternity or paternity leave, or even having a new car payment in your life will not affect your ability to renew your mortgage with your current lender, although it can make moving to a new lender more difficult.

Before adding a car payment, before listing your current residence for sale, give us a call.

As always, I’m here to help!

3 Nov

Are you prepared for the next round of new mortgage rules?

General

Posted by: Anne Martin

Anyone who has 20% or more equity in their home or planning to use more than 20% down payment on a home purchase after January 1, 2018, may qualify for a smaller mortgage than they did before that date.  This is a result of the latest changes in mortgage rules determined by the Office of the Superintendent of Financial Institutions (OSFI).

The governments new stress test will apply to all federally regulated banking institutions and will affect all conventional mortgages (more than 20% down payment or equity), including refinances, renewals and purchases.  If you are buying a home using less than 20% down payment, you will still pay mortgage default insurance(CMHC, Genworth or Canada Guaranty)  and qualify at the benchmark rate, currently 4.99% for most institutions.

No need to panic regarding your mortgage renewal.  You won’t have to requalify at renewal time unless you make changes, such as moving it to another institution or increase the amount, etc.  If you don’t qualify, your only choice may be to keep what you have and accept whatever is offered by your current lender.

At this time, it appears that provincially regulated financial institutions are not included.  ie credit unions.

It appears that applications submitted to lenders prior to January 1, 2018 will be honored under the old rules.  We are still waiting for further clarification from the government.

An important point is that many lending institutions have begun implementation early as requested by OSFI.

These changes may also greatly affect debt consolidations considering that you may not be able to refinance your home for as much as needed to pay out those high interest rate loans as you would presently be able to.

If you are considering a mortgage refinance, debt consolidation or purchase, you should consider talking with a mortgage professional as soon as possible.

Robert McLister of Ratespy wrote an excellent article in the Globe and Mail explaining further.  Please see the attached. Preparing for OSFI

 

2 Nov

New mortgage rules heat up Toronto. Mortgage Market Update November 2, 2017

General

Posted by: Anne Martin


New mortgage rules expected to heat up Toronto housing before winter chill    The sales slump in Toronto real estate is persisting into the fall, but average annual prices across the region are holding up thanks to double-digit price gains in the condo sector.      Find out more


Best fixed rates are as low as *2.84 – 3.49 % for a 5 year fixed,
variable rate mortgages from as low as p-.85%
Prime Rate is 3.20%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs.  Regulatory changes may have a direct impact on your ability to refinance your mortgage or purchase a home. Please do not hesitate to contact me should you have any questions.

If you are in the market for a mortgage, contact me today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.89%
2 YEARS 3.24% 2.54%
3 YEARS 3.44% 2.64%
4 YEARS 3.89% 2.84%
5 YEARS 4.99% *2.84 – 3.49 %
7 YEARS 5.30% 3.44%
10 YEARS 6.10% 3.74%
Rates are subject to change without notice. *OAC E&OE

 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

20 Oct

What do these new mortgage rules mean?

General

Posted by: Anne Martin

Effective January 1, 2018 the Office of the Superintendent of Financial Institutions will require tough new mortgage rules for home buyers and mortgage refinances.  These guidelines will have a significant affect on mortgage qualification for anyone purchasing with more than 20% down or in the case of a refinance, more than 20% equity in their home.

At this time, it is not known how this will affect credit unions as they are regulated differently.

The main focus of these changes will be –

• the minimum qualifying rate for uninsured mortgages
• expectations around loan-to-value (LTV) frameworks and limits
• restrictions to transactions designed to work around those LTV limits.

Geoff Lee – mortgage agent with Dominion Lending Centres explains it in laymans terms.  Click here.

18 Oct

Canadian Bank Regulator (OSFI) announces new mortgage lending rule changes.

General

Posted by: Anne Martin

MARKET UPDATE

Ten ways the new mortgage rules will shake up the lending market

T-minus 76 days (January 1st, 2018 and counting until Canada’s banking regulator launches its controversial mortgage stress test.

It’ll be squarely aimed at people with heavier debt loads and at least 20 per cent equity – and it will be a tide turner.

Find out more

This is a critical time to sit down and review your household financing needs.  If  you are considering a mortgage refinance, it is of the utmost importance to seriously discuss your plan to close prior to January 1.   Please do not hesitate to contact me should you have any questions.


Best fixed rates are as low as *2.84 – 3.49 % for a 5 year fixed,
variable rate mortgages from as low as p-.85%
Prime Rate is 3.20%

*High Ratio/Quick Close Specials
If you are in the market for a home, book an appointment today to see how these changes affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.


Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.79%
2 YEARS 3.24% 2.54%
3 YEARS 3.44% 2.64%
4 YEARS 3.89% 2.84%
5 YEARS 4.99% *2.84 – 3.49 %
7 YEARS 5.30% 3.44%
10 YEARS 6.10% 3.74%
Rates are subject to change without notice. *OAC E&OE

 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

10 Oct

Should you lock in your variable rate mortgage? October Newsletter

General

Posted by: Anne Martin

Welcome to the October issue of my monthly newsletter !

This month’s edition delves into the details of breaking a mortgage early, as well as highlights some important details when your kids become renters.

Please let me know if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!

Is It Time To Lock In A Variable Rate Mortgage?

Approximately 32 per cent of Canadians are in a variable rate mortgage, which with rates effectively declining steadily for the better part of the last ten years has worked well.

Recent increases triggers questions and concerns, and these questions and concerns are best expressed verbally with a direct call to your independent mortgage expert – not directly with the lender. There are nuances you may not think to consider before you lock in, and that almost certainly will not be primary topics for your lender.

Over the last several years there have been headlines warning us of impending doom with both house price implosion, and interest rate explosion, very little of which has come to fruition other than in a very few localised spots and for short periods of time thus far.

Before accepting what a lender may offer as a lock in rate, especially if you are considering freeing up cash for such things as renovations, travel or putting towards your children’s education, it is best to have your mortgage agent review all your options.

And even if you simply wanted to lock in the existing balance, again the conversation is crucial to have with the right person, as one of the key topics should be prepayment penalties.

In many fixed rate mortgage, the penalty can be quite substantial even when you aren’t very far into your mortgage term. People often assume the penalty for breaking a mortgage amounts to three months’ interest payments, which in the case of 90% of variable rate mortgages is correct. However, in a fixed rate mortgage, the penalty is the greater of three months’ interest or the interest rate differential (IRD).

The ‘IRD’ calculation is a byzantine formula. One designed by people working specifically in the best interests of shareholders, not the best interests of the client (you). The difference in penalties from a variable to a fixed rate product can be as much as a 900 per cent increase.

The massive penalties are designed for banks to recuperate any losses incurred by clients (you) breaking and renegotiating the mortgage at a lower rate. And so locking into a fixed rate product without careful planning can mean significant downside.

Keep in mind that penalties vary from lender to lender and there are different penalties for different types of mortgages. In addition, things like opting for a “cash back” mortgage can influence penalties even more to the negative, with a claw-back of that cash received way back when.

Another consideration is that certain lenders, and thus certain clients, have ‘fixed payment’ variable rate mortgages. Which means that the payment may at this point be artificially low, and locking into a fixed rate may trigger a more significant increase in the payment than expected.

There is no generally ‘correct’ answer to the question of locking in, the type of variable rate mortgage you hold and the potential changes coming up in your life are all important considerations. There is only a ‘specific-to-you’ answer, and even then – it is a decision made with the best information at hand at the time that it is made. Having a detailed conversation with the right people is crucial.

It should also be said that a poll of 33 economists just before the recent Bank of Canada rate increase had 27 advising against another increase. This would suggest that things may have moved too fast too soon as it is, and we may see another period of zero movement. The last time the Bank of Canada pushed the rate to the current level it sat at this level for nearly five full years.

Life is variable, perhaps your mortgage should be too.

As always, if you have questions about locking in your variable mortgage, or breaking your mortgage to secure a lower rate, or any general mortgage questions, I’m here to help!

Teaching Your Kids About Renting

Fall is here! The kids have moved out for school. Help them learn about renting and coping with issues during their tenancy.

One property manager, who has been in the business for decades, compares landlord and tenant relationships to marriage. Initially, both parties are enthused with one another and things look rosy. As the tenancy progresses, the initial rosy viewpoint shifts to a more realistic one as issues arise. These could be minor issues, such as a tenant wanting repairs to happen more quickly, or there could be major issues, such as non-payment of rent.
The below links address practical tenancy issues:

  •     Emergencies and Repairs – Defines emergency repairs and explains how to respond to them.
  •     Regular Repairs – Looks at the proper process for getting non-critical things fixed.
  •     Handling Complaints – Explains how to effectively handle complaints.
  •     Rent Increases – Provides an overview of the process for increasing the rent.
  •     Lease Renewals – Provides an overview of how leases are renewed.

If you’re a tenant, landlord or property manager, Canada Housing and Mortgage Corporation (CMHC) can offer you information on tenant and landlord rights, responsibilities and rental practices across the country: www.cmhc.ca


 

  Homeowner Tips
Fall Lawn Care:
 
Did you know…..

There are two types of debt: secured and unsecured. When you borrow money to buy a house, the bank can take back the house to recoup their money if you don’t pay the debt. That means the debt is secured – it’s being balanced against something that you want to keep, and gives the bank some measure of security that they’re going to be able to recover the money they’ve loaned you. Unsecured debt, on the other hand, means the bank can’t reclaim the thing you’re buying with the borrowed money. (Credit card debt is unsecured, and so are student loans.) 

 

It’s fall, and that means it’s time to get outside and rake the falling leaves. Below is a list of tips compiled by Popular Mechanics to help get the job done.

PATIENCE
Clear your pathways and high-traffic areas of leaves on an ongoing basis, but don’t bother raking your whole yard until all the leaves are down.

USE THE RIGHT TOOLS
That rusty metal fan rake in your shed might seem like an old friend, but perhaps its useful days are over. There are also rake alternatives, including push-power leaf collectors that help take some of the backache out of raking.

TAKE CARE OF YOUR BODY
Speaking of backache, be sure to practice proper raking technique before, during, and after your work. Raking is a real workout, and you need to warm up your body by stretching before you start.While you’re raking, be sure to keep a good posture and stand upright. Switch your main (bottom) hand on a regular basis, and always bend at the knees (not the back) when you stoop to pick up a pile.

WORK SMART
This is the key to efficient raking. Rake your leaves into small piles on top of a tarp or a piece of plastic, then drag that pile to your main pile or compost.

RAKE WHEN IT’S DRY
This one is simple but important. Wet leaves are heavier than dry ones, so try to do your raking during a dry stretch of weather.

 

6 Oct

How will upcoming new mortgage rules impact you?

General

Posted by: Anne Martin

MARKET UPDATE

Tougher mortgage rules would cause ‘substantial damage,’ says broker

In response to an open letter to the Prime Minister and Finance Minister asking them to reconsider the recent rule changes that have affected the vast majority of Canadians when it comes to qualifying for a mortgage, the Toronto Star has published this article expanding further on the impact on Canadians.

Read here


Best fixed rates are as low as *2.89 – 3.49 % for a 5 year fixed,
variable rate mortgages from as low as p-.85%
Prime Rate is 3.20%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, or need to refinance in the next year, it is really important to make an appointment today to find out how these changes may affect you.

**rates subject to change with market conditions –                          *OAC  **conditions apply  E. & O. E.


Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.79%
2 YEARS 3.04% 2.54%
3 YEARS 3.44% 2.64%
4 YEARS 3.89% 2.94%
5 YEARS 4.94% *2.89 – 3.49 %
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.74%
Rates are subject to change without notice. *OAC E&OE

 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

5 Oct

Go Green & Save on your mortgage insurance!

General

Posted by: Anne Martin

CMHC has a program called “The CMHC Green Home Program” whereby you can save up to 25% of your mortgage default insurance by purchasing an energy efficient home.  It applies to a new home being built or a resale home that has energy efficient upgrades.  Please read further details below.

Go Green & Save!

27 Sep

What should we be talking about? Taxes or real estate?

General

Posted by: Anne Martin

Welcome to the September issue of my monthly newsletter !

This month’s edition addresses the imbalance of time we spend discussing real estate (in most cities) as compared to income taxes, as well as a look at the age old real estate related topic of ‘Location, location, location.’

Please let me know if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!


Time To Talk Taxes

In Canada, and certainly in the large urban centres, there are few topics that get more press than real estate these days. It seems that few conversations are capable of lasting more than a single digit number of minutes before some aspect of the topic arises.

Much of the talk is about how action should be taken to rein in rising prices — and to be fair, even those who currently own property are part of this group, as many are parents who would one day like to see their adult children living in homes of their own.

According to a new study by the Fraser Institute, the average Canadian family spent more on taxes in 2016 than any other one thing.

The study cites average family earnings in 2016 as $83,105. Housing costs, which considered both rents and mortgage payments, combined with food and clothing, totaled $31,069.

Total taxes came to $35,283.

Housing costs alone stood at 22.1% of household costs, yet taxes took a 42.5% share.

While taxes are important, as of course they fund many critical public services that we rely on, there is still some question as to the return on investment of our tax dollars.

Perhaps there is a certain sense of futility we feel when it comes to changing taxation in any way, and perhaps that is why there are few rallies to reduce taxes, or to encourage more efficient use of tax dollars, as compared to rallies for action on affordable housing.

The level of futility seems to be growing when it comes to real estate though. And no doubt it is always a concern when governments do take specific actions in a free market society, as often those actions have unintended consequences.

In any event, it would be interesting if, instead of discussing real estate, an equal amount of time, energy, and media attention focused on where our tax dollars go, and why the government requires so many of them.

Location, Location, Location

The true costs of commuting are often overlooked during the home-buying process. Few homebuyers fleeing city-living for the suburbs ever make the advance effort of spending a dark winter’s week purposely engaging in what will be their new commute during peak travel times. Instead it is usually a Sunday afternoon drive that leads them to their new home. And when the reality of the daily commute from Monday to Friday takes effect, it can be quite painful to adjust to.

Having done a bit of research at www.caa.ca around the cost of commuting, a fair figure to use is 45 cents per kilometre. With the average commute at 40 km for many Canadians, this is a $36 daily cost, excluding parking. Aside from the financial cost, there is the social and emotional cost of spending an average of one hour per day alone in a car to consider.

Admittedly there are public transport options that save money, although this is often in exchange for even more time sacrificed due to less than perfect public transit solutions in many suburban areas. Also a consideration is the inflexibility with transit of fitting errands, especially child related errands, into the commute.

Ten hours per week spent commuting is ten hours not invested in…

  •     Socializing
  •     Finding a mate (if this is a goal)
  •     Having children (if this is a goal)
  •     Raising children
  •     Relaxing (absence of children)

Ten hours per week goes a long way.Some might be inclined to work those extra two hours, which even at a reasonable $20 per hour is an extra $10,400 per year gross income.Less the expenses of commuting: $7920 ($36 x 220 working days).The extra earnings, combined with the added savings, may well make staying closer to your workplace the more affordable option.

Perhaps, after deeper reflection, spending the hours focused on career or on the social side of life, rather than commuting is the sensible plan.If we apply this math to a double-income household, and were the wage closer to $25 per hour for those extra two hours per day, the purchasing power increases that much more. Food for thought during today’s hour-long commute.

Did you know…
Only 23% of Canadians know their credit score, and just 26% knew their credit rating at the time they applied for a mortgage, reports a recent Equifax survey. A good credit score can be a major negotiating tool in getting lower interest rate mortgages from financial institutions. The study also found that 10% of Canadians surveyed say it’s okay to inflate your income when applying for a mortgage. And 9% say they have lied on credit card or mortgage applications. The numbers came as a shock to Equifax officials, given that the July survey of 1,500 Canadians was really aimed at gauging their concerns about protection of personal data.
Homeowner Tips Fall Lawn Care:
What you do for your lawn during the fall will have a great impact on what your lawn will look like next spring. There are four simple steps you can take to help ensure your lawn will be healthy, green and the envy of the neighbourhood next year:

  • Aerate. This means to puncture your lawn with small holes throughout to allow the fertilizer, sunlight, water and important nutrients that grass needs to grow deep within the ground;
  • Fertilize. Basically this means feed your lawn before it goes to sleep for the winter;
  • Overseed. This is when you spread new grass seed all over your existing lawn with a spreader; and
  • Mow. In November, mow your lawn one more time as short as you can without scalping your lawn. This will help all the other steps above work better.