Illustration of Book with Mortgage Charter written on it with Canadian Mortgage Professionals Logo on book cover

A Need-to-Know Summary! The New Canadian Mortgage Charter: How Calgary Homeowners Can Take Advantage!

In the recent Fall Economic Statement (FES), the Liberal government introduced the Canadian Mortgage Charter (CMC) as a measure to assist homeowners facing financial challenges amid rising interest rates. This initiative aims to provide clear guidelines for financial institutions on how to support vulnerable borrowers. In this blog post, we’ll break down what the Canadian…

OSFI Responds to Industry Feedback

Good news from Canada’s Banking Regulator! After nine months of discussions with industry stakeholders, the Office of the Superintendent of Financial Institutions (OSFI) has decided not to move forward with certain proposed mortgage regulations. OSFI has confirmed that they won’t pursue two of their proposed regulations: debt-to-income (DTI) restrictions and debt service loan coverage restrictions.…

MHTRC Tax Credit

Maximizing the Benefits of the Multigenerational Home Renovation Tax Credit (MHRTC)

Are you considering enhancing your living space to accommodate a multigenerational household? The Canada Revenue Agency (CRA) has introduced an exciting opportunity to make this a reality with the new Multigenerational Home Renovation Tax Credit (MHRTC). This valuable credit assists Canadians in transforming their homes by creating secondary units for family members aged 65 and…

Seizing the Opportunity: Canadians Embrace the New First Home Savings Account

Canadian banks are reporting a surge in interest in the newly introduced First Home Savings Account (FHSA) program. This innovative initiative empowers potential homebuyers to kickstart their homeownership journey by saving and investing for a down payment, all while enjoying tax-free benefits! At Canadian Mortgage Professionals, we’re thrilled to keep you in the loop about…

Debt Consolidation – How Canadian Mortgage Professionals Can Help

With interest on car loans, credit cards, and other debt being significantly higher than mortgage rates, let us help you put a significant amount of your hard-earned cash back in your pocket every month. This savings number can be $100’s, or potentially even $1000’s depending on your scenario, and especially considering current economics. Please feel…

Proposed New Mortgage Regulations

Proposed New Mortgage Regulations Be prepared – Stricter rules around qualifying for a mortgage could be coming this spring. Canada’s banking regulator OSFI (The Office of the Superintendent of Financial Institutions) proposed three new regulations that could further restrict mortgage lending. A review is underway. Potential additions come as OSFI is saying risk around loans…