Category: Mortgages

5 tips for preparing your home for the market

As we discussed in an earlier Oaken Blog post, the Principal Residence Exemption (PRE) means that the proceeds from the sale of your main home are not subject to either income tax or capital gains tax. Even if you sell for considerably more than you paid when purchasing the property, you can pocket the proceeds … read more

Using rental income to support your retirement

Earning rental income to supplement other retirement proceeds is an approach that’s been used successfully by many retirees. Certainly, the prospect of an additional source of steady revenue is highly attractive. But it is not as simple as just sitting back and watching the rent cheques roll in. There’s much to consider before putting a … read more

Should you consider a reverse mortgage?

For those Canadians approaching retirement age, with less than adequate savings in the bank but the good fortune to own a home, temptation has never been greater to consider the much-hyped reverse mortgage. Reverse mortgages are typically portrayed as a no-risk means of accessing the equity in your home, and using that money to help … read more

Ottawa to change mortgage down payments in new year

On Friday, Finance Minister Bill Morneau announced that Ottawa intends to increase the minimum down payment requirement for some new home purchases early in the new year. In order to qualify for Canada Mortgage and Housing Corporation (CMHC) mortgage insurance, as of February 15, 2016, down payment requirements will increase from 5% to 10% for the … read more