Advice

When can mortgage interest be tax-deductible in Canada?

When can mortgage interest be tax-deductible in Canada?

News Wouldn’t it be nice if your mortgage interest could be tax deductible? What if I were to tell you it is possible in Canada. Maybe not in all cases, but I’d like to share some situations where it can be. Let’s demystify this seemingly complex topic and break it...

Unravelling the benefits of choosing a mortgage broker

Unravelling the benefits of choosing a mortgage broker

News One of the first big decisions prospective homebuyers face is how they plan to obtain their mortgage. Should they work with their bank, go direct-to-lender or choose a mortgage broker? As a mortgage professional, you can probably assume the option First Avenue...

Are we finally nearing the end of this rate-hike cycle?

Are we finally nearing the end of this rate-hike cycle?

News Interest rates are front and center these days and for good reason. Despite a two-meeting rate pause by the Bank of Canada, the central bank resumed its rate hikes in June, sending interest costs even higher.  The Bank has now hiked its key lending rate nine...

A Resource to Help Achieve All Your Financial Goals

A Resource to Help Achieve All Your Financial Goals

News Some people think that the only time to reach out to a mortgage broker is when they’re in the market for a new house. But as you’ll see below, mortgage brokers can assist you with a variety of financing needs at every stage of your (adult) life. In 2023, tens of...

How to prepare your home for the upcoming spring homebuying market?

How to prepare your home for the upcoming spring homebuying market?

NewsThe longer days and warmer temperatures of spring herald an awakening not only in nature but typically also in the country’s housing market.  And with housing inventory being tighter than normal, a newly listed property is sure to generate some interest. But there...

What should you focus on this tax season: your mortgage or your RRSP?

What should you focus on this tax season: your mortgage or your RRSP?

NewsNow that the holidays are behind us, we’re quickly approaching the next period that brings our finances into focus—tax season. A common question I receive from homeowners is, should I put money in my RRSP (Registered Retirement Savings Plan) or use it to pay down...

$1 Billion in Mortgages Closed by Laura Sawatzky

$1 Billion in Mortgages Closed by Laura Sawatzky

NewsFirst Avenue Financial would like to congratulate Laura Sawatzky, a top mortgage broker with TMG -The Mortgage Group, who recently achieved a remarkable milestone –$1 billion in mortgages closed (2022 Founders Award) most of which were residential mortgages. This...

Ringing in the New Year: here’s what we’ll be watching in 2023

Ringing in the New Year: here’s what we’ll be watching in 2023

NewsWith 2022 now in our rear-view mirror, it’s time to look ahead at what the coming year may have in store. We think it’s fair to say 2022 is a year many of us won’t soon forget. It was a year that started with Canadian house prices reaching their highest levels...

What you need to know about “trigger rates”?

What you need to know about “trigger rates”?

News There has been a great deal of talk in the media lately about variable–rate mortgage borrowers hitting their so–called “trigger rate.” Below, we are going to explain what that trigger rate is, the preemptive steps if you are a variable–rate mortgage borrower you...

The importance of choosing the right mortgage features

The importance of choosing the right mortgage features

News A common mistake some mortgage shoppers make is focusing entirely on getting the lowest rate. Don’t get us wrong, a low rate is important, of course, and that’s our goal too. But there are also other considerations to keep top of mind when looking at a mortgage...

Things to consider when buying a rental property

Things to consider when buying a rental property

News With interest rates on the rise and given the current economic climate, not everyone is rushing to invest in a rental property just yet. But that doesn’t mean there aren’t great investment opportunities in this market or that the right opportunity isn’t just...

How to Reduce Payment Shock at Renewal Time

How to Reduce Payment Shock at Renewal Time

News By now, “trigger points” should be in the vocabulary of nearly every variable rate mortgage holder. There’s been a great deal of coverage lately about trigger points due to the rise in interest rates so far this year. Put simply, it’s the point where...

Bridge Loans: What are they and how do you use them?

Bridge Loans: What are they and how do you use them?

News Anyone who has bought and sold a home in the past knows it can sometimes be tricky to get the closing dates on both deals to line up perfectly.   This is often crucial for a buyer since they normally rely on all or part of the proceeds from the sale of their...

Bank of Canada Raises Rate by 100 bps

Bank of Canada Raises Rate by 100 bps

News The Bank of Canada raised its key lending rate by 100 basis points this morning, bringing it to 2.50%.  The Bank said inflation is “higher and more persistent” than what it had forecast in April, and will likely remain “around 8% in the next few months.” In its...

Your Mortgage Renewal Questions Answered

Your Mortgage Renewal Questions Answered

News Many homeowners dread mortgage renewal time, especially when interest rates are rising as they are today. It means you’ll likely be resetting your mortgage at a higher rate, with higher monthly payments. But as always, you have options. Should you renew early to...

Bank of Canada Raises Rate by 50 bps

Bank of Canada Raises Rate by 50 bps

News As expected, the Bank of Canada has raised its key lending rate by 50 basis points, bringing it to 1.50%. In its statement accompanying the decision, the Bank said, “the risk of elevated inflation becoming entrenched has risen” and that it is “prepared to act...

Breaking News: Bank of Canada Raises Rate by 50 bps

Breaking News: Bank of Canada Raises Rate by 50 bps

News The Bank of Canada has just raised its key lending rate by 50 basis points, bringing it to 1.00%. This marks the second change to the Bank's overnight target rate this year and the first 50-bps rate hike since 2000.  In its statement accompanying the decision,...

Is now a good time to refinance your mortgage?

Is now a good time to refinance your mortgage?

NewsThe big news in the mortgage world these days has been the steady increase in fixed mortgage rates. Since the start of the year, fixed rates have risen approximately one percentage point, or 100 basis points. As a general guide, for every 0.25% increase in...

The Value of Working with First Avenue Financial

The Value of Working with First Avenue Financial

News Securing financing to purchase a home can be a major undertaking. This is even more true for first-time buyers and particularly in today’s housing market. Having a licensed and experienced professional on your side throughout the mortgage process can bring...

Bank of Canada Raises Rates by 25 bps

Bank of Canada Raises Rates by 25 bps

News The Bank of Canada has just raised its key lending rate by 25 basis points, citing… This marks the first change to the Bank’s overnight target rate in two years and the first rate hike since October 2018. In its statement accompanying the decision, the Bank said:...

Rate Hikes Are Coming, What Should You Do?

Rate Hikes Are Coming, What Should You Do?

NewsThe Bank of Canada may not have raised rates at its recent January meeting, but it’s clear that interest rates are headed higher tout suite. Those with a variable-rate mortgage may be understandably on edge these days, despite the fact many will still come out...

What to Expect from Canada’s Housing Market in 2022

What to Expect from Canada’s Housing Market in 2022

News I’d like to wish you a very happy, healthy and prosperous 2022! Not many forecasters anticipated the extent of the housing market’s performance in 2021. The year ended with both home sales and average prices up over 20% compared to the previous year, driven...

Planning on Gifting a Down Payment This Holiday Season?

Planning on Gifting a Down Payment This Holiday Season?

News The season of giving is upon us. For some parents, that means snapping up Black Friday deals to ensure happy kids on Christmas morning. For others, it could mean forking out tens of thousands of dollars to help their adult children realize their dream of...

Don’t stress over the new mortgage “stress” test

Don’t stress over the new mortgage “stress” test

NewsAs you probably know, the mortgage rules are changing once again, effective Jan.1, but if you’re looking to buy a home, the time to act is now.  It’s expected that many federally-regulated lenders will implement the changes before the set date, perhaps by early...

New Year, New Rules – 2018

New Year, New Rules – 2018

NewsNew year rings in with new rules... How large of a mortgage do we qualify for now and after January 1, 2018? Ready for a Better Experience?              First Avenue Financial – Okotoks 205 – 15 McRae Street, PO Box 1483 Okotoks,...

Mortgage rule changes are on the way

Mortgage rule changes are on the way

NewsUninsured mortgages account for approximately 65 per cent or more of the mortgage market in Canada. Typically an uninsured mortgage is one where there is 20 per cent or more equity in a property. These changes will also affect home equity lines of credit.OSFI is...

News Renew Early Rates on the Rise

News Renew Early Rates on the Rise

News We Can Save You Thousands of Dollars by Switching Your Mortgage Now! The era of nice surprises for people renewing their mortgages is over! After five years of trending lower, mortgage rates have reversed course and started to rise. Aspiring first-time home...

Watch Out For the Tack Hiding in TD’s Big Green Easy Chair

Watch Out For the Tack Hiding in TD’s Big Green Easy Chair

NewsTD has recently launched a new mortgage program that will be sold to their clients as being comfortable, supportive and really good for them, a lot like that over-stuffed green leather chair we’re all familiar with. But there’s a bit of a nasty surprise waiting...

Know Your Beacon Scores to Manage Your Credit

Know Your Beacon Scores to Manage Your Credit

NewsBeacon scores are a single number that summarizes your credit situation and shows lenders what kind of risk you're likely to be as a borrower. The article below is a basic overview of their importance. We hope you enjoy it. Beacon Score Basics for Mortgage Hunters...

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First Avenue Financial – Okotoks
205 – 15 McRae Street, PO Box 1483
Okotoks, Alberta T1S 1B4

Office:  403-938-6888
Toll Free Fax: 1-877-758-1206

First Avenue Financial – Calgary
208 – 40 Sunpark Plaza SE
Calgary, Alberta T2X 3X7

Office:  403-938-6888
Toll Free Fax: 1-877-758-1206