Advice
What to expect on housing and mortgages after the election
News FAF update on how the election could impact your home purchase & mortgage. From first-time buyer incentives to homebuilding promises, here’s what to watch for in the coming weeks or months.Canadian voters have re-elected the Liberal Party -- this time under...
What the Bank of Canada’s 25-basis-point rate cut means for you
News First Avenue Financial wanted to update you on the Bank of Canada’s latest decision. This morning, the Bank cut its policy rate by 25 basis points, lowering it to 3.00%. This is the sixth straight rate cut and will result in a lower prime rate—which affects...
Will Trump’s Presidency Raise Canadian Mortgage Rates?
News Will Trump's Presidency Raise Canadian Mortgage Rates? With Donald Trump’s election win this month, there’s been plenty of speculation about how his policies could affect the U.S. economy. But what does this mean for Canadians—especially homeowners with...
The Lowest Rate Isn’t Always the Best Rate: Here’s Why
News The Lowest Rate Isn't Always the Best Rate: Here's Why When shopping for a mortgage, it's easy to get drawn in by the lowest advertised rate. After all, who doesn’t want to save on interest? But there's more to a mortgage than just the rate, and focusing solely...
Bank of Canada Delivers Fourth Consecutive Rate Cut
News On October 23, the Bank of Canada lowered its policy rate by 0.5% Bringing it down to 3.75%. This marks the fourth consecutive cut this year, with a total reduction of 1.25% from its peak—potentially bringing some relief to those with variable-rate mortgages or...
New Federal Program for Homeowners: Mortgage Refinancing for Adding Rental Suites
News Exciting news for homeowners! Starting in January 2025, the federal government is launching a new mortgage refinancing program to help you add rental suites to your home—like a basement apartment or a converted garage. This could be a game-changer if you're...
Bank of Canada Delivers Second Consecutive Rate Cut
News How does this Impact your Mortgage?! We want to share some important news following the latest decision from the Bank of Canada. Yesterday, the Bank of Canada announced a 25-basis point cut to the benchmark rate, their second consecutive rate cute this year,...
Understanding what Impacts Mortgage Rates
News Understanding what Impacts Mortgage Rates Mortgage rates are frequently making headlines these days, especially now as they start to fall.But do you know what factors are influencing the mortgage rates you read about? What about the difference between fixed-rate...
Whole Life or RESP: Which Option is Best?
News Whole Life or RESP: Which Option is Best? When it comes to your child's future and education, planning for this can often seem daunting but it surely doesn't have to be. Two options are readily available for you and your child with one being the most common and...
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
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?
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
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?
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...
Canada’s new Tax-Free First Home Savings Account
NewsIf you’re a first-time buyer (or know somebody who is), you may be interested in knowing more about Canada’s brand new Tax-Free First Home Savings Account, or FHSA for short. The FHSA will let you save up to $8,000 tax-free annually—up to a $40,000 lifetime...
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...
How You Can Achieve Your Retirement Goals and Lower Your Taxes in 2022
NewsMark your calendars as it’s that time of year again. March 1st is the RRSP deadline which means it's time to start thinking about your retirement goals and how you can lower your taxes in 2022. Canadians are fortunate to have the option to invest in Registered...
$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
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”?
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
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
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
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?
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
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...
Banking Regulator making some changes to Home Equity Lines of Credit
News Last week, Canada’s banking regulator unveiled new rules that will govern how borrowers may use Home Equity Lines of Credit (HELOCs). The new guidelines unveiled by the Office of the Superintendent of Financial Institutions (OSFI) will affect re-advanceable...
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
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...
Thinking About Buying a Vacation Property? Here’s What You Need to Know
News Over the course of the pandemic, the desire for more space and a place to just hunker down surged. For some, that place was a cottage or other type of recreational property. Fast-forward to today and in many of the country’s top recreational regions demand...
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?
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
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
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?
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
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?
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
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
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
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 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
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
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...
Ready for a Better Experience?
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