In an effort to subdue runaway inflation, the Bank of Canada (BoC) has raised the benchmark interest rate several times over the last 24 months. This rate affects the interest rates of other financial products. The interest offered on guaranteed investment certificates (GICs) is far higher than usual, for example. This is because the benchmark rate is higher.
Unfortunately for home owners in Canada, the benchmark rate also affects mortgage interest rates. Home owners with variable-rate mortgages, whose interest rates fluctuate with the benchmark rate, have grappled with sharp increases to their mortgage payments over the past few years. But even those with fixed-rate mortgages must contend with higher interest rates when their mortgages come up for renewal.
“In the face of a rapid global increase in interest rates, many Canadians are feeling the squeeze, particularly when it comes to affording a home to rent or own,” Deputy Prime Minister and Minister of Finance Chrystia Freeland said in a press release. The Canadian Mortgage Charter is one measure intended to provide relief.
What is the Canadian Mortgage Charter?
The Canadian Mortgage Charter is a document that lays out expectations for banks and other lending institutions about how they will behave in their relationships with “vulnerable borrowers.” The guidelines stem from a document published by the Financial Consumer Agency of Canada (FCAC) in July 2023, but the charter is a concise and public-facing document. It outlines six things Canadian borrowers can expect of their banks:
Allowing temporary extensions of the amortization period for mortgage holders at risk
Waiving fees and costs that would have otherwise been charged for relief measures
Not requiring insured mortgage holders to requalify under the insured minimum qualifying rate when switching lenders at mortgage renewal
Contacting home owners four to six months in advance of their mortgage renewal to inform them of their renewal options
Giving home owners at risk the ability to make lump sum payments to avoid negative amortization or sell their principal residence without any prepayment penalties
Not charging interest on interest in the event that mortgage relief measures result in a temporary period of negative amortization
Of these guidelines, numbers three and four are actually new. The charter is the first time lending institutions have been asked not to require mortgage holders to requalify if switching lenders, and the first time they’ve been asked to reach out to borrowers in the months leading up to mortgage renewal.
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What does this mean for Canadian mortgage holders?
The Canadian Mortgage Charter is intended to encourage banks to identify at-risk borrowers and offer them mortgage relief measures so that fewer people experience extreme financial hardship or lose their homes.
The Canadian Mortgage Charter is not a law. Rather, it’s a set of expectations, much like the changes to mortgages, bank account fees, junk fees and dispute resolution proposed by the government earlier this year. And just like with those measures, the only recourse for borrowers if a lender doesn’t heed the government’s request is to make a complaint on the FCAC website. It’s unclear what, if any, consequence there is for non-compliance.
In additional to the new charter, the Fall Economic Statement announced billions of dollars in financing to accelerate housing construction, plus plans to crack down on short-term rentals “so that homes can be used for Canadians to live in.”
Fortunately, there are a number of ways to save for a down payment on your first home, including the first home savings account (FHSA). This registered account was introduced in April 2023 to help first-time home buyers in Canada. And it can be used in conjunction with other government programs including the Home Buyers’ Plan, First Time Home Buyer Incentive and Home Buyers’ Tax Credit. The FHSA has an annual contribution limit of $8,000, up to a lifetime maximum of $40,000, and the account can stay open for 15 years. Cash and investments held inside an FHSA can grow tax-free, and there’s no tax on FHSA qualified withdrawals.
FHSAs can hold a wide variety of investments, just like with other registered accounts. How your FHSA’s investment portfolio is structured should reflect your personal goals, timeline, financial circumstances and risk tolerance. These factors are likely to change over time, which means your investment strategy should change, too. Here’s why that is and how to plan your investments accordingly—plus, when you should open an FHSA.
What types of investments can an FHSA hold?
Like a tax-free savings account (TFSA) or other registered investment accounts, your FHSA gives you options. You can put cash into the account on a regular basis and earn a bit of interest over time, but if you want to potentially grow your money and keep pace with inflation, there are other options to consider. Here’s a quick overview. For personalized advice, speak to a financial advisor. Note that because an FHSA is a registered account, any capital losses can’t be claimed against capital gains.
Stocks/equities: Stocks, also called equities, represent part ownership in a company. Stocks are traded on stock exchanges.Some companies distribute part of their profits to shareholders in the form of dividends (typically monthly, quarterly or annually). You may also earn capital gains or have capital losses on your stocks at the end of the year.
Mutual funds: Mutual funds are pooled investments that hold a portfolio of securities, such as stocks or bonds. Depending on the securities they hold, mutual funds can earn interest, dividends or capital gains. They can be bought from qualified advisors, brokerage firms and fund companies.
ETFs: Exchange-traded funds are similar to mutual funds in that they’re pooled investments that hold a portfolio of securities. Unlike mutual funds, ETFs are bought and sold on a stock exchange.
Bonds: A government or corporate bond will receive a fixed interest rate for a predetermined period of time, making it a reliable, low-risk investment choice. Your capital is returned when the bond matures at the end of the specified time period, and you’ll earn interest, capital gains or both. Bonds are also sellable on the bond market, which is great for liquidity, but that means a bond’s value can change.
GICs: Guaranteed investment certificates are another low-risk option. Similar to a bond, a GIC is an investment asset with a fixed interest rate and specified maturation date. It’s predictable and, because there’s an end date involved, it’s easy to plan around. And you can even ladder your GICs to buy varying terms and reinvest the growth.
Adjusting your FHSA investments over time
Similar to when you invest in a registered retirement savings plan (RRSP), a registered education savings plan (RESP) or a TFSA, you can review the makeup of your FHSA as needed. You can make changes that reflect your current goals and financial situation.
For example, if you’re hoping to purchase your first home within five years or less, you may want to be fairly conservative with your investments (choosing bonds, GICs, and conservative ETFs and mutual funds, for example). A tight timeline leaves less tolerance for market fluctuations.
On the other hand, if your plan is to buy a home in seven to 10 years’ time or longer, you could consider choosing higher-risk (and potentially higher-reward) investments at first. Over time, and as you approach your savings goal, you could shift your asset allocation towards lower-risk investments. That said, it’s best to stay within your personal comfort zone—if your investment portfolio is keeping you up at night, your asset mix may not be the right fit for your risk tolerance.
One way to reduce risk is through diversification. For example, Fidelity Investments offers All-in-One ETFs that provide exposure to a variety of assets in one investment. This can carry lower risk than holding a handful of individual stocks. You can choose from different asset allocations. A more conservative investor may choose a higher allocation to fixed income, like in Fidelity’s All-in-One Conservative ETF (ticker symbol FCNS). Someone with a higher risk tolerance (or a longer savings timeline) may want all equity, like in Fidelity’s All-in-One Equity ETF (FEQT). The approach is up to you. (Read more about Fidelity’s All-in-One ETFs.)
Where (and when) to open an FHSA
The FHSA is available through Fidelity Investments and other financial institutions. To qualify, you must be a first-time home buyer in Canada who is at least 18 years old but not older than 71.
Home buyers and sellers had a big week. Significant changes to how—and how much—they pay real-estate agents became more likely after a $1.8 billion verdict on Tuesday against the National Association of Realtors and large residential brokerages.
The defendants artificially inflated commissions and “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law,” a federal jury in Missouri found.
The lawsuit (and two others) could lead to a 30% reduction in the $100 billion that Americans pay each year in real-estate commissions, said Ryan Tomasello, a real-estate industry analyst with Keefe, Bruyette & Woods, in a research note on the case, reported the Wall Street Journal.
“We believe changes to the residential brokerage industry’s commission structure could cause the annual commission pool to decline by upwards of 30% over time,” he said.
NAR will appeal, and that process could take years. In a statement provided to Fortune, NAR vice president of communications, Mantill Williams, said its rules “prioritize consumers, support market-driven pricing and promote business competition.” The organization will ask the judge to reduce the verdict in the interim, he added.
Housing market implications
But Anthony Lamacchia, whose brokerage Lamacchia Realty has more than 500 agents in various states, told the Journal: “I have a hard time believing that this could be the verdict and there’s no material changes. It’s just what, and when, and what does it lead to?”
The judge might require changes to how brokerages operate, but whether that happens or not, the ruling could spur real-estate brokerages, fearful of potential liability, to implement new practices. Before the trial, two of the four big real estate broker franchisors named in the case, RE/MAX and Anywhere Real Estate, agreed to settlements, pending approval from the judge.
The other two were Keller Williams Realty and HomeServices of America, an affiliate of Berkshire Hathaway. A spokesperson for HomeServices, which plans to appeal, said in a statement: “Today’s decision means that buyers will face even more obstacles in an already challenging real estate market, and sellers will have a harder time realizing the value of their homes.”
Another upshot of the ruling could be new business models finally breaking through. For years, real-estate startups have tried and failed to upend the way agents are paid. Among them was REX, cofounded by ex-Goldman Sachs partner Jack Ryan.
“This will be a catalyst,” Ryan told the Journal, “because no one could break the cartel.”
So, how much of a down payment do you need for a second home? That depends on a few factors, including whether or not you intend to live at the property.
Down payment requirements in Canada
Every Canadian home buyer is required to have a minimum down payment when purchasing property. A down payment is the money provided up front towards the purchase of the home, and it is directly tied to the value of the property.
When buying a home, the down payment rules in Canada are as follows:
Purchase price
Minimum down payment required
$500,000 or less
5% of the purchase price
$500,000 to $999,999
5% of the first $500,000 of the purchase price + 10% of the portion of the purchase price above $500,000
$1 million or more
20% of the purchase price
If you’re buying a home priced under $1 million and your down payment is less than 20%, you’ll need to purchase mortgage default insurance, also known as mortgage loan insurance—which protects the lender if you can’t make your mortgage payments. Using a mortgage down payment calculator is the fastest and simplest way to figure out how much money you will need for your home down payment.
Minimum down payment for a second home in Canada
Contrary to popular belief, there’s no blanket 20% down payment requirement for second-home purchases in Canada. In fact, the down payment rules for a second home are similar to those listed above for single-property ownership, as long as the second home will be owner-occupied, meaning the owner will be living in it.
“You can purchase a second home with 5% down as long as the property is intended for family use throughout the year and the mortgage is under $500,000,” says Samantha Brookes, CEO of Toronto-based Mortgages of Canada.
The 5% down payment requirement applies to second homes with one or two units in them. For properties with three or four units, the minimum down payment jumps to 10%.
Buildings with five or more units are considered commercial buildings, and they require a commercial mortgage. Depending on the property’s location and the buyer’s cash flow, lenders may require a buyer to have a down payment of 20% to 35% on commercial properties, according to Brookes.
The interest rate on your mortgage determines your monthly mortgage payment as well as how much you’ll pay in interest. A good interest rate can save you thousands upon thousands of dollars over the life of your loan.
However, this doesn’t mean that you should agree to a mortgage simply because the lender can offer you the lowest interest rate.
These are some of the other factors to consider.
Will the Mortgage Be Approved?
Agent Michael Arkin at Coldwell Banker Warburg, tells us that the lender with the best rate might not approve of the property’s location. “Will they lend for that purchase? Will you actually get the mortgage and close on the home?” Arkin says it doesn’t matter if you get an offer of a great rate from the mortgage lender, but then they decline to lend you the money for the purchase you wanted.
Is the Rate Locked In?
The interest rate is impacted by market conditions. “Much like the stock market, interest rates are constantly influenced by many market conditions, including investor demand, the economy – specifically inflation levels – and government policies,” says Jason Lerner, VP, area development manager at George Mason Mortgage, a subsidiary of United Bank. He recommends working with a knowledgeable mortgage professional who understands market conditions. “This individual can help to create an effective strategy for the timing of locking an interest rate.”
And once that rate is locked in, the clock starts ticking. According to Melissa Cohn, regional vice president of William Raveis Mortgage, buyers need to know how long the rate is locked in for.
“In today’s high-rate environment, a buyer should also be asking about the ability to float down the rate once locked, and what incentives the mortgage company can offer when the buyer wants to refinance to a lower rate next year.”
Is the Lender Experienced?
Another important factor is the lender’s experience underwriting in the market segment that’s relevant to your transaction. For example, Ian Katz, a real estate broker with Compass, tells us that in his city (NYC), larger national lenders without a local retail presence often don’t understand how to properly qualify and underwrite a co-op purchase loan and/or a new development early in its sales cycle. “These types of loans are most effectively and successfully closed by lenders who are very active in the local market, and may charge a slightly higher rate for the risk or complexity they correctly price out at the beginning of the process.” On the other hand, he explains that the national/non-local lender may return with a higher rate or a loan denial.
In a personal story, Dorothy Shrager, a broker at Coldwell Banker Warburg, tells us that she has a customer who recently selected a bank that had the lowest interest rate. “As it turns out, this was a small bank and apparently not too detailed with co-ops in New York – they didn’t understand the nuances of a co-op purchase.”
As a result, Shrager says the mortgage was first denied on a technicality. Her clients then selected a new bank with a good rate, but it was also a smaller bank. “The due diligence at the bank made for a delay in the mortgage commitment for longer than necessary.” Shrager recommends paying a little more and using a bank that is larger and has experience in your area (or in this case, building).
Is the Lender Responsive?
While some delays may be due to inexperience, a lack of responsiveness can also be a red flag. Katz recommends that buyers consider the loan officer’s demeanor and professionalism, along with their level of customer service and responsiveness.
“The last thing a borrower/buyer will want is an unresponsive or dismissive loan officer with a time of the essence closing date looming and the bank’s approval still outstanding,” he says. And, Katz also recommends checking to be sure that your rate is protected in case a transaction is delayed.
Is the Lender Reputable and Transparent?
Mortgage lenders (like most for-profit organizations) are in business to make money. However, you don’t wany anyone maximizing their profits at your expense. “A lender or mortgage professional seeking to maximize profitability will often have higher interest rates or closing costs,” warns Lerner.
To find the best interest rate, he recommends seeking referrals from industry experts and other borrowers who have had positive experiences. “Borrowers should get estimates immediately before choosing their lender and locking their rate to compare and understand the interest rate offered and any associated lender specific fees.”
In addition, Lerner says you should point-blank ask if this is the best available rate and how it was determined. You also want to find out if there are ways to structure the loan that would improve your rate, and he says you want to know if there are other products available that would better meet your needs and long-term goals.
Having the right professional that you can trust to help you navigate the process will make a significant difference and could save you money,” says Matt Vernon, head of retail lending at Bank of America. Vernon also recommends doing your research by shopping around. “If you like a lender but their offer is missing something you saw in another offer, communicate this.” In many cases, he says lenders are eager to earn your business and will be willing to work with you.
Selling your home can be a very emotional decision because this is where many milestones in your life occurred. Perhaps it was your very first home, or the first home you bought with your significant other. Or it may be the place where your kids took their first steps, learned how to swim, and celebrated their birthdays. Maybe you always hosted family and friends for holiday gatherings. And if you’ve lovingly and painstakingly made renovations and upgrades, the home may hold even more significance. However, when you decide to put your home on the market, it’s best to keep your feelings in check.
One of my favorite cartoons is a picture of a house that changes in appearance based on the point of view. For example, the homeowner sees it as a stately home with a well-manicured lawn. The buyer sees the same home as tiny, outdated, and in need of much work. The appraiser and inspector view the exact same home as barely standing, with the roof nearly blown off, and the windows and doors missing. And, no surprise, the tax assessor views the home as a palace.
Again, what makes the cartoon so funny is that it’s the same house – and only the point of view has changed. However, it’s worth keeping this cartoon in mind when you put your home on the market. It’s quite natural to feel a certain way. However, left unchecked, your emotional attachment can actually hinder the sale of your home.
It’s Not Your Home Anymore
Okay, it actually is your home up until the agreed-upon date to move out (so continue to make those mortgage payments on time). However, you need to develop a different mindset if you want to sell your home. “Sellers need to understand that once they put their property on the market, it is being marketed to a new family or buyer,” explains Elliot Machado, broker associate at SERHANT in Miami, FL. “It is no longer the seller’s home; it becomes the next buyer’s home.”
[Side bar] And if you’re holding out for that magical buyer who may pay more than you anticipated, Machado says the odds are not in your favor, because a bird in the hand is worth two in the bush.“The first handful of buyers to come through the door are the most crucial because, typically, these buyers are more knowledgeable, and more likely to be ready to commit to a purchase of the home.” So, take these early visitors and offers seriously.
It’s Business, Not Personal
Sometimes, sellers want to find buyers who will take care of the home as they did, and preserve the home’s style. But why? If you’re moving and for some reason have to give your pet away, it’s understandable that you’d want an individual or family to treat it a certain way. But if someone buys your house and bulldozes it the next day – it’s an inanimate object that you plan on leaving anyway for another inanimate object.
“Understandably, you may have emotional attachment to the property you’ve called home for the last few years,” says Samuel Jung, realtor with Century 21 Blue Marlin Pelican in Crestview, FL. “However, allowing your personal feelings about your home to interfere with negotiations or decision-making can result in unfavorable outcomes or lost opportunities.” It may be difficult, but Jung says you must separate your emotions from the process so you can be as objective as possible. “Focus on the financial aspects and remind yourself that selling your home is a business transaction and you are trying to get the most favorable end outcome for yourself.”
Here’s another way to look at it: According to Jane Katz, an agent at Coldwell Banker Warburg in New York, NY, “This house is not about you anymore; it’s an asset like a stock.” And your goal is to figure out how to get the most money back from the asset that you’re now selling. “Was it worth more in 2014 when you bought it than it is now – what does the current market say about your house?” And proceed from there.
Depersonalize the Home
One of the best ways to leave your feelings at the door (metaphorically speaking) is to depersonalize your home. “Potential buyers are interested in the property itself, not the memories or emotional connections you may have with it,” explains Adie Kriegstein, founder and real estate salesperson at NYC Experience in New York, NY.
And when you depersonalize your home (through staging and editing prior to listing), she says you create a neutral environment that allows buyers to envision themselves living in the space. “Removing personal photographs, unique decor, or excessive personalization helps potential buyers visualize the property as their own, which can enhance their interest and increase the likelihood of a successful sale.”
So, red may be your favorite color, but those red walls may not appeal to most buyers. You may use your home gym every day, but potential buyers might prefer to have a home office in that space, so clear out your exercise equipment to create a blank canvas. “Beauty is in the eyes of the beholder and they may not like the items you cherish and the way you have beautified your home,” says Vickey Barron, associate real estate broker at Compass in New York, NY. Also, their feedback may be brutally honest. But Barron tells sellers not to take anything personally. “Instead, take the money and run,” she recommends.
Trust Your Experts
If you have a seasoned and experienced realtor or broker, heed their advice, since they know what will help you to sell your home. They know the market conditions, and they know which trends are in – or out. “If your realtor or broker tells you to stage, to minimize, to declutter, to polish your floors, to paint your walls, to clean your windows, you should heed that advice as we’re trying to sell your home for the most money we can, and you’re taking a risk by not listening to us, Katz says.
“We know the styles, layouts, colors, and amenities that are most desired today.” For instance, while you may have enjoyed having a large, formal dining room, she says some Manhattan buyers have no use for this type of room and would consider it wasted space.
“They’d rather turn this square footage – so coveted in Manhattan – into other spaces that they consider more useful – for example, I often see one dining room turned into two separate spaces.”
Another example is Queen Anne style furniture. Styles change, and while you may have loved it, Katz says many buyers today don’t like this style of furniture and consider it heavy and old-fashioned.” So, if a buyer walks into your home and sees a furniture style that they consider out of date, will they be able to focus on all of the home’s great features, or will they be distracted by furniture that they don’t like? Why take the chance of making a bad first impression?
“Selling a home can be an emotional process, as it often involves parting with a place that holds personal significance,” says broker Kimberly Jay of Compass in New York, NY. “However, it is crucial for sellers to remember that the selling process is not about them personally. She explains that getting emotional about low offers, negative feedback, and resisting change can have a detrimental impact on the sale.
We know it’s a lot easier said than done to take your feelings out of the selling process. “After asking our clients to remove all personal items, declutter, organize, and perhaps paint, some sellers say they find themselves living in a space they may not recognize,” says agent Mary Barbrack of the Julia Hoagland Team at Compass in New York, NY. Afterwards, she says the result sometimes reminds them of why they loved the space to begin with. “It’s not unusual for some sellers to ask themselves why they are moving.”
Minimize Stress
Another benefit of checking your feelings at the door is the ability to reduce stress and anxiety. “Selling a home can be a complex and demanding endeavor, involving paperwork, inspections, showings, and negotiations,” admits Adie Kriegstein, founder and real estate salesperson at the NYC Experience Team at Compass in New York, NY. “Emotions such as anxiety, fear, or frustration can add unnecessary strain and impede your ability to make sound decisions.”
But detaching yourself emotionally can allow you to approach the process with a clearer mindset. “You can make informed decisions, attract potential buyers, negotiate effectively, and minimize stress, ultimately focusing on achieving your selling goals and ensuring a smooth transition for both you and the buyer,” Kriegstein says.
Home & Texture Roll Outs Editorial Storytelling, Shoppable Content, and Creator Partnerships to Best Reflect the Individuality, Lifestyle and Cultural Heritage of Consumers
Press Release –
Feb 16, 2023 06:00 EST
LOS ANGELES, February 16, 2023 (Newswire.com)
– Blavity Inc. – the corporation that builds solutions for Black and multicultural audiences and enterprises who want to reach them and reaches more than 250 million monthly consumers across its media portfolio, including 21Ninety, Travel Noire, Shadow and Act, and Blavity.com – announces the launch of its newest lifestyle brand and commerce vertical Home & Texture.
Home & Texture marks the first-ever curated home, interior design, and commerce hub dedicated to Black and multicultural consumers. While the home decor market is forecasted to hit $202 billion by the end of 2024, and this consumer segment makes up 60% of the growth in the home improvement category in the U.S., it is historically underserved with relevant home, DIY, and buying content and resources. Additionally, as more multicultural millennials are aging and buying homes, Home & Texture fills a current void in the publishing space by providing storytelling and shoppable content that reflects their individuality, lifestyle, and cultural heritage.
Merin Pasternak, the Senior Vice President of Commerce & Consumer Media, and Melody Bostic Brown, the Associate Vice President of Consumer Media at Blavity, will lead the home brand. The team will drive the content strategy for Blavity’s commerce-first lifestyle brands 21Ninety and Travel Noire, and will lead Home & Texture’s curated editorial storytelling and commerce to inspire and engage audiences in a way that consistently drives action. With millennials transitioning into home ownership and growing their families, Blavity Inc. will leverage its trust with consumers to drive inclusive change in media.
“Blavity was founded to fuel inclusivity across all business and lifestyle categories, specifically for Black and multicultural millennials. Home & Texture is a category disruptor – providing much-needed information and shoppable content that is curated to speak authentically to this underserved consumer segment, which is among the fastest growing in this category,” said Morgan DeBaun, CEO and Founder of Blavity Inc. “We’re excited to expand our growing media portfolio with this launch and guide readers as they put down their roots, raise families and turn houses into homes.”
Home & Texture launches with content franchises and key tentpoles featuring creators, entrepreneurs, and community-driven content, including:
House Tours: House tours profile entrepreneurs, creators, and single parents, including Carmeon Hamilton, David Quarles IV, and Laquita Tate. The franchise looks at home designs and decor inspiration from the Black and multicultural community.
My Homebuying Experience: This UGC and influencer-driven content discusses the joys and unexpected scenarios around becoming first-time homeowners, as well as design hacks and product reviews.
Bad to Bougie: This franchise covers transforming old, unattractive pieces into fabulous accent pieces. It shows how to maximize your budget and reimagine furniture and decor sustainably.
D-I-WHY: This tentpole explores the “why” vs. the “why not” approach to home renovations and refreshes. It provides insights and how-tos around specific home projects that are worth taking a hands-on approach and defines those that are best left to the professionals.
Everything Must-Go…Into Your Home: This tentpole leverages an organic beginning-of-the-year refresh buzz with the best deals on home furnishings and appliances through “everything must go” clearance sales. In addition, we’ll highlight product reviews and listicles about home furnishings and appliances and offer UGC-driven contests.
First Time Around: This tentpole touches a vital segment of the Home & Texture audience and buyers — first-time homeowners. For BIPOC millennials, creating a beautiful home is exciting, yet it also presents a lot of unknowns and discoveries. We offer them guidance.
Blavity Inc. is a corporation that builds solutions for Black and multicultural audiences and enterprises who want to reach them. Founded in 2014, Blavity Inc. is home to the largest network of platforms and lifestyle brands serving millennials & Gen Z through original content, video, and unique experiences. The company has grown into a market leader for Black-owned media, reaching over 250 million millennials and Gen Z per month through its growing brand portfolio, including Blavity, 21Ninety, Home & Texture, Travel Noire, AfroTech, Shadow & Act, and Blavity TV.
