BC Secondary Suite Incentive Program and Get a $40,000 Forgivable Loan

Gone are the days when a home serves only one purpose. With the rising costs of housing and the changing demographics, secondary suites are becoming more popular and essential. Many homeowners in British Columbia are converting their basements, garages, or even adding rooms to their homes to create additional living spaces. If you’re one of them, you can now take advantage of the newly introduced BC Government Secondary Suite Incentive Program. The program provides homeowners with a $40,000 forgivable loan for the construction of a secondary suite in their homes. In this blog post, we’ll delve deeper into the program, explaining the requirements, benefits, and how to apply.

What is the BC Government Secondary Suite Incentive Program?

The BC Government Secondary Suite Incentive Program is a new initiative aimed at providing support to homeowners who are building a rental unit in their homes. The initiative is funded by the Province of British Columbia and administered by BC Housing. The program provides a forgivable loan of up to $40,000 to eligible homeowners who construct a secondary suite in their primary residence. The loan is forgiven after 5 years, provided that the rental unit remains rented out for the full five years and meets all eligibility requirements.

Who is Eligible for the Secondary Suite Program?

To be eligible for the program, the homeowner must meet certain requirements, including:

• Own and occupy the home;
• Construct a new rental unit within their primary residence;
• The rental unit must meet local zoning and building code requirements;
• The rental unit must be offered for rent at an affordable rate to tenants with moderate incomes.

What are the Benefits of the Program?

The program provides several benefits to homeowners who take advantage of it. First and foremost, the forgivable loan of up to $40,000 can be used to offset construction costs of a secondary suite within a primary residence, making the process more affordable. Additionally, homeowners can generate rental income by renting out the additional living space, which can help them pay off their mortgage faster or supplement their income. Also, the rental unit may be suitable for family members or friends who can’t afford a rental that meets their needs. Finally, homeowners who take advantage of the program are contributing to the creation of more affordable housing options in British Columbia.

How to Apply for the $40,000 Forgivable Loan Program?

To apply for the program, eligible homeowners must first ensure that their rental unit meets all zoning and building code requirements. Next, they must complete the BC Housing’s Secondary Suite Program application form and attach the necessary supporting documents. The application will be reviewed, and eligible homeowners will be contacted with further instructions.


The BC Government Secondary Suite Incentive Program is an excellent opportunity for homeowners in British Columbia to create an additional rental space in their primary residence. With the help of a forgivable loan of up to $40,000, building a secondary suite can be more affordable and accessible. The program’s focus on helping provide affordable rental housing for moderate-income renters is a critical step towards addressing the housing crisis in British Columbia. If you’re a homeowner considering adding a rental unit to your home, take advantage of this program to save money while investing in the future. Contact us for more details TODAY!

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Canadian Mortgage Charter

As part of their fall budget update, the Canadian government has recently introduced a new mortgage charter for the country. The charter is aimed at regulating the mortgage industry in Canada, an industry that has faced some turbulence in recent times due to rising interest rates and a slowdown in the Canadian housing market. While the new mortgage charter has been introduced with the aim of protecting the interests of homeowners and making it easier for them to navigate the Canadian mortgage industry, it also has its fair share of pros and cons.

The Pros

One of the main benefits of the new Canadian mortgage charter is that it aims to make the Canadian mortgage industry more transparent. This means that mortgage brokers and lenders will be required to provide borrowers with more information about the terms and conditions of their mortgage. This will make it easier for homeowners to understand the terms of their mortgage and avoid any hidden charges or fees. The charter will also help protect borrowers from predatory lending practices, which have been a problem in the past.

Another pro of the Canadian mortgage charter is that it will make it easier for borrowers to transfer their mortgage from one lender to another. This will increase competition within the industry and put pressure on lenders to offer better rates and terms to borrowers. It will also make it easier for borrowers to find a mortgage that fits their specific needs and preferences.

The Cons

While the Canadian mortgage charter has many benefits for borrowers, it also has some downsides. One of the main concerns is that the new regulations may make it more difficult for some borrowers to get a mortgage. This is because lenders may become more cautious about who they lend money to, due to the new regulations and guidelines. This could make it harder for some borrowers, particularly those with lower credit scores or unstable income, to find a lender willing to work with them.

Another concern is that the new regulations may result in higher mortgage rates for some borrowers. This is because lenders may pass on the extra costs of complying with the new regulations to borrowers in the form of higher interest rates or fees. While this may not be an issue for borrowers with strong credit scores and high incomes, it could be a problem for those who are already struggling to make ends meet.


Overall, the new Canadian mortgage charter has a lot of potential to help borrowers navigate the mortgage industry and protect them from predatory lending practices. However, it also has some downsides that could make it harder or more expensive for some borrowers to get a mortgage. As with any major regulatory change, it will be important to monitor the impact of the new mortgage charter on the Canadian housing market and make adjustments if necessary. In the meantime, borrowers should make sure to carefully read and understand the terms of their mortgage and work with a reputable lender to ensure they are getting a fair deal.

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Bank of Canada holds interest rate steady

Are you a homeowner or homebuyer who is juggling budgeting for your mortgage amidst an ever-changing economy? We have some news for you: The Bank of Canada has announced that it will hold its benchmark interest rate steady. This positive news could mean savings in your pocket and lower overhead expenses on housing if inflation. Assuming of course that as projected by the Bank, slows down this year. Read on to learn more about how this decision can affect you as a homeowner or prospective buyer.

The Latest Bank of Canada NEWS

The Bank of Canada held its breath, keeping interest rates at a steady 4.5 per cent, bracing for the impact of its previous hikes to settle. Economists were expecting this decision, after the bank’s announcement that it would take a break from raising rates. The bank had raised rates eight times between March 2022 and February of this year. Stemming from their aggressive campaign to increase rates after the pandemic’s early days, when they slashed the benchmark lending rates. With inflation soaring, Canada’s inflation rate reached its highest level in decades, peaking at over eight per cent in June 2022. This before cooling to just over five per cent by February 2023. Stay tuned for next week’s data on March where it is expected to show continued progress downward.

What’s Next for the Bank of Canada RATES?

The Bank of Canada has made the wise decision to hold off on any major policy changes. At least until further notice due to the cooling of inflation. The latest Monetary Policy Report predicts that the official inflation rate will dip to three per cent in the coming months.  Eventually, it is expected to reach the bank’s target rate of two per cent next year. Governor Tiff Macklem acknowledged the relief that Canadians will experience, but also emphasized that their work is not done until price stability is fully restored. The destination is clear and the bank is determined to stay the course.

Have Rate Hikes worked to battle Inflation?

The bank’s top officials are keeping a close eye on inflation. They indicate they will not hesitate to increase rates again if necessary. However, it is confident that the current rate hikes have been effective in achieving the desired results. Deputy Governor Carolyn Rogers did note that the previous increases have already slowed down consumption and restored economic balance.


Mortgage Pre-Approval Survival Tips

Buying a home is an exciting experience and a significant financial decision. It’s important to take every precaution to ensure that it will be a successful purchase, and one of the best ways to do this is through mortgage pre-approval. Mortgage pre-approval gives you guaranteed access to the funds needed for your desired home loan, as long as you are approved by your chosen lender. To make sure your mortgage pre-approval process goes smoothly, we’ve gathered some useful Mortgage Pre-Approval survival tips that you should know. Read on to learn more about how you can successfully navigate the mortgage process with ease.

Finding a Home Before Getting Pre-Approved

The excitement of house hunting can easily cloud the importance of getting a mortgage pre-approval. Unless you plan on paying cash for the property, it’s crucial to prioritize this step. You wouldn’t want to fall in love with a dream home only to have your lender reject your application. Taking the time to get pre-approved first is the smarter way to approach the house hunt. Don’t leave your search to chance – get pre-approved and confidently begin your search for the perfect abode.

Do Not Use All Your Cash on the Down Payment

Buying a home is a major investment and requires a solid financial plan. Saving up for a down payment is just the beginning – there are other costs to consider such as earnest money, closing costs, and moving expenses. First time home buyers should not rely on the seller to foot the bill for all closing costs. Furthermore, owning a home comes with the added responsibility of maintenance and repairs, so it’s important to budget accordingly. It’s wise to leave some funds in savings to prepare for unforeseen repairs. Don’t let unexpected expenses catch you off guard – be prepared with a comprehensive financial plan for your home purchase.

Buying a Home is MUCH MORE Than the Monthly Payment

Buying a home is an exciting process, but it’s important to remember that there are costs beyond the down payment and monthly mortgage payments. Lenders often require buyers to prove they have funds for closing costs, which includes money for property taxes and homeowner’s insurance. If the buyer doesn’t make a 20% down payment, they will also have default mortgage insurance which will be added to the mortgage principal. And these are just the basics! Homeowners also face expenses like association dues and higher utility bills. It’s important to budget for all of these costs to ensure a smooth transition into homeownership.

No New Debt After Getting Pre-Approved

The news of being pre-approved for a home loan can give people a sense of invincibility. Suddenly, the world seems full of possibilities and obstacles seem conquerable. However, it’s crucial to remember that this pre-approval is based on the borrower’s current debt situation. Financing a new car or furniture may seem enticing, but it can actually jeopardize the pre-approval status. Any new debt can cause lenders to reconsider and potentially cancel the pre-approval altogether. So, it’s important to resist the temptation to make big purchases before finalizing the home loan process.

Do Not Try to Save Pennies by Doing Everything Yourself

For first-time home buyers, the excitement of purchasing their dream home can lead to foolish decisions like handling all real estate negotiations themselves. The consequences of skipping important steps like a home inspection and property survey could be catastrophic. This is arguably the most important mortgage pre-approval survival tip! A seasoned agent can help locate the perfect home, negotiate a fair price, and entertain any potential issues that may arise. Keep in mind, the agent representing the seller is working in their client’s best interest, not the buyer’s. That’s why it is critical for buyers to have their own agents to advocate for their needs.

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Tax-Free First Home Savings

The Canadian government has introduced a new and exciting program called the Tax-Free First Home Savings Account, which will launch on April 1st, 2023. The program is designed to help young people save for their first home purchase by offering tax savings benefits. Contact Callum Greig today to get the ball rolling on this initiative.

How it Works – Tax-Free First Home Savings

Under the program, eligible members can put away up to $40,000 per person or $80,000 per couple in a special tax-free savings account. The balance in the account can be accessed anytime without incurring taxes when it comes time to make your down payment on your first property purchase. This program is in addition to regular TSFA accounts which also enjoy tax-free savings status. AND just like an RSP contribution the Tax Free Savings is also tax deductible.

This program is great news for those trying to save for their first home. It will allow them to accumulate greater savings than with other programs that only offer tax credits or rebates. Plus, you won’t have to worry about paying taxes when you withdraw funds from the account for use as a down payment on your home.

Who to call – Tax-Free First Home Savings

In addition to the tax advantages of this first home savings account, members also have access to financial advice from mortgage brokers who are knowledgeable about this type of saving product and familiar with its various rules and regulations. This service can be invaluable when determining the best financing options available and applying for mortgages.


Individuals can also combine their Tax Free First Home Savings Account with other incentives such as RSP HB Plan. This will make it easier to access additional funds which will go towards their dream home’s down payment. Finally, prospective homeowners have more flexibility when planning their finances and making decisions around purchasing.

Are thinking of buying your first home and looking for ways to save money before taking out a mortgage loan? Look no further than the Tax Free First Home Savings Account. Inquire today to learn more about this incredible opportunity.  Plan ahead and start benefiting from these amazing tax savings benefits come April 1st 2023.

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The Basics of Canadian Mortgages


The Basics of Canadian Mortgages


Navigating the world of mortgages in Canada can be overwhelming, especially for first-time homebuyers. Understanding the basics of Canadian mortgages, including key terminology and options available to you. This blog post will discuss essential information about Canadian mortgages, including mortgage types, rates, pre-approvals, and how to qualify for a mortgage in Canada.

Mortgage Basics in Canada

A mortgage is a loan that borrowers take to finance the purchase of a property. In Canada, mortgages typically require a down payment of at least 5% of the property value. The higher the down payment, the less you will owe on your mortgage, and the lower your monthly payments will be.

Types of Mortgages in Canada

There are two main types of mortgages in Canada: fixed-rate mortgages and variable-rate mortgages. Fixed-rate mortgages have an interest rate that remains constant for the entire term. They offer stability as your mortgage payments will be the same for the duration of your term. In contrast, variable-rate mortgages have an interest rate that fluctuates based on the lender’s prime rate. Although variable-rate mortgages may offer lower initial rates, they carry inherent risks due to market fluctuations.

Mortgage Terms and Amortization

The mortgage term is the duration of your mortgage agreement, typically ranging from 6 months to 5 years in Canada. After your term expires, you can renegotiate your mortgage with your lender or move to a new lender at a new rate. Amortization is the length of time it takes to pay off your mortgage in full. In Canada, the standard amortization period is 25 years, but longer periods of up to 30 or 35 years are available to those with larger down payments. Amortization is a key part of the basics of Canadian Mortgages.

Mortgage Rates in Canada

Mortgage rates in Canada can vary depending on your chosen lender, your credit score, the size of your down payment, and other factors. It’s essential to shop around and compare mortgage rates from different lenders to find the best deal for your financial situation. You can consult with a mortgage broker, conduct online research, or speak directly with banks and credit unions to gather and compare mortgage rate quotes.

Mortgage Pre-Approvals

Before beginning your house hunting process, it’s a good idea to get a mortgage pre-approval. A mortgage pre-approval is a commitment from a lender to provide you with a mortgage up to a specific amount, based on your financial information. This pre-approval gives you an idea of the price range you can afford and could potentially strengthen your offer when negotiating with sellers.

Qualifying for a Mortgage in Canada

When applying for a mortgage, lenders will consider several factors, including your credit score, income, employment history, and debt-to-income ratio. Lenders use these factors to determine how much they are willing to lend you and at what interest rate. It’s crucial to have good credit history and a stable income to qualify for a competitive mortgage rate.

In conclusion, understanding the basics of Canadian mortgages is essential when buying property in the country. Familiarize yourself with mortgage types, terms, and rates to make informed decisions to meet your needs. It’s also crucial to have a mortgage pre-approval and maintain good financial standing to qualify for a mortgage in Canada. Education and research are essential for a stress-free and successful home buying experience in the Canadian real estate market.

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Never Buy the Best House

Do Not Buy The Best House in the Neighborhood 1. It’s out of your Budget The number one reason why you never buy the best house in the neighborhood is because it’s out of your budget. The best houses in any given neighborhood are typically the most expensive, so unless you have a large budget, […]

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Understanding Canada Mortgage Rates

Understanding Canada Mortgage Rates: An Overview

Mortgage rates in Canada vary depending on the type of mortgage, the lender and the borrower’s credit score. The average conventional mortgage lending posted rate for loans with 5-year terms was 7.18% in 2020 according to Canada Mortgage and Housing Corporation (CMHC).

For those looking to buy a home, it is important to understand what mortgage rates are available and how they can affect your monthly payments. This article will provide an overview of Canada’s mortgage rates, including current rates from major lenders such as TD Bank, BMO, CIBC, RBC Royal Bank and HSBC.

Types of Mortgages

There are two main types of mortgages available in Canada: fixed-rate mortgages and variable-rate mortgages. Fixed-rate mortgages have an interest rate that remains constant throughout the life of the loan while variable-rate mortgages have an interest rate that fluctuates with market conditions.

Fixed-rate mortgages typically offer lower interest rates than variable-rate mortgages but come with higher penalty costs. Variable-rate mortgages offer more flexibility but can be riskier if interest rates rise significantly over time.

Current Mortgage Rates

As of February 2023, some of the best mortgage rates in Canada include TD Special Mortgage Rates at 5.44%, 5.461% or 6.45%; BMO Today’s Special Mortgage Rates at 5.59%, 5.62%, 5.54% or 6.50%; CIBC High Ratio Mortgage at 5 year fixed closed 6.49% or 5 year variable flex 6.70%, 6.54%; RBC Royal Bank Fixed and Variable Closed at 5.840%, 5.690% or 6.530%; and HSBC Canada at 5 year fixed closed 5.19%, 3 94%.

It is important to note that these are just a few examples of current mortgage rates in Canada. There are many other lenders offering different types of mortgages with varying interest rates. Therefore, it is important to shop around for the best deal before making a decision on which lender to use. A key piece to understanding Canada mortgage rates.


Get Pre-Approved NOW CLICK HERE to begin your Application.


Factors Affecting Mortgage Rates

There are several factors that can affect mortgage rates in Canada including economic conditions. Inflation, government policies, and competition among lenders for borrowers’ business. Inflation has a direct impact on mortgage rates. It affects the cost of borrowing money from banks. When inflation is high, banks will charge higher interest rates on loans because they need to make up for their losses due to rising prices . Government policies also play a role in determining mortgage rates. They can influence how much money banks have access to which can affect their ability to lend out money at competitive interest rates . Finally, competition among lenders is also an important factor. It encourages them to offer better deals and lower interest rates in order to attract more borrowers .

Tips For Finding The Best Mortgage Rate

Finding the best mortgage rate requires research and comparison shopping. It’s important to compare different lenders’ offers that meets your needs while also providing you with a competitive rate . It is also important to consider other factors such as fees associated with taking out a loan. Closing costs, prepayment penalties, etc., as these all add up over time and can significantly increase your overall costs . Additionally, consult with a mortgage broker who can help you navigate through your options and provide advice tailored for you .

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4 questions to ask before you buy

What are the different types of mortgages available in Canada and what’s the best for me?

Homeownership is an important financial investment and having the right type of mortgage can make all the difference. In Canada, there are several different options when it comes to mortgages. These include fixed-rate mortgages, adjustable-rate mortgages, and hybrid mortgages. Each has its own hidden costs that should be considered before making a decision. For example, monthly payment changes with adjustable interest rates or stricter requirements on hybrid mortgages. Finding the best type for you will depend on your needs as a homeowner and your budget requirements.

As a first step, it’s important to evaluate your finances by calculating how much you can afford in terms of a down payment and monthly payments. Then, research various mortgage types to determine which one fits your situation best in terms of the degree of risk versus reward you are comfortable taking. Ultimately, carefully selecting the best option for yourself leads to successful homeownership. This is question 1 of 4 to ask before you buy!

How much can I afford to spend on a home and what are my monthly payments going to be like?

Step 1: Determine Your Budget

The most important thing when it comes to buying a house is understanding your budget. You want to make sure that whatever you buy is something that you can comfortably afford each month. This means looking at your income and expenses, as well as any potential additional expenses (such as closing costs). Once you determine how much money you have available each month for mortgage payments, then you can move on to the next step.

Step 2: Calculate Your Monthly Payments

Now that you know what kind of loan best fits your needs, it’s time to start crunching numbers! Using an online calculator or talking with a financial advisor is essential in order to accurately calculate what your monthly payments will be based on interest rates and other factors. Once this number is determined, then it’s time to start house-hunting! Just make sure that the price of any potential home stays below what your calculated monthly payment would be; otherwise, it could put a strain on your finances down the line.

Conclusion: Buying a house doesn’t have to be intimidating—as long as you take things one step at a time! Start by determining your budget and researching different mortgage options so that when it comes time to calculate your monthly payments, everything will go smoothly. With some careful planning and research, finding the perfect home isn’t out of reach. This is question 2 of 4 to ask before you buy!

How do I know if a property is structurally sound and won’t have any major repairs needed soon after buying it?

Getting an Inspection.

The best way to determine if a property is structurally sound is to get an inspection done by a professional. A home inspector can identify any potential problems, such as leaking roof, foundation trouble, plumbing issues, and more. They will also be able to tell you whether or not the repairs needed are minor or major—which can help inform your decision-making process.

Look at the History.

Another way to check for structural soundness in a property is to look at its history. Have there been any changes over time? If the answer is yes, then it could be indicative of larger underlying problems that require repair. Ask the seller about any renovations made in recent years and what kind of materials were used; this will give you some insight into how well the structure was maintained over time.

Do Your Own Research.

Finally, do your own research on the property itself. Check for signs of wear and tear—such as cracks in walls or ceilings, water damage, mold growth, etc.—and note any potential areas of concern. Also take note of any changes in temperature within different rooms in the house; this could indicate that something isn’t quite right with the insulation or ventilation system.


As you can see, there are several ways to check whether or not a property is structurally sound before making your purchase decision. The most important step is getting an inspection done by an experienced professional who can identify any potential problems early on and advise you accordingly. In addition, researching the history of the property and doing your own investigations can help inform your decision even further so that you don’t end up with an unexpected surprise down the line! This is question 3 of 4 to ask before you buy!

What’s the process of buying a home in Canada like and how long does it usually take?

To start off, you should know that it takes an average of 13 weeks from the time you decide to buy a home until the day you actually move in. That means approximately 91 days of paperwork, phone calls, emails and more paperwork! It sounds unbearable but don’t worry – I’m here to help make sense of it all!

The first thing you’ll need is your down payment. This is the portion of money you put down when making the purchase. Generally, this amount can range anywhere from 5% to 20%, depending on your credit score and other factors. Once that’s squared away, it’s time to start looking for your perfect dream home. This part is fun! You get to browse through listings online or with an experienced real estate agent and visit potential properties in person. When you find one that checks all the boxes, it’s time to make an offer.

As soon as your offer is accepted by the seller, there are certain steps that need to be taken before the keys are handed over.  After that comes mortgage approval from your Mortgage Broker. This involves providing them with proof of income and employment for the lender of choice. Finally (drumroll please) comes closing day! The day when all documents are signed and ownership changes hands from seller to buyer! It may sound complicated but I promise it’s worth every bit of effort when you finally have those keys in hand and walk into your new home. This is question 4 of 4 to ask before you buy!

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Down Payment Mistakes To Avoid

Down Payment Mistakes To Avoid


Finding the best rate on a mortgage can be stressful, but it’s important to understand that your down payment is an even more important part of the process. Best to do your due diligence and avoid mistakes such as not accounting for the stress test or paying too little of a down payment, as this could mean dramatically higher payments in the long run. Best practice for a successful mortgage process is to do your research and know what pitfalls before commitment.

Don’t forget about Moving Expenses

Moving into a new place can be costly – not just in terms of money, but energy too! Whether you take on the move yourself or enlist help from professionals (or your friends and family!), there are additional expenses to factor in such as renting moving vans, buying packing materials like tape and paper … oh yeah, don’t forget about feeding everyone helping out for lunch. Plus with all your stuff packed away it might find yourself opting for fast food more than usual during this turbulent time – which isn’t great news if you’re trying to stick to budgeting goals. And when leaving your old home behind? Make sure everything is spick-and-span before heading off… A successful clean sweep will always leave a good impression!

Closing Costs

When budgeting for a purchase of property in Canada, it is important to give thought to closing costs. These can include some obvious expenses like legal fees and land transfer tax, but they can also include mortgage costs through bank or broker fees. Mortgage default insurance may also be necessary and must be factored into the calculations. With smart planning and adequate research, buyers can find ways to reduce these closing costs or even avoid them altogether.

No Home Inspection? No Bueno!

Buying a home without ordering a home inspection is not recommended. Some mortgage lenders require an inspection of the property for approval. Purchasing a house without inspection, especially one that is bought in an “as-is” condition, may result in financial headaches. Discerning buyers should understand that any money saved by skimping on the inspection process can quickly be lost. Especially if defects are uncovered after closing and they need to pay additional legal fees should legal issues arise. Doing your due diligence upfront by hiring a qualified professional to inspect your potential new home should definitely be part of any cautious buyer’s plan.

Not using a Realtor?

Buying a home without using the services of a real estate agent can be a daunting prospect for home buyers. Although this option does have pros and cons, it’s ultimately up to you to decide if you feel comfortable taking on such an important process. Before making your decision, it is important to weigh the pros that include more control over the whole process. On the other side of the scale, consider cons like an unfamiliarity with negotiation and running into complications dealing with the legal contract. Ultimately using a real estate agent provides experience in streamlining a complicated purchase like this. Think carefully before taking on such an investment alone.

True costs of homeownership

Homeownership can be a great investment but not including hidden costs can cause problems down the road. Unforeseen problems like an unexpected furnace breakdown may be hidden and ignored when budgeting for homeownership. Hidden costs are often overlooked by buyers, leading to sums of money that must be spent on repairs and maintenance. Whether it’s condensation in the pipes or changes out of date wiring. No matter how far you plan ahead, these hidden costs should be part of a smart evaluation when considering homeownership.

Summary of Down payment mistakes of avoid

Making mistakes when it comes to down payments for purchasing a home can be costly. When you’re ready to take on the challenge of homeownership, it pays to be aware of hidden costs. Failing to save enough for additional fees can lead to an inability to close on a sale and missed opportunities. To avoid this issue, spend plenty of time researching and comparing estimate figures before making a final decision. Additionally, if there is any doubt as to your readiness for the cost associated with buying a home, consider speaking with Prime Mortgage Works who can help you decide what budget is most suitable for your situation.