27 Mar

Federal Budget 2019- What’s changed?


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Our take on the March Federal Budget Announcement for Grande Prairie Homebuyers

  March 27, 2019. Our office has received a ton of questions about the March Federal Budget Announcement for Grande Prairie. This included incentitives planned for first-time hombuyers.

  The only immediate change, is that first time buyers can use up to $35,000 in RRSP money for down payment, up from the previous $25,000 allowed.  You will still need to re-invest this into an RRSP within a 15 year time frame.  If you take out $35,00 that means you should put at least $2,333 back into your RRSP each year. Should you forget to return money to your RRSP, the goverment will have you pay tax for each forgotten portion.

First Time Home Buyer Incentitive 

  The second announcement by our federal government introduced the First-Time Home Buyer Incentive.  The Canada Mortgage and Housing Corporation will provide first-time buyers up to 10% of the purchase price of a new construction home. They will also give 5% of the purchase price for a resale.  There’s no clear plan for how you the borrower will be required to pay for the loan. This leaves many questions unanswered, and makes it impossible to predict the benefits of this incentive.  It remains very unclear if the government will take an equity position in your home or if you would have an interest-free loan.

You need to understand how this loan will be repaid

  For borrowers, understanding how this loan is required to be repaid is important.  If the government is taking an equity stake in your home, the amount that you the homeowner would have to repay will grow as the value of your home increases.  In this case, I question if this is a good thing for borrowers at all? Potentially you are giving up a lot of your equity at sale time. 

DLC’s Economist, Dr. Sherry Cooper, had this to say about the budget announcement,

“It’s all about increasing demand for housing without doing much to increase supply, and you don’t need to be an economist to know that if you increase demand without increasing supply, you’ll end up with higher house prices, which is the oppose of the intention.”

Encouraging new construction would have been better

  Rather than encouraging more buyers to compete for inadequate housing inventory, Cooper believes construction inducements would have been more beneficial.

“The government could have done things to increase supply, like changing the rules around zoning and the Greenbelt to open up more land,” she said. “They could even subsidize housing construction or eliminate some of the red tape and other delays in construction. There are other things that could have been done to incentivize the construction of new housing.”

March 2019 Mortgages Rates started Falling!

This week our 1 year mortgage rate, 2 year mortgage rate and 5 year mortgage rate all dropped here in Grande Prairie. Watch out for those falling rates!This week we are excited to share that rates are falling! Our 1 year, 2 year and 5 year rates have all dropped!

  The March Federal Budget Announcement for Grande Prairie has also placed limits on the First-Time Home Buyer Incentive:

  • Maximum household income of $120,000
  • At this time only purchase price’s below $400,000 will qualify.

These will further limit how useful this program is for you!

 As we are made aware of updates to this announcement, we’ll let you know!



Grande Prairie mortgage broker answers questions on the federal budget and it's impacts on buying a home in 2019

Megan Lemay, managing Broker at HT Mortgage Group has had many clients contaact her with questions since the federal govement announced the 2019 Federal Budget!

26 Jul

We got on June’s Top Performer List!

What are we doing?

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Out of more than 190 Dominion Franchise’s in Canada, this month our office HT Mortgage Group here in Grande Prairie ranked #18! We are at the top!

Congrats Megan & Kait & Gert for making the top 50 Performers in June!  And congrats to the whole office we are sitting at #18 in Canada for June!  That’s AMAZING!  I know everyone has been working super hard, and it shows😉

What is the top performer’s list? That’s when Dominion Lending Canada looks at all of its mortgage brokers all across Canada, and to let us know which agents and mortgage brokerages perform the best! Being able to be on this list when we live up North here in Grande Prairie is a huge honour!



Out of more than 190 franchise’s in Canada we are #18! Out of more than 2600 agents, we have two in the top 50!

Go Team Go!

23 May

Megan Lemay – Grande Prairie Mortgage Broker

Megan Lemay

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This week Megan Lemay is our Grande Prairie Mortgage Broker of the week. For over 11 years Megan has been a core part of our team at Dominion Lending of Grande Prairie.

“I have the greatest job in the world…I’m a mortgage broker. My job is to figure out a borrower’s wants and needs so I understand their unique life situation. Then I shop the 40ish lenders we have, to access you the mortgage that fit’s you best. I’m 100% commission so the best part is that I don’t charge a fee for my work. I love helping people purchase a home, even when they don’t think they’ll be able to. So many people feel overwhelmed by a credit mistake or life situation that impacted their financial stability. There’s nothing more rewarding than helping borrowers understand credit, fix what’s negatively impacting that credit, and helping them buy a home of their own.”

Megan and her husband Chris live out in DeBolt, with their 1-year-old son, Cullen. Megan and Chris are self-employed so their days are busy! In Megan’s spare time, she loves the outdoors and spending time with her tight-knit family.

Give her a call today and to shop local and national lenders for the best rate and mortgage for your home.