The House Team is dedicated to providing you with prominent and relevant knowledge and advice throughout these quickly changing circumstances. We know that it can be difficult to keep up with the new developments, as well as understanding how they can relate to your current mortgage situation. That is why we are here - to de-stress your finances and allow you to breathe easy as you continue to plan for your future dreams. Let’s talk about what is important for you to know! If you would like further information, just click the link and visit our website! We are continually supporting and approving you, regardless of how the market is changing around us!
Important Industry Updates:
- Tax filing deadline has been postponed from April 30th to June 1st
- For individuals who do not qualify for EI, there is upcoming information in regards to qualifying for the new CERB. This wage subsidy will provide $2,000/month for a fourth month period. Access to these applications can be found at the following sites:
- To apply for EI – My Service Canada - https://www.canada.ca/en/employment-social-development/services/my-account.html
- To apply for a MyCRA account for personal tax information- https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html.
- CERB (Canadian Emergency Response Benefit) and wage subsidy programs are replacing lost income in the federal sense, however any other specific situations (ie. individual unable to pay rent) that do not qualify for CERB are expected to be handled through the provincial government.
- The province of Ontario is currently providing a one time payment for parents who have been affected by recent daycare and/or school closures. ($200/children below the age of 12 and $250 for special needs children.
- The province of Ontario is currently providing seniors with increased monthly payments (6 month temporary increase).
- The province of Ontario is currently increasing the eligibility for families to receive payment support in regards to hydro bills.
- Eligibility and access will be increased for the Ontario Works income support program.
- The housing market, although affected, is still moving! According to a report by Local Logic, there has been a 200-500% increase in home buyers asking for virtual home tours.
- Access to HELOCs (Home Equity Lines of Credit) may become more rigid in the next few months.
Thinking of buying a house now?
Be sure to get as much information about the housing market, interest rates, taxes etc. in order to ensure that you are properly prepared prior to beginning your house hunting. Call us at 866 559-5016 and we will walk you through the entire process - finding the best rates for you and doing everything we can to ensure that you are APPROVED!
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