Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Young Canadians Are Buying More Homes During the Pandemic

The pandemic has had an incredible impact on many peoples biggest life decisions. From selling or buying homes, to delaying or changing wedding plans, to cancelling birthdays and reimagining retirement entirely – it is without a doubt that the impact of the pandemic on peoples lives will be unforgettable. 


One interesting way that the pandemic has had an affect on many of our clients here at Capital Mortgages is that “nearly one in five young Canadians aged 18-34 say the pandemic has accelerated their plans to purchase a home or investment property, according to a recent Scotiabank survey.” Read on to learn what is motivating them to do this.


1. Interest Rates have Dropped

The current low interest rates have catapulted many young peoples decisions to buy homes now, rather than later. Even if home prices have not dropped substantially, the remarkably low interest rates are making purchasing a new home accessible for many buyers who did not have this option pre-pandemic. 


2. The Purpose of the Home has been Redefined

Suddenly, with working from home, homeschooling, eating in more often and even working out from home, the home has been completely redefined. Many people are looking for more space, or rather, more functional space, to do each of these new things we did not previously do from home. 


3. Outdoor Space has become Essential

While urban dwellers have certainly embraced daily walks during the pandemic, there is nothing more valuable, especially to young families, then having ones own outdoor space to play. Many people are seeking new homes with more space inside and out. 


4. Optimism about Price Drops has Increased

Young Canadians are eager and optimistic that home prices will fall drastically due to the pandemic, and therefore, they are making plans to buy but sitting patiently to make the offer. 


5. Cottages are Calling

Many young Canadians who cannot afford to buy in high-priced urban centres have retreated to buying their rural pandemic-friendly retreat. From fixer uppers to dream country escapes, Canadians are taking these low interest rates and hard times to secure their future. 


Canadians are spending an astronomically bigger amount of time inside their houses and the overall value of owning a home has become highlighted during this pandemic, especially when public spaces were (are) closed down. If you are interested in purchasing a new or second home, an investment property or a dream cottage, contact our team to get pre-approved for your mortgage today.

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley. thank you

Talking Mortgages with Your Partner

Your relationship with your partner will experience many exciting milestones: your first kiss, moving in together, getting engaged, having children… But one of the most important steps in your relationship will be buying a home together and getting your first mortgage. A home will likely be the largest joint purchase you ever make, and you need to be sure you are making the best financial decision to fit your specific needs as a couple. Here are a few pointers on how to talk mortgages and finances with your partner:


Share your financial goals

The most important thing to remember when discussing your finances with your partner is to be open and honest. Share your financial situations and goals with one another and make sure that you are both on the same page. Are you looking for a home to start a family or are you looking for more of a centrally located condo or even an investment property? This may not be one specific discussion, but an ongoing series of conversations between you and your partner to best ensure a financially secure future together.


How to get the conversation started

Financial matters can be sensitive and personal topics to some people so make sure you approach this conversation seriously. Some items to consider and discuss:

  • Your credit ratings
  • Any outstanding debts (e.g. car or student loans that still need to be paid off)
  • Your salaries (if one of you is a significantly higher earner, will you still split the mortgage payments 50/50?)
  • Your savings (what are you both contributing to the down payment?)
  • Other unique obligations, such as supporting family members


Visit your mortgage broker together

After discussing your financial goals and plans, visit your mortgage broker. Having a goal in mind will help your mortgage broker ascertain what financing best suits your needs. Capital Mortgages offers step-by-step personal assistance from knowledgeable mortgage brokers and an easy online application process. We’ll be by your side each step of the way, from helping you understand your options and what to expect, to mortgage pre-approval, and all the way through finalizing your mortgage and the purchase of your home. We may even be able to help you discover other options to realize your goals sooner.  


Have a follow-up discussion and make a unified decision

Once you have confirmed your joint goals, met with your Capital Mortgages broker, and have all the information you need, have a follow-up discussion. You and your partner should reassess your joint situation before you make a final decision.


As you enter your house-hunt well-informed and prepared, remember it can take months to find your dream home, and financial situations can change in that time. For this reason it’s important to stay in touch with your Capital Mortgages broker to ensure you are always best positioned financially. Remember your pre-approval will only lock in that interest rate for 120 days!


Renew your Mortgage with Ottawa Mortgage Broker: Capital Mortgages

Buying a Second Home: Are You Ready?

Buying a Second Home: Are You Ready?
Buying a Second Home: Are You Ready?

Life is pretty good when you are successful and making good money. Your mortgage isn’t even an issue anymore, your income is steady, you have great credit, and you are leaning towards exploring profitable opportunities in the housing market. You have the cash and the credit so why not take a little risk if it means increased financial gains?

If you want to expand your real estate portfolio, purchasing a vacation home or investment property may be something you are interested in pursuing. But making this type of decision should be done with serious consideration. Ask yourself a few questions first before spending your money.


If disposable income describes your financial situation, then you are ready. Instead of spending your extra cash on frivolous purchases, you rather invest in real estate

Beyond money, age plays an important role when buying a second home. When you are older, you have more free time to devote to a second home.


The level of commitment?

You must analyze your personality realistically. Do you have any personality traits that would make such a purchase more of a liability than an asset? Purchasing a second home will give you responsibilities that you may have no desire to for.

How will this impact me financially?

Money available to spend doesn’t necessarily mean money to blow. So many expenses come with owning a second home, and you don’t want all your money tied up in something that it can’t easily be pulled out of. A turnkey may be your best option, low cost that generates consistent cash flow.

The Cash You Have Available

Can you handle putting down at least 25 percent of the purchase price for a second home? Anything can occur, and you don’t want to be financially strapped when an emergency occurs.

Maintenance costs are always that cost that sneaks up on you, growing more expensive as time goes by. Factor in all cost so that you know what you are getting yourself into.

What are the tax implications?

Nobody wants trouble with the tax man – different rules apply for second homes and vacation homes, Seek the counsel of your mortgage broker to understand better the tax implications of buying a second


Location plays a significant role in any real estate purchase. It affects both the price you pay for your home the selling price you can ask for if you chose to sell. Pick a location that will benefit you in the long run.

Pre-Qualified, Pre-Approved Mortages Ottawa, Ontario

7 Budget-Friendly Ways To Stay Warm This Winter

Having to maintain comfortable conditions in your home can quickly hike utility bills. With 7 budget-friendly ways to stay warm this winter, reduce the thermostat and remain warm and cozy without the hefty expenses. Simply turning down the thermostat can reduce heating costs between 3 and 5 percent and therefore a decrease from 22 to 20 degrees can save up to 20 percent on the bill.

1. Modernize with a Programmable Thermostat

The programmable thermostat offers energy efficient and will only heat the home as it is required. The settings allow one to keep the function off while away from the residence, whether children attend school or you are at work. Cost savings can be achieved on the hour.

2. Improve Efficiency with Light

On sunny days, allow light to enter the rooms. Keeping the drapes and curtains open allows the sun to filter into the home for for comfortable room temperatures. This is a cost effective and natural option to manage warmth.

3. Benefit with a Space Heater

Investing in a portable space heater can prove affordable and will keep the family comfortable through the chilly winter season. The heater should be used with a decreased thermostat. This will ensure that the temperatures are easily maintained in selected rooms.

4. Add Layers for Warmth

Layering your clothing keeps the warmth in. One can remain comfortable by wearing an extra sweater and benefit from a lowered thermostat. Add some blankets to the rooms to keep out the winter chill.

5. Enjoy a Warm Cup

Prepare a hot brew to prevent discomfort caused by cold temperatures. Turn the furnace off and consume warm tea, coffee and hot beverages. It will maintain body heat and offers the additional benefit of a tasty treat.

6. Have a Bath

For severely chilly weather, run a warm bath. Soaking in the warmer water can help protect against the severe icy chill. It promotes relaxation and maintains a healthy temperature.

7. Get Exercising

Whether visiting the gym or going for a jog round the block, exercise is most effective in keeping warm. Movement improves heart rate and circulation providing the body with natural heat and an opportunity to stay fit. It is important to learn about effective strategies to manage heating costs without causing additional problems.

Maintaining the warmth within the home requires smart maintenance rather than failing to implement heating measures at all. A lack of suitable heat can cause frozen pipes and severe discomfort proving detrimental to family well-being. A balanced approach including a reduced thermostat and creative ways to facilitate warmth can provide comfort and cost savings this winter.


Buying a New Home: Capital Mortgages Ottawa

4 Cost-Saving Programs For First-Time Homebuyers in Canada

Guess what? The real estate market in Canada is booming again. And as the economic slowly improves, now’s a better time than ever to be a first-time homebuyer. There’s also various grants, rebates, and resources from both provincial and federal government that can make things a lot easier if you are struggling to finance your first home. Here are 5 programs that our mortgage brokers at Capital Mortgages can help you fund a first-time purchase.

1. Homebuyers Plan

If you are a first-time homebuyer, you could use your RRSP contribution towards your new home. The Canadian Revenue Agency’s Homebuyers Plan enables you to withdraw up to $25,000 from your RRSP account as long as the payment is made more than 90 days prior. You will have to pay back the contribution over a 15 year period, but if you have a partner, both of you can withdraw from your individual RRSP accounts – effectively providing you with a $50,000 down payment on your new home. For more information on the Homebuyers Plan, give one of our mortgage professionals a call or refer to the official website of the Canadian Revenue Agency.

2. Energy Efficient Properties

The Canadian government is placing a greater emphasis on new energy-efficient homes in order to improve sustainability. You could be entitled to rebates and other programs from your provincial government to build an environmentally-friendly home.

3. Homebuyers Tax Credit

If you are a first-time homebuyer, and haven’t owned a property within the previous four years, you could be eligible for the First-Time Homebuyers Tax Credit scheme, which is part of the Economic Action plan from the Canadian government. The credit you will receive will be based on $5,000 multiplied by the lowest federal income tax rate for the year in which you are applying. For more information on the scheme, just refer to the Economic Action Plan website.

4. GST/HST New Housing Rebate

If you reside in an eligible province that offers both federal and provincial sales tax into HST (Nova Scotia, Newfoundland, New Brunswick, British Colombia, and Ontario), you could be due a tax rebate from the federal government. Remember to do your research as conditions and rebates will depend on the area of the country you reside in, but you could get help with the federal portion of the HST that you will need to pay on your new home. For more information on HST New Housing rebate, refer to the official website of Service Canada.