Benchmark Qualifying Rate

→ EFFECTIVE March 23, 2020 ←

The Bank of Canada will be reducing the qualifying rate by 0.15%, from 5.19% down to 5.04%.

Resulting in a 3% increase in qualifying ability, also equivalent to $15,000 more house for every $500,000

This change will not only make it easier for first time home buyers to get into the housing market but also allows access to more equity for home renovations, debt consolidation, etc.
  • Access to more equity
  • Buy more home

Corona Virus & Mortgage Rates

Corona Virus & Mortgage Rates

I am sure you have all heard of the Coronavirus spreading throughout parts of the world. As this virus continues to spread,  Mortgage Rates are dropping due to this event. We’ve seen bond rates drop by 0.41% in the last 45 days and are continuing to decline.

More to come in the next week.

Election Day – What Each Party is Offering for Housing

Election - Abbotsford Mortgage Broker

With the election day today, our team of Abbotsford Mortgage Brokers took it upon themselves to take apart what’s been said and do a quick write up on what each political party is offering for the housing market. Keep in mind no government can fulfill these promises, based on reasoning.


  • Expand the First-time Home Buyer Incentive for people in Victoria, Vancouver and Toronto. The value of a qualifying home will go from 500,000 to nearly 800,000
  • Add a one per cent annual tax on residential properties owned by those who are not Canadians and who do not live in Canada
  • Help homeowners and landlords pay for retrofits by giving them an interest-free loan of up to $40,000
  • Help people buy newly built homes that are certified zero-emissions by giving them a Net Zero Homes Grant of up to $5,000
  • Create a low-cost national flood insurance program
  • Make Energy Star certification mandatory for all new home appliances, as of 2022
  • Give interested homeowners and landlords a free energy audit
  • Retrofit 1.5 million homes, over the next five years


  • Increase amortization periods on insured mortgages to 30 years for first-time homebuyers
  • Launch inquiry into money laundering in real estate
  • Remove stress test for mortgage renewals


  • Create 500,000 units of quality, affordable housing in the next 10 years
  • Double the Home Buyer’s tax credit to $1,500 for first time buyers
  • Remove GST/HST on the construction of new rental units
  • Re-introduce 30-year terms to Canada Mortgage and Housing Corporation (CMHC) insured mortgages for first time home buyers
  • Add $5 billion to spending on affordable housing in first 18 months in office
  • Set up “fast-start” funds available to communities to kick-start construction of co-ops, social and non-profit housing; amount not specified
  • Invest $40 million over four years in the Shelter Enhancement Program

Green Party

  • Legislate that housing is a legally protected fundamental human right for all Canadians and permanent residents
  • Increase the National Housing Co-investment Fund by $750 million for new builds, and the Canada Housing Benefit by $750 million for rent assistance for 125,000 households
  • Get rid of the first-time home buyer grant
  • Restore tax incentives for building purpose-built rental housing
  • Remove “deemed” GST when a developer with empty condo units puts them on the rental market
  • Change the legislation that stops Indigenous organizations from accessing financing through CMHC

Free Business Plan for 2015 – Our gift to you

Hello BRMC Mortgage Clients, Realtors and of course our very favorite “Self Employed” individuals. Do you own your own business or know someone else who does? Looking for a planning tool to help you in 2015? We’ve done the research and we found the best one out there for Canadians!

Try this planning tool and track your business results throughout 2015. December is usually a slower time of the year and offers a great opportunity to sit down and think about your up coming year. This free tool we used this year is great so please give it a whirl.

Welcome to the Business Plan Writer!

If you’re setting out on a course to start a business or thinking creating a plan for your existing business then you are reading the right blog. This website is a FREE provider of business plans and if at the end of writing your plan you need capital to borrow to start or improve your business we will happily review your business plan! After all we do lend money.

We used this online Business Plan Writer this year and it is provided by Futurpreneur Canada – it is an interactive planning tool that helps you develop a business plan through a step-by-step process with additional resources when you get stuck.

Why write a business plan?

A business plan obviously describes the future path of a business. This business plan specifically designed for a first- time business owner. However, even those who are very familiar with business plans will also find this tool useful, with simple, practical approaches.

One of the most compelling reasons for writing a business plan is the new insights you’ll uncover about your business idea. These insights will help you avoid costly mistakes down the road. Many business plans are written to prove why a business idea will work. This Business Plan Writer focuses on how your business idea will work. It’s a much more practical approach that will serve you well in the long run. For example, we guide you to be more specific in your marketing activities and ask you to go deeper in understanding your sales forecasts because most entrepreneurs face their biggest challenges in gaining customers.

We believe that an effective business plan increases your chance of success. It creates greater confidence in your idea with workable strategies you can implement.

This Business Plan Writer is a resource that you can come back to time-and-time again. Here’s to your success!


Your business plan should be written in the third person; not using “I”, or “we” but the name of the company. For example, rather than “I will sell directly to …” state “ABC Company will sell directly to …” Write your business plan in paragraph form, using bullet style lists and text boxes when you want to be more succinct.

Keep the writing concise and avoid repetition, even if the point you are making fits under several categories in your business plan. Avoid jargon that the reader may not understand and if you use acronyms, always spell out the full terminology with the acronym in brackets the first time you use the acronym.

The key is to just start. Don’t aim for perfection: it doesn’t exist in the business world. Instead, commit to completing each section by setting goals for yourself. Insights gained in one section will shed new light upon another. A business plan is a work-in-progress that can and should be updated regularly.



By Referral Mortgage Consultants*
“Click, Call, Chat – Award Winning Brokers”
 1 – 32540 Logan Ave
Mission BCV2V 6G3
360-3033 Immel St
AbbotsfordBCV2S 6S2
8387 Young Rd
ChilliwackBCV2P 4N8
Dave  604 897 2741 Jordi 604 615 1312
Connect with us on!
 BRMC Facebook
BRMC Google review Chilliwack Office
BRMC Google review Abbotsford Office
BRMC Google review Mission Office
We’re active on Facebook, Twitter, LinkedIn & YouTube. We really appreciate reviews! Good or Bad please let the world hear your voice! Connect with us for ongoing industry news items, contests & prizes.
*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.