Burlington Real Estate Blog

Alternative Mortgage Lenders

Alternative Mortgage Lenders

Alternative Mortgage Lenders 

Have you heard of Alternative Mortgage Lenders? In this blog post we hope to explore what you can expect when you choose this option for a mortgage lender. At this time the Bank of Canada continues to raise interest rates and this has had an impact on the mortgage market. The effect this is having means that some people are being turned away from even getting a mortgage and others are paying high prices. 

“The conventional five-year mortgage lending rate is inching closer to six percent again. This also means that the mortgage stress test, which determines if you qualify for a home mortgage based on income and expenses, is getting harder to pass since it is the interest rate plus two per cent. So, for example, if the national average price for a home is $700,000, and you are making the national median gross income of $67,000, you will be denied a mortgage.” – RE/MAX Canada

Another issue that was reported by RE/MAX Canada was that in some cases someone might be rejected because of the current real estate market. This might be due to the fact that the real estate prices are lower or other market factors. 

In the report released by RE/MAX Canada, they stated that due to these sorts of conditions applicants might choose to go with an alternative mortgage lender. The question now becomes, what is an alternative mortgage lender? We hope to help answer that question in this blog post, at the end of this blog we’ll provide you with information to get in contact with the VanDinther Team. 

What are Alternative Mortgage Lenders? 

We are very familiar with the typical way to get a mortgage, usually this is through a bank or credit union. In some cases, one might have to go about this in a different way, these are what we call alternative mortgage lenders. 

“Alternative mortgage lenders are financial institutions offering mortgage loans outside the conventional banking system. They serve as substitutes for traditional banks and credit unions, allowing individuals, whether they are self-employed applicants or borrowers with poor credit scores, who might not qualify for a loan.” – RE/MAX Canada 

The alternative lenders will still look at the same factors that the banks and credit unions would. Such as the property value and the applicant’s assets. There are some great benefits to choosing an alternative lender, as well as some risks. 

Benefits & Risks of Choosing an Alternative Mortgage Lender

There are always going to be benefits and risks associated with choosing an alternative mortgage lender. RE/MAX Canada listed these risks in a recent report to help us better understand. This is important because we want to be able to consider all of the options available before making a decision. Listed below are the risks and benefits according to RE/MAX Canada. 


  1. Interest Rates 
  2. Fees
  3. Predatory Practices 
  4. Regulations 

“Unlike the larger financial institutions, the alternative mortgage lending market is not as regulated or monitored by the government. Put simply, there is a lack of oversight, meaning fewer consumer protections exist. This will require borrowers to do their due diligence by studying the company’s compliance, legitimacy, and reputation.” – RE/MAX Canada 


  1. Flexibility 
  2. Personal Finance 
  3. Speed 
  4. Housing Market 

“Amidst the once-in-a-century pandemic, the Canadian real estate market witnessed an unprecedented surge, thanks to the Bank of Canada (BoC) slashing interest rates to nearly zero. Numerous individuals capitalized on this lucrative opportunity by applying for mortgages to acquire residential properties. Although some applicants may have faced delays or insufficient income, alternative lenders provided viable options to leverage current market trends and maximize low interest rates and capital appreciation.” – RE/MAX Canada 

Now that you’ve learned about alternative mortgage lenders you have some decisions to make. Asking yourself if this is the right choice for you or if you might qualify for a more traditional mortgage lender. That’s the benefit of working with a professional real estate agent, they are able to offer you advice about the market and best practices. 

Contact The VanDinther Team 

The VanDinther Team consists of a group of highly qualified and experienced professionals. This means that you can rely on their expertise and advice when it comes to not only the real estate market, but also the right kind of mortgage lender. 

If you have any questions or concerns about the real estate market or are looking to list your property, please contact the VanDinther Team today. To contact the VanDinther Team please call us at 905-330-2002 or email us at info@loriv.com. All of us on the VanDinther Team look forward to helping you make the right moves. 

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Advice for First-Time Homebuyers 

Advice for First-Time Homebuyers

Advice for First-Time Homebuyers 

This is an exciting time, you’re looking at listings and the prospect of being a homeowner. Not only is this a big step but it’s also an opportunity to make a major investment. Being a new homeowner comes with a lot of responsibilities, this blog is here to help you navigate this new world of being a first-time homeowner. 

RE/MAX Canada recently posted an article with some fantastic advice for first-time homebuyers. The article will review some of the government programs that are available to you that help to make this whole process easier and more affordable. 

When we get to the end of this blog we’ll give you the contact information about The VanDinther Team, so you can start your journey of being a first-time homeowner. Now, let’s learn about the importance of budgets and mortgages. 

Budgets and Mortgages 

The first step in the process of buying a home is determining what your budget is going to be. Determining your budget will help you know what listings you should be looking at, what price points, etc. This will be the very first step you take in your homeownership journey. 

There are some things you’ll want to consider when planning your budget, such as your financial health. What do your savings look like? Will you have enough for a downpayment? Asking yourself these questions are very important when starting out on this budget planning process. There are also other financial obligations you’ll have to consider as well such as legal fees, land transfer tax, moving expenses and more. That’s why being prepared and organized is so important when you’re planning on buying your first home. 

The next aspect of planning to become a new homeowner is applying for a mortgage. RE/MAX Canada explains the importance of gathering all of the necessary information that will be required. You’ll be required to show your proof of income, employment and your credit history. There are mortgage brokers that are available to assist you in this process, as it can be overwhelming at times. 

The mortgage broker will also help you shop around for the best deal. There are resources available to help if you don’t have a mortgage broker such as a mortgage calculator and other websites that can help. Finally, when you’re shopping for a mortgage you will also want to consider the payment schedules, term rates, fixed or variable mortgages and more. If you need assistance with the financial side of this process there are government programs available and you should consider them as well. 

Government Incentives to Consider

For some first-time homebuyers it’s good to consider what government incentives and programs are available. These incentives and programs are great tools for you to use and they can help you save money, including tax incentives. Listed below are three different programs that are available to help homeownership become more possible for those who otherwise might not be able to.  

  • First-Time Home Buyer Incentive Program: This program “provides a shared equity mortgage with the Government of Canada,” and helps to reduce mortgage payments and also increases your borrowing abilities. The incentive offers a five percent discount on the purchase price of a home and ten percent on a new build. 
  • Home Buyers’ Plan (HBP): With this plan you’ll be able to withdraw “$35,000 from your Registered Retirement Savings Plan (RRSP) tax-free to put towards your down payment.” This is a great program for new homebuyers who might not have enough for a down payment. 
  • First Home Savings Account (FHSA): This program allows you to save for your down payment but also earn tax free interest. The contributions to this program are tax-deductible and the interest you earn on this account will be tax free. The FHSA will allow you to save for your down payment quickly. 

“As a first-time homebuyer in Canada, you may be eligible for various government programs to help you achieve your homeownership goals. These programs offer financial assistance and tax incentives that can make homeownership more accessible and affordable.” – RE/MAX Canada

Making an Offer 

The time has come for you to make an offer on your very first home and the pressure is on. There’s a lot to consider once again and this time it has to do with the purchasing cost, the closing date and the sale conditions. 

As a first-time buyer you’ll need to negotiate with the seller on the terms of the sale. It’s highly recommended that you go with a professional real estate agent to make this process easier. It’s also important to have a home inspection done. Having professional home inspections are recommended and should be done before you close the sale and sign the papers. 

Once you’ve reached a deal with the seller you can start the process of buying your home. You’ll now be required to to sign a lot of papers and you may need to transfer funds and have the property registered. 

Making sure you have a reliable and experienced real estate agent is so important. They’re able to walk you through this process and help you find the home of your dreams. The VanDinther Team works hard to make these dreams possible with all of their clients, and can offer some great advice for first-time homebuyers

Contact The VanDinther Team 

Helping you make the right moves is what the VanDinther Team does best. This is an exciting process, if you have any questions please feel free to reach out to the team today. You can contact the VanDinther Team by phone at 905-330-2002 or by email at info@loriv.com

Have you been wondering what your home might be worth? Try our “What’s My Home Worth” calculator and find out. The VanDinther Team is ready and looking forward to helping you make the right moves. 

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Canadian Real Estate Trends

Canadian Real Estate Trends

Could The Housing Market Downturn Be Over?

Could the housing market downturn be over? Housing prices appear to be on the rise again in Canada’s bigger cities, such as Toronto and Vancouver. It’s also been reported that most real estate markets in the country saw a rebound recently when compared to March 2023. In this blog, we’ll discuss the Canadian real estate trends, the GTA real estate statistics and Burlington real estate statistics.

When it comes to the Canadian Real Estate Trends we can see the month-over-month gains were two per cent in Vancouver and five per cent in Toronto and Ottawa. Even though these appeared to help move inventory in most real estate markets, it wasn’t enough to keep up with Canada’s very high demand. It was reported that in Toronto there was a 6.5 per cent increase in inventory, however, the demand supply conditions were still very tight for the fifth month in a row.

Is The Worst Over?

In a recent article by Canadian Mortgage Trends, the President of the Toronto Regional Real Estate Board stated, “While still beset by a sharp loss of affordability in the last couple of years, buyers appear more confident to house hunt now that the Bank of Canada has paused its aggressive rate hike campaign (for good we believe).” 

The article also stated that there has actually been a lot of strength in the market recently and now some people are asking if this downturn is possibly over. There may have been some hints that the “cyclical bottom” was over in early spring, we can explore that possibility a bit more as well.

The report stated that buyers are now “coming to terms” with these “higher borrowing costs” and seem to be taking advantage of the lower prices than they were the previous year. The challenge is that the result of this won’t be the homeownership demand but the ability to supply it. We can now take a closer look at the Greater Toronto Area (GTA) real estate market. 

Greater Toronto Area Real Estate Statistics 

It was recently reported that the entire GTA real estate market had a total of 7,531 residential property sales in April 2023. There was a decrease of 5.2 per cent compared to the same time last year. The benchmark price was reported to have been $1,153,269, this was a decrease of 7.8 per cent compared to the previous year. 

There were a total of 11,364 new listings reported in April 2023 in the GTA real estate market. This was a decline of 38.3 per cent year-over-year. Active new listings had a total of 10,373, this was a decrease of 20.8 per cent. It’s interesting to look at the GTA real estate market, but it might it’s important to take a closer look at the Burlington real estate market for May 2023.

Burlington Real Estate Market for May 2023

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 429 new listings in May 2023. This was a decrease of 20.7 pre cent when compared to the same time last year. “The lack of new listings compared to last year in Burlington has pushed inventory levels to some of the lowest levels ever reported for the area for the month of May.”

When it came to the average price of a residential property in the Burlington area, RAHB reported it to be $1,127,635. This was a decrease of 7.9 per cent compared to the same time last year. It was also reported that the sales to new listings ratio remained at 73 per cent, while the supply in May dropped below one month. 

“May saw the months of supply drop below one month, and the sales to new listings ratio remained at 73 percent. The tighter conditions have contributed to some price growth since the start of the year. The unadjusted benchmark price reached $1,086,400 in May, which is relatively stable compared to the previous month.”

Contact The VanDinther Team 

Do you have any questions about the Burlington real estate market? The VanDinther Team has very experienced REALTORS® that are ready to help. Please don’t hesitate to reach out to the team either by phone or email. You can contact the team by phone at 905-330-2002 or by email at info@loriv.com

If you’re been wondering what your home might be worth, give our “What’s My Home Worth” calculator a try. The VanDinther Team is ready and looking forward to helping you make the right moves! 

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