Toronto is well known for its neverending supply of condos.

Not only do they take up the majority of the downtown core, but they are also popping up outside the city centre and in suburbs. As a first-time home buyer, there are so many styles and price points available that searching for that perfect home can be a daunting task. That’s why we’ve compiled a short list of our favourite condo developments.

Favourite Townhomes: Cabin by Curated Properties

What do we love about it?

  • Its unique architecture blends modern lines with a comfy Muskoka cottage feel
  • Outdoor spaces include yards, rooftop gardens and terraces
  • It’s 45 Dovercourt Rd location offers the convenience of downtown living but the tranquility of a quiet neighbourhood.
  • It’s True North feel appeals to every proud Canadian

Prices start at $750k

Favourite Family-Friendly Condos: Howard Park 2 by Triumph Developments

What do we love about it?

  • The modern architecture creates livable spaces without the condo feel
  • With housing costs at an all-time high, Howard Park is part of the growing trend of family-friendly buildings that include 2 and 3 bedroom units, and green spaces
  • Located in the heart of Roncesvalles.
  • Using LEED standards of construction, Howard Park has many green features such as geothermal energy, low-water landscaping and green roofing.

Prices start at $375k

Favourite Low-Cost Condos: ION by Cityzen and Fernbrook

What do we love about it?

  • Ideal for first-time home buyers looking to enter the housing market
  • Modern finishes and cool amenities such as yoga room and theatre
  • Located at Keele and Wilson, close to Yorkdale mall, parks, and grocery stores.

Prices start at $240k

With so many options available in every Toronto neighbourhood, you certainly aren’t short on choice, so do your homework and decide which condo best suits your lifestyle and budget. Interested in applying for a mortgage loan? Contact us to start your easy condo mortgage application today.

Is a Residential Mortgage Right for Me?

People aren’t buying homes on purpose.

There are many reasons for this: the housing collapse of 2007 still leaves a bad taste in the mouths of many potential home buyers; Millennials are choosing the freedom of renting to satisfy their wanderlust, and housing prices are becoming more and more unaffordable. It’s no wonder many of us ask ourselves if buying a home makes sense. Here are a few reasons why applying for a residential mortgage may still be right for you.

You’re Ready to Settle Down

It’s written in our genetic code that we desire a roof over our head and a place to call our own. Recently, as Millennials reach their mid to late thirties, these traditional ways have taken on other forms. Many decide to forego homeownership in order to travel or invest in other ways.

However, if you are ready to start a family and have a stable career and can see yourself in the same house in five years, then maybe a residential mortgage is right for you.

You Want to Invest in a Stable Market

We all know that the housing market crash of 2007 shook our faith in the entire capitalist system. However, Canadian real estate shows that the housing market has been steady or rising for decades. A $60,000 house in Mississauga bought in the 1980s could be well worth $800,000 today. In the long run, living in your house while it increases in value is a huge benefit of having a residential mortgage.

You Want to Build Equity

Unfortunately, renting your home has a great disadvantage, which is that your monthly payments are not working for you in the long run. Homeowners build equity by paying off their debt and by renovating and updating their home, which increases the value of their property.

Is it Right For You?

If a residential mortgage seems right for you, contact us to discuss your options for a mortgage loan.










Construction Mortgages 101

You have a clear image in your head of the ideal dream home, and so far no existing house on the market seems to cut it.

You don’t want to compromise on your dreams, not when you don’t have to. If this sounds like you, you’re probably already looking into applying for a construction mortgage. But what is it exactly and how do you apply?

What is a Construction Mortgage?

A construction mortgage is similar to a traditional mortgage, except that it’s a loan to finance the construction of a brand new house on an empty lot or a lot where the existing structure is scheduled for demolition.

Constructions loans differ depending on who is building your house: a builder who sold you the land, or a private construction company you hired separately from the sale of the land.

How Do I apply for a Construction Mortgage?

Like home mortgages, lenders will still have to consider your financial wealth. They still expect a down payment (which will generally be higher than a regular home mortgage), and your credit will be assessed.

You will also need to provide:

  • A copy of the land contract or title
  • Site plans that show the dimensions and other important specs of the property
  • A building contract between you and the reputable builder
  • Detailed building plans

Why Building from Scratch May be Right for You

Anyone who’s ever lived in a home built in the last century may understand the frustration and embarrassment of not having enough electrical outlets, storage space or open concept areas. Sometimes gutting a building and remodelling the entire interior does the trick. But there are obvious complications and risks involved. If you want a modern home that can accommodate your 21st-century needs (e.g. built-in USB plugs and energy efficient everything), then it may be worth building from scratch.

Check out Oppono’s Lending Construction Mortgage Plans or contact us to get started on your construction loan today.





Commercial Mortgages: What’s Involved?

Thinking About Buying Commercial Property?

If you’re considering buying an investment property or taking your growing business out of your basement or spare bedroom and into a bright open workspace, then you might have already started thinking about applying for a commercial mortgage. While the process for applying for a residential mortgage is similar, there are a few things you should know before getting started.

Who Applies for the Mortgage?

For a house or condo, the mortgage applicant is usually the person or people who plan to live in it. However, in a commercial space, the application will be under your business name. Because of this, attaining a credit score becomes trickier, which will increase the risk and therefore lead to higher rates.

It’s All About the Business

Be prepared to present your business in the best light. Your mortgage lender will want to know everything about your business, especially its financial health. Know your numbers and have a sound business plan.

Make Sure You Know What Kind of Commercial Property You’re Applying For

Depending on the purpose and function of the building, your mortgage application will slightly change. For instance, you must specify if the property is an apartment building, commercial building or a mixed residential and commercial property. The more information you have about the property itself, the more fairly it can be assessed.

Understand the Financial Commitment

If you’re thinking about becoming the owner of a commercial property, chances are you’re already saving your dollars and cents. No matter what kind of commercial property, a higher down payment is expected—up to 50%—and your interest rates will be higher than a traditional residential mortgage.

Interested in Learning More about Commercial Mortgages?

Are you excited to look for commercial property and you want to make sure a commercial mortgage is feasible for your business? Click here to explore Oppono’s Lending Commercial Mortgage Plans or call 905-886-5352 to speak to one of our team members directly.









Changes to the Mortgage Market

Recently, the New Department of Finance (DoF) formulated new rules that will affect consumers everywhere. Here are the changes that were made:

  • The qualification rate will apply to all insured mortgages and this will be effective October 17th. This means that mortgages will require that you qualify at a higher rate.
  • Regulators are also banning many different mortgages from being insured, effective November 30th.

Now, Robert McLister shares a few predictions that will happen after these drastic changes come in effect:

  1. Housing prices will fall, because first-time buyers will no longer be able to qualify for the mortgage they want.
    • Lenders are saying that by forcing insured borrowers to prove that they can afford a payment at the 4.64% posted rate, 15-20% of these buyers will be removed from the market.
  2. Banks will also have to qualify conventional borrowers at the 4.64% rate.
  3. The market share for near-prime lenders will rise.
  4. Banks will begin taking the opportunity to higher their rates as well.
  5. Mortgage availability will drop in places like Toronto and Vancouver, as the rates will rise.

For more insights from Robert McLister, click here.

Oppono’s Solution

At Oppono, we are focused on providing you with additional solutions to better serve your clients’ lending needs. We have a common sense approach to lending and have solutions designed to meet your needs. Check out our most recent mortgage specials, as we have decided to offer you a Broker Appreciation rate drop!

Contact us for more information about our services today.


Qualifying Rate

Planning Your Financial Future

The time to start planning for your financial future is now!

Okay, so this sounds like every other cliché tagline out there, but instead of saying positive affirmations to yourself every day in the mirror or committing to saving next month, or the month after, it’s time to learn tips that will help you save up for you first home. Here’s what you need to do:


The Benefits of Being a Homeowner in Canada

In Canada, if you’re renting from your parents, your noisy landlord lives above you, or you’re tired of helping other people pay off their mortgage, it might be time to explore the benefits of owning your own home.

At Oppono, we’re providing you and your clients the timely funding you’re looking for, but, first, you need a reason to buy. We’re going to reveal the benefits of homeownership and why your client should feel even better about their big purchase.


What Makes A Financial Website Successful?

Financial services are faced with the challenge of delivering their customers with an online experience that goes far beyond just a website.

At one time, the internet appeared to offer all organisations a simple proposition: email connectivity and a clickable presence in the form of a website. Today, web presence has rapidly evolved with interactive content and the ability to deliver transactional experiences – or e-commerce. Migrating services online helps business reduce costs, while customers benefit from the convenience and autonomy of self-service.