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July 25, 2022

Did you know that approximately 568,000 properties are expected to be sold in Canada in 2022?

Even though real estate activity has slowed in recent months due to rising interest rates, the forecast for 2022 is still higher than sales in 2020. Some of your clients may be among these new buyers.

Source: Canadian Real Estate Association (CREA) 


Client profile: New homeowners

With rising interest rates and high levels of household debt, mortgage payments are taking up more of homeowners’ budgets. As a result, the need to insure their financial commitments is also more important.

In this context, mortgage life insurance, which is flexible and inexpensive, is more relevant than ever. It has several advantages that lending institutions cannot offer your clients:

  • They keep their mortgage insurance even if they change lenders when renewing their mortgage.
  • They own the policy and can choose their beneficiaries.
  • Their premium is based on their personal profile and will not increase, even if their health changes.

In addition, your clients have the option of converting their term insurance to permanent insurance at any time. If you’d like to know more about the advantages and new features of our term life insurance offering, click here.


Future homeowners

Are some of your clients planning to become homeowners in the next few years? Don’t forget to tell them about the Home Buyers’ Plan (HBP).

The HBP allows people who haven’t owned a home in the last four years to borrow up to $35,000 from their RRSP to purchase a new home, without increasing their annual income. This allows them to save for a down payment while saving on taxes every time they contribute to their RRSP.

After borrowing the funds, they will have 15 years to repay their RRSP by depositing annual amounts into their retirement savings plan.

Topics : Insurance, Savings, Economic news

Written by iA

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