About Alex Kotai

Alex Kotai has worked in the mortgage lending business for many years. His career started at HSBC Bank Canada where he spent most of his time in senior management roles which involved training and managing the sales staff at his branch. After leaving HSBC, Alex decided to open his own mortgage brokerage firm, Your Mortgage Source. Through his company, Alex has access to many lenders across the country with a very expansive list of products.
21 03, 2023

Prime Rate Holds Steady for First Time in a Year

Comments Off on Prime Rate Holds Steady for First Time in a Year

As widely expected, the Bank of Canada, in its most recent meeting, held interest rates steady for the first time in the past calendar year, pausing the sharpest increase in interest rates in a generation.  Their move was not entirely unexpected as they indicated in their previous meeting that they were happy with the resulting

1 03, 2023

Real Estate Sales slow to start the year

Comments Off on Real Estate Sales slow to start the year

Buyers are sitting this one out as the downward trend of number of sales and prices continued to slide in January.  Sales processed on the MLS for January 2023 numbered 626.  One has to go back 10 years to January 2013, before finding a month with sales as sluggish so far this year. Sandra Benz,

19 01, 2023

Ban on Property Purchases for Foreign Buyers

Comments Off on Ban on Property Purchases for Foreign Buyers

Legislation regarding the ban on property purchases for foreign buyers was introduced into law last June. It was designed to mitigate the rising home prices in desirable areas and discourage foreign investors from buying prime real estate in major metropolises, as has happened within the last five years. The legislation is in effect for two

20 12, 2022

Homes still selling relatively quickly

Comments Off on Homes still selling relatively quickly

The hot sales and price trend that has been the hallmark of the Fraser Valley for the past five years continues to show signs of a cooling off period.  November 2022 ended with sales down almost 7% from October 2022 and new listings slowing by 20% in that same time.  While the overall number of

16 11, 2022

Higher Rates Lower Prices

Comments Off on Higher Rates Lower Prices

With the buying frenzy from last year now over buyers are contemplating whether or not to buy a home with the higher interest rates, higher payments and lower prices. Last year was the opposite of where we are today so you need to take the time and see if it actually makes sense to

21 10, 2022

B Lenders can qualify you for higher mortgages

Comments Off on B Lenders can qualify you for higher mortgages

With the rise in interest rates this year it has become more difficult to qualify for a mortgage as the stress test rates for mortgages are now over 7%. Given this we have seen an increase in clients using B lenders to qualify for mortgages. There are a few differences between A lenders (banks

16 09, 2022

Real Estate Market Changes

Comments Off on Real Estate Market Changes

According to the Canadian Real Estate Association’s (CREA) newest statistics, August has seen a softening of sales for the 6th month in a row across the country.  Although the MLS Home Price Index dipped down 1.6% since July 2022, it is still elevated 7.1% compared with August 2021.  August’s slow down was the smallest of

17 08, 2022

Real Estate Sales Fall as Fixed Rates Stabilize

Comments Off on Real Estate Sales Fall as Fixed Rates Stabilize

Real estate in the Fraser Valley has once again seen sales, and subsequently prices, fall for the fourth straight month. In the government’s effort to hamper inflation’s rapid growth and the harm it would bring to the real estate market they have continued to raise the prime rate. On the other hand, fixed rates

14 07, 2022

Prime Rate Increases

Comments Off on Prime Rate Increases

The Bank of Canada raised its overnight lending rate yesterday by 1% in what looks like a big effort to try and get ahead of inflation. All of the major banks and lenders in turn followed by increasing their prime rates by 1% as well. For most borrowers on a variable rate mortgage this means

14 06, 2022

Where are Rates headed

Comments Off on Where are Rates headed

There seems to be lots of uncertainty lately in regards to interest rates and we are getting a lot of questions on where things are headed. Here is a brief summary of both fixed and variable rates to help you make an educated decision based on your own personal situation. First of all, it must