Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Insurance Provider Campbell & Haliburton Insurance Tips For First Time Home Buyers

Trusted Regina Insurance experts at Campbell and Haliburton Insurance Inc have been in the community for over 50 years. They know it is customer service and knowledge that counts when you are in need of an insurance company in Regina. Campbell & Haliburton Insurance, myCH.ca, dedicated insurance brokers in Regina can assist you with finding the plan that works best for you. In their latest Campbell & Halliburton Regina Home insurance tip, Blaine Petrie, Licensed Insurance Broker & Motor License Issuer, talks about what to look out for as a first time home buyer.

So you’ve found the home you are going to buy, after searching for months, saving up a down payment, and deciding all of your wants and needs in the buying process. You have borrowed a lot of money through the procurement of a mortgage, or you may have even saved up enough money to buy a house outright. If you have done this, we need to talk about savings strategies.

Why You Need A Home Insurance Policy

Now, what happens if it all goes away? Fires happen when least expected, and water can damage a property far more than anything else while you aren’t even aware that the damage is happening. I don’t want to scare you about buying a house, but after 5 years in insurance, I have already seen almost anything that can happen, from a person buying a house and having it burn down within a week, to a person removing coverage for sewer backup a month or two before experiencing the first sewer backup they have ever had in 20 years of homeownership.

This is where home insurance comes in. Your mortgage will require that you purchase fire insurance in order to qualify for a mortgage, but I recommend not simply buying fire insurance. For a start, the coverage is incredibly basic, and most insurers actually cost more than a more comprehensive homeowners insurance policy. Home insurance can seem like a large cost, but when treated as it should be treated, it is one of the smallest investments you can make in protecting your home.

What A Home Insurance Policy Covers

A typical home insurance policy will cover fire, lightning, smoke, pipes bursting, vandalism, theft and attempted theft, windstorm, and hail. Your insurance broker will explain the differences which exist between insurers, as they will walk you through the process in order to find the right match for your needs and budget. Your broker would also go through with you what types of losses are not covered on a policy automatically but can be added, as well as those which are not included but cannot be purchased.

What Is Involved In The Home Insurance Policy Process

Your insurance broker will go through the valuation of your property, ensuring that it is insured to its correct value. This value in 99% of cases will be different from the amount that you paid. Your mortgage will require that you insure to at least the mortgage value, but with insurance, we look at full replacement cost. This means the full cost to rebuild your house from the ground up, including removal of debris, in the event of a total loss to the house. I have seen situations where this amount is less than a person’s mortgage, and I have seen situations where this amount is significantly more than a person’s mortgage. In situations where this amount is less than the mortgage, we look to ensure a higher form of coverage called guaranteed replacement cost, but this isn’t always available on a house depending on its age and updates done to the house since new.

There are many things we will ask you about the house, so it is a good idea to come to a meeting with your broker prepared to know a lot about the house. Some information you will know from having looked at the house, but much of it won’t be readily accessible without having a home inspection completed. For instance, we would need to know what type of pipes are in the house, when the last update to the plumbing was done, what type of electrical wiring, how many amps the electrical panel is, when the electrical system was last updated, what material is the roof, when was it last replaced, what kind of heating system is there, what the fuel used is, when it was last replaced, is there a fireplace, is it a fireplace insert or a fireplace… The list goes on and on.

If not all of this information is known, don’t worry greatly. It may mean that there will be higher premiums as we won’t be able to conclusively say when an update was last done, but once you move in, much of this information should be available as the install years for heating and electrical systems are typically stamped on these. So together we can work with you to obtain coverage for you for the possession date, which can be changed after, but the absolute must-knows are: how many amps is the panel, what type of wiring, is there wood fuel heating in the house. Know these three answers and we can generally get you covered with the listing details.


Are You A First Time Home Buyer? Contact Campbell & Haliburton Insurance

  • Give Campbell & Haliburton a call at 306-757-0621
  • Send us an email or contact Campbell & Haliburton online
  • If you are unsure who you usually speak with, or if you would like to speak to one of our team of experts email us at hello@mych.ca and we’ll get in touch with you as soon as possible.
  • If you are comfortable, please stop by our office and we can talk in person. We have safety procedures in place, hand sanitizer readily available, Plexiglas in place, and home insurance experts waiting to answer any questions you have. We are here for you.
As you walk out of our door, you can do so with the assurance that you are covered with the home insurance that best meets your needs. If you don’t have an insurance broker and want to talk to someone who is truly passionate about your insurance, contact us at Campbell & Haliburton Insurance. We would love to talk to you.


This is a general overview. There are many different insurance companies, and there are always differences in insurance policies. For specific details on your policy and coverage, we recommend that you contact your agent or broker.

Our Trusted Regina Insurance Agents at Campbell & Haliburton have your best interests and safety in mind and our commitment to customer service is one of the pillars of our business. We also know insurance inside and out, so please contact us for all of your insurance needs and we will be more than happy to help ensure what you value most is protected.

Campbell & Haliburton's doors opened in 1957. Since then, they have seen run-away inflation, recessions, and now, a global pandemic. Through it all, their doors have remained open as they are committed to providing outstanding service to you. No matter what the next years and decades bring they have committed to continue to stay open to serve you.

Campbell and Haliburton Insurance are a Trusted Regina Insurance provider.

They offer many different insurance policies to protect the most important areas of your life including:


Trusted Regina Real Estate Lawyer Robert MacKay Shares That The Bank Of Canada has lowered the mortgage stress tests rate

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families. 

Bank of Canada lowers qualifying rate used in mortgage stress tests

The Canadian Press - Jul 19, 2019

With files from BNN Bloomberg


According the Canadian Press  and other sources The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years.

The central bank's five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent.

It's the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to 4.64 per cent, and increased steadily since.

Rob McLister, founder of mortgage comparison website RateSpy.com, says the dip will increase the buying power for mortgage borrowers by allowing them to afford up to 1.4 per cent more home.

For example, someone putting a 20-per-cent down payment on a home who makes $50,000 per year can now afford $4,000 more home, according to calculations by Ratespy.com.




The Bank of Canada's five-year benchmark rate is calculated using the posted rates at the Big Six Banks.

Home sales softened last year after the federal government introduced new stress test rules for uninsured mortgages, or those with a down payment of more than 20 per cent, and mortgage rates inched higher.

As of Jan. 1, 2018, to qualify for an uninsured mortgage, borrowers needed to prove they could still make payments at a qualifying rate of the greater of two percentage points higher than the contractual mortgage rate or the central bank's five-year benchmark rate.

An existing stress test already stipulated that homebuyers with less than a 20-per-cent down payment seeking an insured mortgage must qualify at the central bank's benchmark five-year mortgage rate.

The federal financial regulator has said that the new, stricter regulations aimed to tighten mortgage lending and take some of the risk out of the market.

Meanwhile, home sales have improved in recent months as mortgage rates have moved lower.

But on Thursday, the Ontario Real Estate Association called for less stringent mortgage rules, saying that policy changes are needed to counter a downward trend in home ownership.

OREA's chief executive Tim Hudak said in a letter to federal policy-makers that Ottawa should consider restoring 30-year insured mortgages, ease up on the interest rate stress test and eliminate the test altogether for those renewing their mortgage with a different lender.

Borrowers looking to renew their mortgages are subject to stress tests if they switch to a new lender, but not if they stick with their current one.

In a May letter to policy-makers, the chief executive of Canada Mortgage and Housing Corporation defended the stricter lending rules, arguing that "the stress test is doing what it is supposed to do."


For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay


Here is a list of more consumer tips by Robert MacKay 



Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!



Trusted Regina Real Estate Lawyer Robert MacKay asks: Do you know what kind of mortgage you have?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families. 

What an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There is all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

Do you know what kind of mortgage you have?

Hardly anyone pays attention to what type of mortgage they have. 


Sure, they know whether they have a fixed rate, a variable rate or an adjustable rate but few are aware that their mortgage will have a particular legal standing or why it is important.

When a market goes up, it's all roses and sunshine, at least if you already own your own home. Trying to buy in such a market can be a scary proposition. When the market goes down, well, that's scary too but for different reasons. 

Buying a house to find out it might be worthless in a year's time is not a fun proposition. However, we all still need a place to live and the markets will do what it will do.

In the event the downturn is significant or if you know what hits the proverbial fan, all of a sudden that legal distinction can be very important. 

Purchase Money Mortgage

For if you have what is known colloquially as a "purchase money mortgage", money borrowed to buy the property, then the bank's recourse is limited to the seizure and sale of the property.

So, if it sold for $1.00 but you still owed $1,000,000, well, the bank will be hoping its mortgage was insured, as they are not unable to chase you for any deficiencies under the mortgage.

This is an important consideration in a lot of foreclosures, as a lot of people have refinanced their property to consolidate debt or finance renovations. Luckily, the portion of the mortgage that related to the property's purchase is still protected.


Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay". 

Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!


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