Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Should you buy or rent in retirement? + MORE Aug 17th
(Pexels)
Q: I’m 57 and hoping to retire this fall. I will receive an OMERS defined benefit pension of $44,000 plus a $10,000 bridge until I turn 65. I have a $75,000 RRSP and $300,000 in cash. I have no debts and am a lifelong renter.
I would love some tax-efficient and potentially income pr.... More »
Is it safe to have $600,000 in savings invested in GICs? + MORE Oct 16th
Q. I live in Manitoba and have about $600,000 invested in GICs at a local credit union. I am 63 years old, retired with a pension, no debt and no mortgage. However, I still worry about this money and it has been hard for me to find an unbiased view on its safety. Can you help?
—Glenda W.
A. I thi.... More »
Lender Calls – Q3 Roundup + MORE Dec 21st
Canada’s biggest non-bank lenders have all reported third-quarter earnings. In their earnings calls they outlined how they’re coping with Ottawa’s recent changes to the mortgage qualification and insurance rules. Per usual, we’ve combed through their transcripts in order to se.... More »
Housing starts near 10-year high on Toronto condo boom + MORE Dec 9th
Canada Mortgage and Housing Corp. says the pace of housing starts picked up in November, with condo building in Toronto driving the trend..... More »
The $13 Billion Question: Will Ottawa’s “Build Canada Homes” Fix Our Broken Housing Market, or Just Build More Problems? + MORE Sep 28th
Another week, another blockbuster announcement from Ottawa aimed at solving our national housing crisis. This time, it’s a shiny new federal agency dubbed “Build Canada Homes,” launched with a cool $13 billion of your money. The promise? To slice through the red tape, leverage public lands, an.... More »
Canada Mortgage and Housing Corp. says it expect a national slowdown in housing starts over the course of this year and next, but cautioned there will be big variations from province to province due to economic factors.
The right path to riches
– moneysense.ca
(Illustration by Ryan Inzana)Eight years ago, Seth and Rachel Jacobson of Edmonton met through an online dating website. The two hit it off right away in their initial meeting at a local diner. “We realized immediately that we had a lot in common,” says Rachel, 37, an office manager in Edmonton. “We both love adventure travel and given that we both spent time studying theology in bible college, our philosophy about life and how to live it meshed nicely.” (We’ve changed names to protect privacy.)
While the couple have two dogs, their focus shifted this past year. Now, they want to start a family—hoping for two or three children over the next five years. Trouble is, the Jacobsons consider themselves novices when it comes to investing in anything besides real estate and they’re afraid they’ve missed the boat when it comes to building a financial portfolio. Currently, they own a house and two rental properties—all of which have mortgages. “One of us grew up in a very religious home where investing was considered ‘worldly’ and not ‘planning for heaven,’” says Seth, who works in communications for a local college…
Rising delinquency rates linked to oilpatch troubles
– moneysense.ca
OTTAWA – Delinquency rates for non-mortgage loans are on the rise in Canada and it appears the problem can be linked to trouble in the oilpatch, according to credit monitoring agency TransUnion.
TransUnion says the ratio of accounts 90 or more days past due increased to 2.52 per cent in the first three months of the year from 2.45 per cent in the same period a year ago.
Canadians are falling deeper into debt »
However, in Alberta, hard hit by the downturn in oil prices, the rate increased to 2.8 per cent from 2.5 per cent a year ago, while in Saskatchewan, the rate increased to 3.04 per cent from 2.88 per cent.
Meanwhile, rates in British Columbia ticked lower to 2.43 per cent from 2.47 per cent and Ontario improved to 2.57 per cent from 2.59 per cent.
“When it comes to loan default rates, we are looking at two distinct groups: oil-sector provinces and the rest of the country,” said Jason Wang, TransUnion’s director of research and analysis in Canada.
“We continue to see material delinquency increases in the oil provinces and we suspect that it will continue over the next few quarters…
TransUnion says the ratio of accounts 90 or more days past due increased to 2.52 per cent in the first three months of the year from 2.45 per cent in the same period a year ago.
Canadians are falling deeper into debt »
However, in Alberta, hard hit by the downturn in oil prices, the rate increased to 2.8 per cent from 2.5 per cent a year ago, while in Saskatchewan, the rate increased to 3.04 per cent from 2.88 per cent.
Meanwhile, rates in British Columbia ticked lower to 2.43 per cent from 2.47 per cent and Ontario improved to 2.57 per cent from 2.59 per cent.
“When it comes to loan default rates, we are looking at two distinct groups: oil-sector provinces and the rest of the country,” said Jason Wang, TransUnion’s director of research and analysis in Canada.
“We continue to see material delinquency increases in the oil provinces and we suspect that it will continue over the next few quarters…
Appraisals – Who do They Belong To?
– canadianmortgagetrends.com
A mortgage broker’s job comes with its share of uncomfortable moments. Telling a client that you can’t provide them with the appraisal they just paid for is one of them. It’s an issue that comes up time and again, but one that’s frequently misunderstood. Appraisers and brokers cannot simply hand over appraisals to clients, despite the client being charged for them. Here’s why. “It’s actually a fairly simple answer to be honest with you,” says Keith Lancastle, Chief Executive Officer of the Appraisal Institute of Canada (AIC), whose 5,000 members make up 80 percent of certified appraisers in Canada. “It’s one of those things where READ MORE
Housing starts to slow this year, CMHC says – CBC.ca
– news.google.ca
CBC.caHousing starts to slow this year, CMHC saysCBC.caCanada Mortgage and Housing Corp. says it expect a national slowdown in housing starts over the course of this year and next, but cautioned there will be big variations from province to province due to economic factors. CMHC said housing starts for …CMHC expects home building to slow, but prices to keep risingFinancial PostCMHC sees slowing of home construction in most of CanadaCP24 Toronto’s Breaking NewsCanada Mortgage and Housing Commission predicts Calgary housing starts to decline again in 2016Calgary SunWinnipeg Free Press -CTV News -Reuters Canada -London Free Pressall 41 news articles »
