Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
OSFI Facing Growing Pressure to Tweak Stress Test + MORE Feb 7th
Canada’s financial regulator is facing growing pressure to tweak its mortgage stress test, and no longer just from the mortgage industry. On Monday, Calgary city councillor George Chahal filed a motion asking for the mayor to call on the federal government to amend the stress test implemented .... More »
House rich: How to access the equity in your home Nov 16th
With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to ba.... More »
Can I cancel my mortgage life insurance? It’s too costly + MORE Jan 26th
Q: My daughter and her husband did not earn enough, so my wife and I decided that we would help them by putting her name on the mortgage for the purchase of a new-build condo in Hamilton, Ontario. We opted to go with RBC and the mortgage was approved at a rate of 2.65%. In order to get the mortgage.... More »
How to Use a Mortgage Calculator + MORE Apr 18th
Looking at mortgage rates for a new house? Need a mortgage calculator? Canada residents know it’s easy to fall in love with your dream home. But, it helps to factor in the mortgage loan amount and interest rate beforehand. You want to determine how much house you can afford - p.... More »
Bank of Canada will keep its target rate as-is: Good news for those in a variable rate Mar 14th
This week even more good news was announced by the Bank of Canada. A press release stated that the overnight rate will stay the same for the time being. This is great news for those with variable rate mortgages.
Only weeks ago, many were speculating on a micro-decrease but that didn’t happe.... More »
Should you buy or rent in retirement?
– moneysense.ca
(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 producing advice.
Also am I financially ready to retire?
Any thoughts on buying retirement property so late in life?
—Cathy
A: 68% of Canadians are homeowners according to Statistics Canada. Home ownership rates generally rise with age and peak at around age 65 at 75%, where rates plateau until around age 75 and decline thereafter.
As a lifelong renter, you have bucked the trend, Cathy, but it sounds like you’ve done well for yourself. Statistically, stocks have performed better than real estate over the long-term in Canada, so on a dollar-for-dollar basis, stocks may be a better investment than real estate anyway.
That said, most renters wouldn’t invest 100% in stocks and homebuyers benefit from the leverage that a mortgage allows (a 20% down payment means a 20% increase in your home’s overall value, which is a 100% return on your down payment)…
Top Performers: Mark Goode
– canadianmortgagetrends.com
By Vanessa Chris, Special to CMT Mark Goode understands first-hand the impact an individual can have on a community. It’s a lesson he couldn’t help but learn, living and working in a small market like Orillia, Ontario (population: 31,000). For the past 15 years, Goode has embraced the power-of-one to make his community stronger—both as the broker/owner of Mortgage Man DLC and through a variety of volunteer efforts. An eight-time finalist on the CMP Top 50 Brokers list, and the number one broker in the CMP Small Market Top 20, Goode has come a long way since 2004. That’s when he READ MORE
Unregulated Canadian mortgage lenders see market share surge: memo
– theglobeandmail.com
The federal government and various regulators are looking for ways to cool the housing market without skewering an important source of economic activity
Mortgage Career: FSCO
– canadianmortgagetrends.com
Company: Financial Services Commission of Ontario Position: Senior Compliance Officer Location: North York, Ontario Apply to: www.ontario.ca/careers Senior Compliance Officer The Financial Services Commission of Ontario (FSCO) is seeking individuals with exceptional operational experience, analytical skills, and sound knowledge of market conduct and financial analysis principles and methodologies to lead and participate in market conduct field examinations (audits), financial assessment and reviews of financial institutions and licensed intermediaries in order to assess consumer protection and legislative compliance in all sectors regulated by FSCO. What can I expect to do in this role? As a Senior Compliance Officer, you will: READ MORE
