Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Strong payment discipline masks growing mortgage stress, survey finds + MORE Mar 25th
Despite strong payment performance, a growing share of borrowers report difficulty keeping up and are cutting back on spending to stay current.... More »
Mortgage Insurance To Get Costlier As CMHC Hikes Rates + MORE Jan 17th
OTTAWA — Canada Mortgage and Housing Corp. is raising the cost of mortgage loan insurance effective March 17.
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
CMHC says the changes reflect new regulatory requirements that ca.... More »
Three ways mortgage brokers can reassure concerned borrowers Feb 12th
Many mortgage brokers are fielding calls from clients concerned about rising interest rates and an uncertain economic outlook..... More »
CMHC reports annual pace of housing starts dropped 17% in October Nov 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in October fell 17% compared with September..... More »
Latest in Mortgage News: Despite Challenges, Majority of Canadians Plan to Buy a Home Jan 22nd
Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment.... More »
The best way to fund your retirement
– moneysense.ca
Q: I am 66 and retired with no defined benefit pension – just CPP and OAS. I do have RRSPs, both in savings and in mutual funds. I own my own home and it’s mortgage-free. I have some TD shares and Bell shares which are not within the RRSP portfolio.My question is…in the future when I need funds, is it better to cash in some shares or to cash in from the RRSP?
I want to be sure that what I do is the most efficient for tax purposes (for example my roof needs re-shingling next year, costing approximately $10,000).
—Julie
A: Without knowing all the facts, Julie, it’s hard to give you a perfect “how-to” in your case, but I can give you a number of different considerations.
If you have a spouse, depending on their sources of income, my answers might change. But I’ll assume you’re single since you didn’t mention a partner.
Depending on the amount of your CPP and OAS pensions, you may be entitled to additional government benefits like Guaranteed Income Supplement (GIS), the GST/HST credit and based on your province of residence, various provincial tax credit and incentive programs…
Lender Access is Sacred
– canadianmortgagetrends.com
One of the most touted value propositions we express as mortgage brokers is choice. Brokers can compare dozens of lenders whereby lender reps push only one brand: their own. Having a wide array of lenders allows broker clients to enjoy more customized financing solutions. That’s important because one lender doesn’t fit all. A given bank, monoline or credit union may have punitive penalties, restrictive porting policies, poor blend and increase options and so on. Customers need choice, and our industry depends on it. That’s why I’ve always found stats like this—from FSCO, Ontario’s broker regulator—to be surprising: Roughly one in five brokerages finance more than 50% of their mortgages READ MORE
