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Latest News
M3 Group Expands National Bank Partnership to Ontario Jun 16th
Ontario mortgage brokers at M3 Group will soon have a new edge, the right to sell another Big 6 bank's mortgage products..... More »
Latest in Mortgage News: New Immigrants Driving Housing Demand Oct 28th
The growing demand for real estate in Canada is being driven largely by newcomers, who are making one out of every five home purchases in the country, according to a new survey. New immigrants to Canada (defined as those who have arrived within the last 10 years) represent 21% of homebuyers and are .... More »
“Is it better to pay down our mortgage or ramp up contributions to our teen’s RESP?” + MORE Nov 30th
Q. My husband and I, both in our early 40s, bought a house in Toronto four years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%.
We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaini.... More »
The latest in mortgage news: BC government unveils details of its proposed home-flipping tax + MORE Feb 27th
The British Columbia government today unveiled additional details of its proposed house flipping tax that was introduced in last week's budget..... More »
Bank of Canada raises benchmark interest rate to 1.5%, noting trade tensions - CBC.ca + MORE Jul 11th
CBC.caBank of Canada raises benchmark interest rate to 1.5%, noting trade tensionsCBC.caFor the fourth time in a little over a year, the Bank of Canada has raised its benchmark interest rate, a move that will increase the cost of borrowing for Canadians with variable-rate mortgages and lines of cred.... More »
Mortgage Market & MBS Nuggets
– canadianmortgagetrends.com
Bank of America Merrill Lynch put out a fantastic primer on mortgage-backed securities (MBS) last week. Here’s a small sampling of its notable factoids: ******* Securitization versus the U.S. Risky mortgage securitization was blamed for feeding the U.S. housing crisis. In comparison, not only is Canadian MBS regulated far more rigidly than that toxic American MBS of old, but our overall securitization share of mortgage finance remains well below U.S. levels (although the gap is narrowing). MBS Outstanding There are $440 billion of outstanding NHA MBS in Canada, all fully guaranteed by our government. NHA MBS benefits from Canada being one of only 10 countries in READ MORE
How to Improve Your Credit Score – Student Edition
– ratesupermarket.ca
Welcome to our brand new monthly MoneyWise series, “How to Improve your Credit Score”. Over the next year, Amanda Reaume is sharing her tips and tricks to bump up your credit score and adopt life long solid credit habits. To begin, we’re discussing how to achieve a higher credit rating as a student.
September is in full swing and if you’re a university or college student, then you’re probably comfortably settling into your routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit.
But even at this stage of life, it’s critical that you start planning for your future. That means making smart credit decisions now that will pay off later in life, saving you up to tens of thousands of dollars. Adopting solid habits while you’re a student can lead to lower interest rates when borrowing money for large purchases such as car loans or mortgages. You might even be able to refinance your student loans after you graduate and pay a much lower interest rate…
Canadian Household Debt Hits New Record High
– ratesupermarket.ca
Canadian debt-to-disposal income ratios are at an all-time high, according to the latest numbers released by Statistics Canada. The ratio was 167.2 per cent in the second quarter of this year, up from 165.2 per cent in the first three months of the year – and we can thank our housing prices for that. With interest rates remaining at record lows, Canadians continue to feel comfortable borrowing more to get into their dream house.
But are we seeing the full story when it comes to debt in Canada? At first glance, it may seem Canadian debt levels are out of control, but when this debt is compared to the value of assets that Canadians are holding, the numbers aren’t as scary. Yes, we are borrowing more, but our real estate values are also rising. This means our debt-to-asset ratios have remained virtually the same – sitting at about 16.9 per cent – since the early 1990s.
Here is what we’re hearing from Statistics Canada:
We are Borrowing More
There is no doubt that mortgage loans make up the lion’s share of Canadians’ debt…
