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
Bond Yields Surge, Mortgage Rates Rising in Response + MORE Feb 24th
Canadian bond yields hit their highest level since April in recent days, and a number of lenders have responded by starting to raise some of their mortgage rates. CMLS, MCAP and First National were among the non-bank lenders to increase at least some of their rates, with their broker rates rising 10.... More »
How to protect your investments if the inflation genie sparks interest rate hikes Jan 19th
Now is a good time to prepare your finances for rising interest rates as they affect everything from the makeup of your portfolio to your mortgage.... More »
BoC’s Call for Longer Mortgage Terms Raises Questions + MORE May 9th
Earlier this week Bank of Canada Governor Stephen Poloz called on banks and other lenders to offer more innovative mortgage products, namely longer-term mortgages. During a speech in Winnipeg, he said longer mortgage terms would “mitigate the normal risks in the system both for lenders and for.... More »
Long-term mortgage rates are falling. Is it time to lock in? + MORE Apr 4th
Locking in or not depends on many factors, experts say, including whether the penalties for breaking a current mortgage make sense and if you think rates are going up or down..... 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 »
Bank of Canada Holds Key Rate Following Mortgage Changes, Revises Economic Outlook
– ratesupermarket.ca
Canadians haven’t seen any change in the overnight lending rate since July 2015 and it appears it will stay that way for at least a while longer: Bank of Canada governor Stephen Poloz announced Wednesday that the key rate is being held at 0.5 per cent. The bank rate remains at ¾ per cent, and the deposit rate at ¼ per cent.
While the decision to hold the rate came as no surprise to many economists, the big focus within the current announcement is the downward revision for the Canadian economy. On the positive side, the latest Monetary Policy Report shows that Canada is on track for a rebound in the second half of 2016 due to the return of full oil sands production and rebuilding activity in Alberta. It also anticipates that the rollout of the Child Care Benefit will result in improved household spending going forward.
However, the Bank says export data – while improved – isn’t strong enough to make up for all the ground lost during the first half of the year, when the economy saw a contraction by 1…
Feds propose changes to spread mortgage risks
– moneysense.ca
OTTAWA – The federal government formally launched consultations Friday to explore potential changes that would shift some of the financial risk tied to insured mortgages from the shoulders of taxpayers to lenders, such as the banks.Under Canada’s current system, lenders are able to transfer virtually all of the risk from insured mortgages to insurers, which are indirectly backstopped by taxpayers, the government said.
The Finance Department has been examining the possibility of making such a change for a couple of years and it’s now seeking more input.
Finance Minister Bill Morneau announced the consultations into so-called “lender risk sharing” earlier this month as part of a package of changes related to Canada’s housing market.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}Mortgage insurance changes will impact buyers and banks
The consultations are designed to help Ottawa determine whether having lenders absorb a modest chunk of loan losses on insured-mortgage defaults would help shore up stability in the system…
The federal government said Friday it wants to hear from players in the financial industry on lender risk sharing, a move that could see financial institutions absorb a portion of loan losses on insured mortgages that default.
Mortgage brief…Is it worth changing your mortgage today?
– canadamortgagenews.ca
Mortgage rates have never been lower. Should you break your current mortgage to take advantage of the lower rates? The answer is ‘yes’ and ‘no’. YES….if the penalty to break your mortgage is less than the potential savings. We are seeing many opportunities today where it PAYS to break your mortgage and get into […]
Mortgage Career: Equity Financial Trust
– canadianmortgagetrends.com
Company: Equity Financial Trust Position: Business Development Manager Location: Toronto, ON Apply to: careers@equityfinancialtrust.com Business Development Manager Company Overview: Equity Financial is a publicly traded Canadian financial services company serving the alternative residential mortgage market through its OSFI‐regulated wholly‐owned subsidiary Equity Financial Trust Company. At Equity, we strongly believe our success is based on one singular factor – our people. Overview of Position: Reporting to the Vice President, Sales & Marketing the Business Development Manager represents Equity Financial Trust to the mortgage broker community in South West Ontario. Primary responsibility is to retain and grow business with current EFT READ MORE
