Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears + MORE Jan 29th
As fear grows over the deadly Wuhan coronavirus that has killed more than 100 people, it is now becoming the world’s—and Canada’s—latest economic headwind. That fear spread to financial markets on Monday, with the TSX falling 142 points and New York’s Dow Jones ending the.... More »
Celebrating excellence: New inductees join the Mortgage Hall of Fame + MORE Oct 20th
Canada’s mortgage industry came together on Monday night to honour this year’s three newest inductees into the Mortgage Hall of Fame..... More »
Bond Yields Are Rising. Are Fixed Mortgage Rates Next? + MORE Sep 29th
Some of Canada's Big 6 banks made headlines last week by lowering fixed mortgage rates, but might they soon have to pull a U-turn?.... More »
Canadians Ill-Prepared for a Rate Hike; Unprecedented Debt Imminent + MORE Jun 29th
A new report finds Canadians are facing a future where an unprecedented amount of household income will go towards debt servicing.
The Household Indebtedness and Financial Vulnerability report by the Parliamentary Budget Officer is raising concerns on the level of household debt amongst Canadians. .... More »
Q2 2021 Bank Earnings – Profits Soar as Loss Provisions Plunge + MORE Jun 19th
The Big 6 banks saw profits soar in the second quarter thanks to strong mortgage growth and massive loan-loss provision reductions..... More »
Canadian homebuyers were already exposed to interest rate hikes when the federal government started implementing new rules to stem skyrocketing prices.
New mortgage rules requiring borrowers to undergo a “stress test” at the Bank of Canada’s (BoC) posted rate could help prepare them for such hikes.
But they could also “exacerbate” any slowdown in housing in markets like Toronto, Vancouver, Calgary and Montreal, should those regulations prove “too constraining,” said a commentary released Thursday by credit rating agency DBRS.
A real estate for sale sign is pictured in front of a home in Vancouver, B.C. on Sept. 22, 2016. (Photo: Ben Nelms/Reuters)
Earlier this month, the federal government implemented new rules that make it difficult for borrowers to buy as much house as they used to.
They’re also aimed at keeping people from piling up more debt than they can afford.
Under the rules, you can negotiate an interest rate as low as 2.5 per cent with a bank. You also have to undergo a test to see if you could still make your payments at a rate of 4…
Finance Minister Bill Morneau says recent changes to mortgage rules will keep Canada’s economy secure and protect Canadians in the long run.
Canada’s housing market watchdog sounded alarm bells about the price of housing in several markets across the country Wednesday, claiming that overvaluation and overbuilding in markets like Toronto and Vancouver are finally showing cause for concern. Canada Mortgage and Housing Corporation (CMHC) said in its national housing market assessment that soaring housing prices coupled with […]
Why a prenup is a smart investment
– moneysense.ca
TORONTO – A romantic proposal or an invitation to move in with a partner may seem like an awkward time to start planning for a smooth divorce. But with nearly half of Canadian marriages ending before death does couples part, a pre-nup can help individuals emerge from breakups financially unscathed.Slightly more than 43 per cent of couples married in 2008 will divorce before reaching their 50th anniversary, according to Statistics Canada, which stopped providing information on the country’s divorce rate after that year.
“Why wouldn’t we do some advance planning?” asks Michael G. Cochrane, a partner at Brauti Thorning Zibarras in Toronto and author of “Surviving Your Divorce: A Guide to Canadian Family Law.”
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Marriage agreements are called pre-nuptials if signed before the legal marriage ceremony…
Strong risk in national housing market: CMHC
– moneysense.ca
TORONTO – There is growing evidence of risk in the country’s real estate markets as home prices have climbed faster than income and population growth, a report by Canada’s federal housing agency says.
Canada Mortgage and Housing Corp. increased its risk rating for the national housing market on Wednesday to strong, from a moderate rating that it gave in July.
“We now see strong evidence of problematic conditions overall nationally,” CMHC’s chief economist Bob Dugan said in a news release.
“This is fuelled by overvaluation — meaning house prices remain higher than the level of personal disposable income, population growth and other fundamentals would support. This overvaluation coupled with evidence of overbuilding in some centres means that growth in house prices will slow and housing starts are expected to moderate in 2017 and 2018.”
The agency also said it now sees moderate evidence of price acceleration. That occurs when home prices go up at a faster pace and is a possible sign of speculation…
Canada Mortgage and Housing Corp. increased its risk rating for the national housing market on Wednesday to strong, from a moderate rating that it gave in July.
“We now see strong evidence of problematic conditions overall nationally,” CMHC’s chief economist Bob Dugan said in a news release.
“This is fuelled by overvaluation — meaning house prices remain higher than the level of personal disposable income, population growth and other fundamentals would support. This overvaluation coupled with evidence of overbuilding in some centres means that growth in house prices will slow and housing starts are expected to moderate in 2017 and 2018.”
The agency also said it now sees moderate evidence of price acceleration. That occurs when home prices go up at a faster pace and is a possible sign of speculation…
