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Latest News
A $200,000+ income is now needed to qualify for an average mortgage in Toronto & Vancouver Dec 22nd
High home prices and rising interest rates over the course of 2022 have made it significantly harder for buyers to qualify for the average mortgage, driving RBC's affordability measure to its worst-ever level..... More »
Canada’s best credit cards for people with bad credit 2021 + MORE Jun 4th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
TMG The Mortgage Group announces strategic partnership with Mortgage Outlet Sep 10th
TMG The Mortgage Group, one of Canada’s largest mortgage brokerages, has announced a new partnership with Ontario-based Mortgage Outlet..... More »
70% of Scotiabank’s mortgage originations in Q1 were multi-product deals + MORE Mar 1st
Scotiabank is reporting success in its efforts to grow its deposits and increase profitability by doing more cross-selling to new mortgage clients..... More »
Mortgage borrowers to see payments increase by 20-40% at renewal: Bank of Canada May 19th
The Bank of Canada says it it concerned about the ability of households to service their debt, particularly as mortgage holders are facing payment increases of up to 40% at renewal..... More »
FICOM on Consumers and Comp Disclosure
– canadianmortgagetrends.com
Now that FICOM’s B.C. broker compensation disclosure is a done deal, many want to know how it helps consumers make better broker decisions. We asked the Office of the Registrar of Mortgage Brokers for its take… CMT: What do you want consumers to do with this new required compensation disclosure? FICOM: Consumers may use that knowledge in any number of ways. For example: They may ask how compensation paid by one lender compares to that paid by another. They may ask how compensation influences advice. They may use compensation to assist them to judge the value of the services they receive. READ MORE
How to Improve Your Credit Score – Maxing Out Your Credit Cards Edition
– ratesupermarket.ca
No one sets out to max out their credit cards. Sometimes, people get into this difficult situation because of an unexpected emergency such as losing their job or experiencing an illness. Many people have to rely heavily on credit cards during that time to cover their everyday expenses. For others, they may have difficulty controlling their spending and their debt gets out of control.
No matter the reason why your cards are maxed out, using up the last of your credit is often an important wake up call to address your financial situation and get control of your spending. While you might be tempted to just focus on repaying your debt, it’s important to consider your credit score during this period. Having a low score can greatly impact your financial future and your ability to get approved for mortgages and other loans and get a good interest rate. In addition, many employers and landlords require a credit check when deciding whether to hire or rent to you.
If you’ve maxed out your credit cards, here are a few suggestions on what to do to ensure your credit score stays high:
Ask for More Credit
This might seem counterintuitive, but increasing your available credit can help boost your credit score significantly…
Canadians continue to pile up non-mortgage debt
– moneysense.ca
TORONTO – Canadians continued to pile up non-mortgage debt compared with a year ago but delinquency rates remained low, according to credit monitoring agency TransUnion.Average consumer non-mortgage debt balances rose to $21,686 at the end of the third quarter, up from $21,195 in the same quarter last year.
The increase came as non-mortgage debt levels rose 3.57 per cent to $17,969 in Quebec and 2.64 per cent to $21,620 in Ontario.
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However, while borrowing increased, serious national delinquency rates stood at 2.70 per cent, up from 2.62 per cent a year ago.
The change came as delinquency rates rose 13.39 per cent to 3.13 per cent in Alberta and 11.92 per cent to 3.46 per cent in Saskatchewan.
TransUnion forecast average debt levels to continue to rise over the next two years, but delinquency rates to move lower…
Choosing priorities in retirement planning
– moneysense.ca
Q: We are in our sixties and still have a $310,000 mortgage. We are paying about $600 per month for life and disability insurance. Can this insurance be cancelled? We’d like to use these funds to help pay down our mortgage sooner.
— Retiring in debt, Vancouver
Ayana Forward is a certified financial planner in Ottawa:
You can cancel life insurance in writing at anytime, but I wouldn’t recommend that course of action unless you have or can obtain sufficient coverage elsewhere at a lower rate. Without knowing what other assets and coverages you currently have in place it would be difficult to advise you on your particular situation. Your current health status would also be a consideration when advising you on the best next steps. You can always shop around for a term policy that covers a period of time that matches the remaining amortization of your mortgage, which may end up being cheaper than what you are currently paying. I would also double check the conditions around the disability portion of your policy as most don’t payout past age 65, so you might be paying a high premium for something that could have little or no benefit to you…
