Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Is Rent to Own Housing Ever a Good Idea? Sep 17th
The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own.
Unders.... More »
Canada's big banks cut credit card interest rates to ease coronavirus impact - CBC.ca + MORE Apr 4th
Canada's big banks cut credit card interest rates to ease coronavirus impact CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals Financial PostI.... More »
The bond risk many investors overlook Jul 5th
When you buy a bond, there’s a chance the borrower might not be able to pay you back, but bonds also carry a different kind of risk. Duration, or interest rate risk, is related to a bond’s sensitivity to changes in interest rates.
When interest rates go up, you won’t be able .... More »
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up..... More »
The Latest in Mortgage News: Half of Canada’s Big Housing Markets Are Unaffordable Sep 30th
A new study of 15 major urban centres across Canada shows that housing unaffordability continues to be a major concern in nearly half of those markets. A median-income earner wouldn’t qualify for a mortgage large enough to fund their home purchase in seven key markets, including the Greater Va.... More »
Nearly a third of recent Canadian homebuyers with so-called high-ratio mortgages wouldn’t qualify for their loans under new rules recently implemented by the federal government.
Canadian debt to income ratio climbs to 166.9%
– moneysense.ca
OTTAWA —The Canadian household debt compared with income climbed to a record high in the third quarter as borrowing grew faster than incomes.
Statistics Canada said Wednesday the ratio of household credit market debt to adjusted disposable income crept up to 166.9 per cent in the third quarter, up from 166.4 per cent in the second quarter.
That means, on average, Canadians owed $1.67 in credit market debt—mortgages, other loans and consumer credit —for every dollar of disposable income.
Benjamin Reitzes, a senior economist at BMO Capital Markets, said the half a percentage point increase in the debt ratio was well below seasonal norms and the smallest third-quarter increase since 2000.
Statistics Canada said Wednesday the ratio of household credit market debt to adjusted disposable income crept up to 166.9 per cent in the third quarter, up from 166.4 per cent in the second quarter.
That means, on average, Canadians owed $1.67 in credit market debt—mortgages, other loans and consumer credit —for every dollar of disposable income.
Benjamin Reitzes, a senior economist at BMO Capital Markets, said the half a percentage point increase in the debt ratio was well below seasonal norms and the smallest third-quarter increase since 2000.
Invest or pay off debt? »
“Even with the more modest increase, the upward trend in household debt…continues unabated,” Reitzes wrote in a report.
“However, we might start to see the ratio flatten out a bit in 2017 as the Vancouver housing market has cooled notably due to the foreign buyers’ tax, and the new mortgage rule should dampen activity modestly in 2017…
CBC.caBank of Canada warns about huge mortgages, growing housing debtCBC.caNearly a third of recent Canadian homebuyers with so-called high-ratio mortgages wouldn't qualify for their loans under new rules recently implemented by the federal government. That was one of the findings of a wide-ranging report from the Bank of …Canadians' rising household debt key risk to economy, Bank of Canada warnsFinancial PostRising household debt menaces the national economy, Bank of Canada warnsGlobalnews.caNew mortgage rules to help curb rising debt levels: Bank of CanadaMetroNews CanadaCanadianBusiness.com -Bank of Canada -Wall Street Journalall 47 news articles »
New housing rules to curb exposure to rising debt: BoC
– moneysense.ca
OTTAWA —The Bank of Canada is expecting new mortgage rules to help ease a continued rise in household indebtedness that it says has left the country increasingly exposed to an economic shock.
The central bank warned Thursday that the still-climbing levels of debt and the growing proportion of highly indebted households in many cities amid low interest rates have opened up a larger weak spot in Canada’s financial stability.
In its latest financial system review, the bank says at a national level the proportion of highly indebted borrowers with mortgage-to-income ratios above 450 per cent reached 18 per cent in the third quarter of 2016, up from 13 per cent two years earlier.
The central bank warned Thursday that the still-climbing levels of debt and the growing proportion of highly indebted households in many cities amid low interest rates have opened up a larger weak spot in Canada’s financial stability.
In its latest financial system review, the bank says at a national level the proportion of highly indebted borrowers with mortgage-to-income ratios above 450 per cent reached 18 per cent in the third quarter of 2016, up from 13 per cent two years earlier.
Hard to predict impacts of new housing rules: Morneau »
The report said high home prices have helped fuel growth in the proportion of these highly indebted borrowers in cities like Toronto, where in the last two years it increased to 49 per cent from 32 per cent, and in Vancouver, where it rose to 39 per cent from 31 per cent…
D+H Monopoly: Officially Over
– canadianmortgagetrends.com
It’s been a long time coming but D+H finally has real competition for Expert, the system that over 90% of brokers use to send applications to lenders. DLC Group, a subsidiary of Founders Advantage Capital Corp., has purchased D+H’s competitor, Marlborough Stirling Canada Limited (MSC), for $5.5 million. MSC produces MorWeb software, a web-based order-entry platform for mortgage brokers. DLC is purchasing 70% of MSC and another group, led by Geoff Willis, is buying the other 30%. Willis currently runs OTTO Mortgage Systems, which also makes software that automates the mortgage origination process. Chris Pornaras is expected to remain president with Willis READ MORE
