Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Less than 10 Percent of Canadians Could Buy a House in Toronto + MORE May 30th
Thinking about owning a home in Canada? It was only a few years ago that Toronto and Montreal were ranked among the best places to live with the cost of living as a contributing factor.
But the cost of ownership has now skyrocketed. In cities like Vancouver, Toronto and Montreal, only those in the .... More »
The best 5-year fixed mortgage rates in Canada + MORE Aug 29th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
Scotiabank mortgage growth slows as originations dip in key markets + MORE May 30th
Scotiabank’s mortgage growth stalled in Q2, with average balances flat from the previous quarter and originations slowing sharply in major housing markets..... More »
Latest in Mortgage News: Newton to Provide Free TransUnion Access to its 6,000+ Velocity Users + MORE Jun 28th
Starting today, the more than 6,000 mortgage brokers who use the Velocity mortgage operating system will gain free access to TransUnion credit reports for the remainder of the year. The offer is part of a campaign by Newton Connectivity Systems, which operates Velocity, to encourage greater diversif.... More »
Latest in Mortgage News: CMHC to Get New Name, Maybe “Housing Canada” + MORE Sep 23rd
What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall .... More »
6 ways to pay off your mortgage faster
– moneysense.ca
While the Bank of Canada has yet to raise their overnight rate—a rate that dictates what happens with variable mortgage interest rates—there are changes within the current Canadian mortgage climate.
In late 2016, TD Canada raised it’s variable rate mortgage—not just for new mortgage business, but also for existing mortgage holders. The rate increase was in response to three factors: the new mortgage rule changes introduced by the federal government in early October 2016, which add extra costs to lenders and these costs are then passed down to borrowers; the increasing probability that fixed mortgage rates will soon rise, following an increase in U.S. treasury bond yields; and TD Bank’s current exposure to the residential mortgage market.
It’s still important to negotiate the best rate possible (read more on how to do that, here), but now, more than ever, it’s vital that we consider how to crush the mortgage debt.
Here are six simple strategies for paying off your mortgage faster:
1…
RRSP advice for investors young and old
– moneysense.ca
TORONTO — RRSPs play a major role in paving the way to retirement for many Canadians, but strategies for using the long-term savings account will evolve throughout the course of life.
Certified financial planner Jason Heath of Toronto’s Objective Financial Partners provides advice to two investors on opposite ends of the spectrum:
Young money: Starting RRSPs on a limited budget
Mark Ocampo, a 33-year-old project manager in Toronto, feels he’s falling behind at setting aside money for retirement.
Ocampo says his RRSP contributions are pretty small right now, as he and his partner are more focused on chipping away at the mortgage on their condominium. They’re also thinking about a move and trying to save for a down payment on a ground level home.
Certified financial planner Jason Heath of Toronto’s Objective Financial Partners provides advice to two investors on opposite ends of the spectrum:
Young money: Starting RRSPs on a limited budget
Mark Ocampo, a 33-year-old project manager in Toronto, feels he’s falling behind at setting aside money for retirement.
Ocampo says his RRSP contributions are pretty small right now, as he and his partner are more focused on chipping away at the mortgage on their condominium. They’re also thinking about a move and trying to save for a down payment on a ground level home.
RRSP advice for investors in their 20s »
“I’m putting in a little bit per month into my RRSP, about $50,” Ocampo says. “In my 40s, I plan on getting more serious about RRSP investing once we have a house…
Don’t forget to consider mortgage term
– moneysense.ca
OTTAWA — You shopped around for the best deal on your mortgage and weighed the pros and cons of going with a fixed-rate or a variable-rate loan, but another key factor to consider is the term.
A majority of borrowers opt for a five-year mortgage—about 54 per cent according to Mortgage Professionals Canada—but experts say homebuyers need to consider how long they want to commit to when it comes to their loan.
James Laird, co-founder of interest rate-comparison website RateHub, says when people are buying a house and signing a mortgage it can feel like nothing is going to change for the next 10 or 20 years, so signing for a five-year term may seem like it’s no big deal.
A majority of borrowers opt for a five-year mortgage—about 54 per cent according to Mortgage Professionals Canada—but experts say homebuyers need to consider how long they want to commit to when it comes to their loan.
James Laird, co-founder of interest rate-comparison website RateHub, says when people are buying a house and signing a mortgage it can feel like nothing is going to change for the next 10 or 20 years, so signing for a five-year term may seem like it’s no big deal.
Mortgage terms: fixed vs. variable »
“But life is a bit different than that,” Laird said, as relationships and jobs can change.
“Sometimes it is new relationships forming where someone buys a condo, gets a five-year fixed-rate, but then they meet someone and get married… That usually dictates a change in the residency that they have and the mortgage is broken…
