Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
How to build credit history in Canada + MORE Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
Not just new buyers: Mortgage stress test rules putting the squeeze on renewals, too + MORE May 15th
It's not just new homeowners who are feeling the impact of higher interest rates and tougher lending standards: even those who've already bought are feeling the heat..... More »
Latest in Mortgage News: Toronto Home Prices Set July Record Aug 9th
The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th
I started CanadaMortgageNews.ca in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying ju.... More »
What’s the TRUE Impact of Policy Changes on the Canadian Mortgage Market? Dec 15th
It’s certainly not what the Bank of Canada (BoC) is claiming!
The BoC recently released a document detailing what it believes to be a positive report on the Canadian Mortgage Market, but this article clearly shows how out of touch our government is.
The BoC is applauding their statistics̷.... More »
Should I use my RRSP to pay down debt at retirement?
– moneysense.ca
Q: I have a friend who has just retired and is carrying a debt load of $96,000. She wants to eliminate this debt over a fairly short period of time—about 4 years. The debt is a line of credit that she is paying 4% on. She’s a widow and has $423,000 in RRSPs. How would you approach this problem? Would it be okay to withdraw an arbitrary figure of say $15,000 per year from her RRSP until the debt is cleared? As of this year she will be in a lower tax bracket and by withdrawing it will lower her withdrawals when she has to convert to a RRIF in five years. What’s your advice?
– John
A: This is a good question. And this is a situation that many new retirees find themselves in—the carry-over of pre- retirement debt. I will say that four years to eliminate $96,000 of debt is very ambitious—let alone for someone whose income is now lower.
But your question raises more questions. You don’t mention your friend’s retirement income and whether she needs the income that the RRSP/RRIF will provide in the future…
How to Improve Your Credit Score: Improving Your Credit Fast
– ratesupermarket.ca
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
There are a lot of reasons why someone might want to improve their credit score quickly. Perhaps you’re applying for a mortgage and you fear that you won’t be able to qualify or get a good rate. Or maybe you’re applying for a job or looking to rent an apartment that requires a credit check and you’re afraid that you might lose out if your score is too low.
Having a low credit score can definitely throw a wrench in life’s plans. And the best way to build it up again is to make good credit choices over months and even years.
This is generally a long process, so if your low credit score is stopping you from an opportunity right now, here are four things you can do to improve your score quickly
Correct false records
If you’re looking to improve your credit score quickly, the first thing you should do is get a copy of your credit report…
NOA Service Companies Under Fire
– canadianmortgagetrends.com
Reputable NOA retrieval services are a fantastic tool for mortgage broker clients who want quick access to their Canada Revenue Agency (CRA) assessment for income validation. But CRA has put the kibosh on third parties requesting for NOAs for this purpose. In fact, CRA says it was never supposed to happen in the first place. “It has always been Canada Revenue Agency (CRA) policy that Form T1013, Authorizing or Cancelling a Representative, is not to be used solely for the purpose of obtaining a notice of assessment or income verification information for the taxpayer or a third party,” said Patrick READ MORE
