Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Bank of Canada raises benchmark interest rate to 1.5%, noting trade tensions - CBC.ca + MORE Jul 11th
CBC.caBank of Canada raises benchmark interest rate to 1.5%, noting trade tensionsCBC.caFor the fourth time in a little over a year, the Bank of Canada has raised its benchmark interest rate, a move that will increase the cost of borrowing for Canadians with variable-rate mortgages and lines of cred.... More »
How the coronavirus pandemic could change the way we think about retirement in Canada Apr 28th
Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and mor.... More »
Life Insurance vs. mortgage insurance: Let’s break it down + MORE Mar 20th
Life insurance can be a necessity for ensuring your loved ones are taken care of after you’re gone. It can help them pay for funeral expenses, the costs of everyday living and much more. But one of life insurance’s main advantages is that it can pay off outstanding debts, including a mortgage. S.... More »
My mortgage payments are approaching my trigger rate. How will this affect my mortgage and what should I do? Nov 7th
Experts say the key is to be proactive and prepare your finances well before your entire mortgage payment is going towards paying just the interest..... More »
Is the Bank of Canada signalling that more mortgage rule changes are coming? + MORE Jun 20th
Recently, the Bank of Canada released its semi-annual Financial Systems Review (PDF document), which identifies some of the major risks that the Bank foresees on the economic horizon. Unsurprisingly, the Bank pinpoints increased levels of Canadian household debt and rapidly increasing prices in Tor.... More »
Canadian consumers continued to spend on credit in the first three months of 2017, bringing the average non-mortgage debt across the country to $21,696, up 1.9 per cent annually.
Using real estate vs. RRSPs to fund retirement
– moneysense.ca
Q: We have three rental properties in Vancouver (one is mortgage free) and own our own home (mortgage free) in the Fraser Valley.
We are both retirement age.
Should we use RRSP/ RRIF or sell the rental properties?
We have been told by different advisors conflicting opinions.
—Lee
A: Congratulations on your upcoming retirement, Lee. If you’ve owned those rental properties for more than a couple years, no doubt you’ve benefited nicely from Vancouver price appreciation.
I’ll tell you right off the bat that this isn’t one of those questions where there is an easy, obvious answer. What you should do is a personal decision, but I’ll try to highlight some of the considerations.
Ask a Planner: Leave your question for Jason Heath »
Selling real estate is expensive. Of course, there’s the obvious real estate commission payable, which is generally 7% on the first $100,000 and 3% on the balance of the sale price in BC. Some agents charge more or less. Some agents do cash back. And companies offering discounted commissions as low as 1% have gained popularity in cities like Vancouver where prices are high…
The Globe and MailUninsured mortgages pose increasing risk, Bank of Canada saysThe Globe and MailThe number of uninsured mortgages is on the rise in Canada, and new risks are emerging alongside these loans, according to the Bank of Canada. The central bank's twice-annual Financial System Review shows that mortgage credit is climbing faster than …House prices and debt loads a growing concern, Bank of Canada saysCBC.caCanada becoming more vulnerable as rising debt and hot housing get worse, bank warnsFinancial PostPace of housing construction slips more than expected in MayToronto StarBNN -570 News -Bloomberg -Nasdaqall 35 news articles »
Uninsured mortgages pose increasing risk, Bank of Canada says
– theglobeandmail.com
The central bank’s twice-annual Financial System Review shows that mortgage credit is climbing faster than disposable income in Canada, and Canadians are leaning more heavily on home equity lines of credit, which is helping to push up overall levels of consumer indebtedness
Canadians' Debt Getting Riskier, BoC Warns — But We're Getting Better At Paying It Off
– walletpop.ca
The Bank of Canada is yet again raising the alarm about Canadians’ debt levels, but new data from credit ratings agency TransUnion shows Canadians, overall, are getting better at paying off their debts.
The average Canadian now carries $21,696 in non-mortgage debt, a two-per-cent increase from the first quarter of last year, TransUnion said in a report issued Thursday.
Given that StatsCan data shows incomes grew just 0.9 per cent over the past year, Canadians are taking on debt faster than their incomes are growing.
But TransUnion says delinquency rates on Canadians’ debt are falling. The number of delinquencies — debts overdue by more than 90 days — fell by 1.45 per cent from a year earlier.
Toronto led the way, with a 7.55-per-cent decline in delinquencies — despite a three-per-cent increase in total debt.
Among major cities, Vancouver saw the largest increase in non-mortgage debt (up 4.27 per cent in a year), but the city also saw a 1.85-per-cent increase in delinquencies…
