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
Weekly mortgage digest: Canadians are pulling back on borrowing Sep 16th
A weekly review of the latest mortgage and real estate news, a recap of key headlines, and a preview of upcoming economic releases..... More »
Latest in Mortgage News: Toronto and Vancouver Home Sales Up 25+% in October Nov 7th
The postponed spring housing market has now extended its run well into the fall, with home sales in Toronto and Vancouver up 25% and 29%, respectfully, compared to a year ago. The high demand is continuing to put pressure on prices as well. The average selling price for all home types in Toronto ros.... More »
Scotiabank says variable-rate mortgage clients “showing signs of stress” + MORE May 30th
Scotiabank says high interest rates are increasingly weighing on consumers, resulting in a credit deterioration among its variable-rate mortgage customers..... More »
CMHC’s Evan Siddall Addresses B-20 at National Mortgage Conference Oct 31st
In what must have felt like walking into the lion’s den, CMHC head Evan Siddall addressed concerns about recent regulatory changes in front of a crowd of over 1,000 mortgage professionals on Monday. Siddall attended Mortgage Professionals Canada’s annual conference in Montreal, answering questio.... More »
1.4 million Canadians missed a credit payment in second quarter + MORE Aug 20th
There’s a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows.
It shows 1.4 million Canadians missed a credit payment in the second quarter. While that’s up by 118,000 compared with the same time last year, it’s down sligh.... More »
The problem with low mortgage delinquency rates
– moneysense.ca
When the Canada Mortgage and Housing Corporation announced earlier this week that mortgage delinquency rates had fallen to the lowest level in decades during the fourth quarter, there was a rash of stories patting Canadians on the back for their financial prudence. If you listened to the experts and commentators, you would certainly think that Canadians are the sound personal fiscal managers the world thinks we are.
But do these numbers really support that belief?
This question rankles many of us in the trenches of the debt business. Licensed insolvency trustees regularly see people who manage to meet their mortgage payments for months, even years, while the rest of their fiscal house falls down around them.
Before going any further, let me state I understand that our typical client may not reflect the average Canadian households. But as I wrote in Maclean’s in April, we were seeing a significant increase in the number of people coming into our offices who ought to be doing a lot better financially…
But do these numbers really support that belief?
This question rankles many of us in the trenches of the debt business. Licensed insolvency trustees regularly see people who manage to meet their mortgage payments for months, even years, while the rest of their fiscal house falls down around them.
Before going any further, let me state I understand that our typical client may not reflect the average Canadian households. But as I wrote in Maclean’s in April, we were seeing a significant increase in the number of people coming into our offices who ought to be doing a lot better financially…
Homebuyers: Avoid These Common Mortgage Pitfalls
– canadianmortgagetrends.com
A home is the largest purchase most people will make in their lives. That should reinforce the importance of planning ahead, doing your research, relying on the advice of experts and not rushing through the process. With nearly 700,000 homes purchased in Canada each year, there’s no shortage of anecdotes about the issues and surprises […]
