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
As expected, rates are beginning to fall + MORE Jul 17th
Some good news on mortgage rates…
Mortgage Brokers are receiving good news this week from many financial institutions. Wholesale fixed mortgage rates are falling. Great news for anyone buying, refinancing or renewing their mortgage in the near future.
The news co.... More »
Housing affordability challenges leading to increased risk of fraud + MORE Mar 29th
With higher prices and interest rates putting the dream of homeownership further out of reach studies suggest Canadians are more comfortable inflating certain details of their mortgage application — a form of fraud that could have serious legal ramifications..... More »
“Is it better to pay down our mortgage or ramp up contributions to our teen’s RESP?” + MORE Nov 30th
Q. My husband and I, both in our early 40s, bought a house in Toronto four years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%.
We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaini.... More »
How condo insurance works Jul 25th
Condo insurance is a smart decision. Regardless of whether you just purchased a brand new loft or a cozy older suite, you’ll need to make sure your asset is protected.
While condominium insurance is not required by law like car insurance, often mortgage lenders or your building will require you .... More »
Kerzner: Your Involvement is Vital to the Mortgage Industry Dec 6th
We are all learners; as parents, as students, as leaders, as employees. An important part of learning, for me, is reflection. We can only really grow and improve when we take a good, hard look at what’s working and what’s not. My time has ended as Director of Ontario, and Executive Member of t.... More »
What the new mortgage rules mean for homebuyers
– moneysense.ca
Today, the Office of the Superintendent of Financial Institutions (OSFI) introduced new rules on mortgage lending to take effect next year.
OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price).
The rules now require the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada (presently 4.89%) or 200 basis points above the mortgage holder’s contractual mortgage rate. “The main effect will be felt by first-time buyers,” says James Laird, co-founder of Ratehub.ca. “No matter how much money they put down as a down payment, they will have to pass the stress test.” The effect of the changes will be huge, resulting in a 20% decrease in affordability, meaning a first-time homebuyer will be able to buy 20% less house, explains Laird.
MoneySense asked Ratehub.ca to run the numbers on two likely scenarios and find out what it would mean for a family’s bottom line…
The Canada Mortgage and Housing Corporation has crunched numbers on the assumption that the economy could get rocked by any number of different calamities and come to the same conclusion: the corporation itself would be all right.
OSFI announces strictest mortgage rules ever… what you need to know.
– canadamortgagenews.ca
HARDER TO QUALIFY WITH 50% DOWN THAN WITH 5% DOWN.. DOES THIS MAKE SENSE? October 2016, our Federal govt announced a number of new mortgage rules including the infamous new ‘stress test’ for all insured mortgages. Mortgage default insurance is required for all mortgages greater than 80% loan to value. You have to qualify at […]
BREAKING: Ontario Car Insurance Rates Decrease
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have decreased by 0.1 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the third quarter of 2017, approved rates from auto insurance companies decreased by 0.1 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by as much as 8.9 per cent, and another inflating its rates by 5.9 per cent on average.
“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement…
Family celebrating a graduation. (Hero Images/Getty Images)Most parents have barely taken their baby on their first stroller ride when they start to wonder how to pay for a university education. There’s a lot to figure out. Can they afford it? How much will they need to save? And what’s the proper way to invest their money now? With Canadian universities estimating that a single year of post-secondary expenses—including tuition, room and board, food, transportation and books—costs between $18,000 and $25,000, the price tag for four years can easily reach $80,000 or more. Further, recent studies by the Canadian University Survey Consortium show that Canadian post-secondary students leave university with an average debt load of $27,000. But don’t feel discouraged by the steep costs. Having a plan will make things feel far more manageable. “Life is so busy,” says Annie Kvick, a certified money coach in Vancouver. “It pays to put milestones in your calendar . . . when there may be a little extra money to put toward your child’s education savings, like when daycare costs are done, the mortgage is paid off or the stay-at-home spouse goes back to work…
