Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
TMG The Mortgage Group announces strategic partnership with Mortgage Outlet Sep 10th
TMG The Mortgage Group, one of Canada’s largest mortgage brokerages, has announced a new partnership with Ontario-based Mortgage Outlet..... More »
Buying a second home: How it works in Canada + MORE Sep 25th
What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and.... More »
National Housing Update: How the Real Estate Industry is Faring One Month into 2019 + MORE Feb 16th
Real estate news is typically quiet in January, but there’s been quite a few developments as of late. To quickly recap, Canadian real estate in 2018 ended with four consecutive months of sales declines. Overall, there was a drop of 11 per cent nationwide, with the 2.5 per cent drop from November .... More »
Desjardins sees mortgage growth drive stronger first-quarter earnings + MORE May 15th
Residential mortgages now account for nearly two-thirds of Desjardins’ loan book, while impaired mortgage loans remained relatively stable despite ongoing economic uncertainty..... 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 »
Following up with Home Capital’s Yousry Bissada
– canadianmortgagetrends.com
The most important company in Canada’s non-prime mortgage market today is Home Capital. Not because it’s the #1 lender by volume (that honour goes to Equitable Bank), but because its fate drives sentiment and liquidity in the non-prime space. And that sentiment is on the upswing. Check out Home Capital’s stock price over the past […]
I lost my home in a fire. Can I tap my LIRA to cover costs?
– moneysense.ca
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have a significant amount locked up in a LIRA and it seems ridiculous for our mortgage to go to foreclosure (as it will be soon enough) before we have a chance to sell it and get our money out when it’s finally rebuilt next year. Are there any LIRA loopholes for people who lost their homes in these fires? Can we take money out of the LIRA to help us out financially now?
—Karen
A: Karen, the Fort McMurray fire is a disaster in many ways. There was huge property damage, displacement, disruption of infrastructure, and disruption of employment. The biggest strain has to be the pace at which all of this gets solved. How do you get by financially when you have continuous living expenses while employment opportunities are suddenly limited?
I’m so sorry this has happened to you, Karen…
