Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Best Practices to Verify Your Clients’ Down Payments May 25th
Proving the source of your clients’ down payments can sometimes be the most time-consuming part of arranging a mortgage. Even when handled well, the process may sour the buyer experience. Your client will need to provide a comprehensive history of all the money earmarked for their down payment.... More »
I have a home equity line of credit and rates are heading up fast. Am I in trouble? + MORE Apr 19th
If rates keep rising, your monthly interest payments could almost double. But there are some things you can do to protect yourself..... More »
How to protect yourself from identity fraud in Canada + MORE Dec 15th
In 2024, Canadians lost a jaw-dropping $638 million to fraud, according to the Canadian Anti-Fraud Centre (CAFC). That’s already a hefty $60 million more than losses reported the previous year, but the true total is likely much, much higher—experts at the CAFC say that less than 5% of scams are .... More »
Fixed mortgage rates may not follow Bank of Canada cuts, former TD economist warns + MORE Nov 12th
While plenty of consumers believe the Bank of Canada’s steady interest rate cuts will drop mortgage rates meaningfully across the board, economist Don Drummond isn't so sure that prediction applies to fixed rate mortgages..... More »
Latest in mortgage news: Mortgage rates keep surging higher + MORE Sep 29th
Mortgage providers across the country have been busy raising rates over the past week, and it could continue next week with as bond yields continue to rise..... More »
OSFI’s new mortgages rules… a silver lining..
– canadamortgagenews.ca
SEARCHING FOR THE POSITIVE..YES, THERE IS SOME. Hard to find any positive news from OSFI’s (Office of the Superintendent of Financial Institutions) new mortgage rules announced last week. In case … Continue Reading OSFI’s new mortgages rules… a silver lining..
Is this part-time teacher on track to retire in 9 years?
– moneysense.ca
Sarah Press is 41 years old and working as a part-time teacher in Toronto. She also has what she calls some “side gigs” cleaning houses so that she can earn additional income that she hopes will allow her to retire at 50 on a reduced pension. “My true retirement age with the school board is 54 but I’m aiming to go earlier,” says Sarah. “I know retirement at 50 is an ambitious goal for me, especially because I’ve only worked part-time the last eight years. Still, it would be great if I could do it. Teaching is so stressful, and I have so many hobbies that I could retire tomorrow and fill my days with no problem. I love gardening, baking and I’m also very entrepreneurial so spending more time on those interests is what I’m most looking forward to at 50.”
Right now, Sarah earns $55,000 annually—$50,000 annually from her teaching job and another $5,000 in income from her side jobs. Her assets total $775,000 with her largest being her $675,000 condo in Toronto. She’s a few months away from being mortgage free and hopes to put the $8,000 or so annually that she’s paying on her mortgage towards savings in 2018…
