Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Mortgage payment calculator Oct 11th
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. According to a National Bank of Canada report, the majority of variable-rate-fixed-payment mortgage borrowers who signed onto between 2020.... More »
Latest in Mortgage News: Dominion Lending Centre Unveils New Deals + MORE Oct 23rd
Dominion Lending Centres continued its growth trajectory this month with several new announcements..... More »
Home Prices Heat Up Despite High Interest Rates + MORE May 1st
Some weird stuff is happening in the world of real estate. As you likely know, the Bank of Canada has steadily raised interest rates over the past year in hopes of cooling inflation. This was also supposed to cool the housing market. Conventional wisdom dictates that higher rates would result in mor.... More »
This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? Dec 23rd
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »
How much you need to earn to afford a home in Toronto and the GTA + MORE Oct 8th
Looking at the Toronto housing market through a lens of percentages, shifting sales numbers and interest rates may be the go-to method for industry insiders, but for many run-of-the-mill buyers, there’s really one thing that matters: “What kind of home can I afford?”
To help answer that que.... More »
RRSP, RESP, TFSA or Mortgage prepayment… Which offers the best bang for my buck?
– canadamortgagenews.ca
Trying to decide what’s the best move can be difficult… and, I must admit, this isn’t an easy subject to tackle. There are so many opinions! But it’s important enough that I’m going to put my two cents into the discussion. (My final recommendations are listed at the bottom if you want to fast forward.)
First, let’s come to the understanding that we’re all different and have unique needs. You must first ask for professional advice in order to make up your own mind. Having said that, I think that, for me, this is actually a very easy decision.
RESP – If you have kids, put money into a Registered Education Savings Plan. The government gives you 20% on a max contribution of $2,500/year per child. That’s $500 in free money! Just be careful not to invest in any risky funds or stocks.
TFSA – If you have some extra cash then, yes, put those funds into a Tax-Free Savings Account. You can contribute $5,000/year and any unused contribution limit carries forward each year…
Opinion: S&P Overstates Broker Fraud Driver
– canadianmortgagetrends.com
A few weeks ago, S&P said Canadian bank risk was rising, and it blamed mortgage brokers in the process. The rating agency wrote: “…The growing share of residential mortgages originated via brokers, compound the risks of high household debt and house prices…As brokers do not bear credit risk for the residential mortgages they initiate, and […]
