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
From military service to mortgage success: How Philippe Gauvin found his perfect calling + MORE Jun 24th
When Philippe Gauvin completed his military service in 2019, he wanted to find a career that similarly valued discipline, a strong work ethic, and that provided the opportunity to help people..... More »
Latest in Mortgage News: Big Banks Lowering their 5-year Fixed Rates Sep 20th
CIBC became the second Big 6 bank to cut its 5-year fixed mortgage rate today..... More »
Should you get a fixed or variable-rate mortgage? Why the usual advice may no longer apply Mar 17th
After more than a decade of variable rates coming out on top, experts say fixed mortgage rates may have hit bottom and are already starting to climb..... More »
Mortgage brokers are slowly embracing AI tools like ChatGPT + MORE Jul 15th
AI is creeping into every industry imaginable, from oil and gas to fintech, and the mortgage industry is no exception..... More »
The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th
Canada's federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages..... More »
Live Your Life: You’ll never see a U-Haul following a hearse!
– canadamortgagenews.ca
Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?
Statistics tell us that the average annual income for a senior in Canada is $33,500. In the meantime, the average cost of owning a home plus living expenses is $55,000.
That’s where things become unclear. This is where our plans seem to change. We’re holding strong to the idea that we need to work hard all our lives, pay off our mortgage, then scrimp and cut back on our enjoyment in retirement. Why not tap into/spend the equity in our homes or savings to enjoy our lives after working so hard?
We hang on to the notion that we must pass along our net worth to our children… that we should leave them with enough money so they never have to struggle or so their lives are easier or better than ours…
Stress Test Impacts Measured
– canadianmortgagetrends.com
The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market […]
