Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
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 »
The Latest in Mortgage News – An Eye on Real Estate + MORE Mar 30th
A number of reports this month have provided some insight into the latest movements in Canada’s housing market. New data shows that home sales and prices continue to fall in Toronto and Vancouver, with the exception of Toronto condo sales, which have reached a new high. RBC also came out with .... More »
How do credit card payment deferrals work during COVID-19? Apr 19th
If you’re dreading your credit card bill, you’re not alone. According to the Bank of Canada, 30% of us carry a balance from month to month, accruing interest, on average, at an eye-watering 19.99%. Simply put, we’re in the red, with an average of $23,800 per Canadian owing on credit cards, lin.... More »
Homeowners, realtors should take steps to protect against title fraud: experts Mar 19th
It's been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you're in default and now owe money comes as a shock..... More »
Canadians are turning to family—and credit—to stay afloat + MORE Jul 20th
Two new surveys reveal the growing financial strain that Canadians face amid rising costs and stagnant wages.
A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn’t have purchased their property without financial help. A separate survey by.... More »
An increase in multi-unit projects such as condominiums, apartments and townhouses helped push the annual pace of housing starts in October higher, Canada Mortgage and Housing Corp. said Thursday.
Buying a home is cheaper than renting. Don’t be intimidated!
– canadamortgagenews.ca
Could 2018 be the year where the pessimists finally get their way? I hate to admit it, but this could be the year where buying a home may not be a good idea.
OK, just kidding!!!
But after years of seeing countless articles and posts about rising interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, NAFTA economic fears and Donald Trump (ok, Trump has nothing to do with this, but you can’t write an article these days without blaming him, right?!), does it still make sense to buy a home?
Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.
And renting should scare the life out of you as rents are hitting ridiculous levels. (I have a client in Owen Sound, Ontario looking to buy because renting a house is costing $1,700/month… in Owen Sound!!)
Here are some numbers for you to consider
Today, a household annual income of $70,000 will qualify you for a $300,000 mortgage…
New Rule Targets HELOC Holders Seeking a Second Mortgage
– canadianmortgagetrends.com
The word is out on a little-known policy used to qualify anyone with a HELOC who is applying for additional financing. Several of the Big Six banks have already adopted the policy, which requires applicants to prove they can afford the theoretical monthly HELOC payment based on the limit of that HELOC, rather than the […]
The Latest in Mortgage News – What the Stats are Telling Us
– canadianmortgagetrends.com
A number of reports and surveys have been released over the past couple of weeks providing insight into everything from borrowing trends and consumers’ financial health to the current state of the real estate market. Here’s a recap of some of the most recent data releases: One Fifth of GTA Refi Deals Now Through […]
