Interested in learning more about property mortgages in Canada? Look no further!
Latest News
The latest in mortgage news: OSFI has no plans to loosen the stress test Sep 17th
Despite today's mortgage borrowers having to qualify at rates in excess of 6% and 7%, Canada's banking regulator said no changes to the stress test are imminent..... More »
Sagen sees earnings dip, offset by stronger mortgage insurance growth + MORE Nov 9th
Mortgage insurer Sagen’s premiums climbed 32% from last year as lower rates fuel housing demand, but softer investment income pulled net earnings down to $119 million..... More »
Should You Apply For a Loan or Line of Credit? Apr 8th
Banks offer a variety of products to give you access to cash. But is every borrowing option the same? If you’re weighing the alternatives, you may struggle with the choice between a loan and line of credit. Only you can decide what’s best for you, but there are some factors to consider..... More »
Watch: What Is the First-Time Home Buyer Incentive? + MORE Apr 7th
In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? Who’s it for? And is it always a good option for buyers?
Through the First-Time Home Buyer Incentive, the government contributes to a .... More »
Q4 Earnings Mortgage Morsels: Scotiabank & RBC + MORE Dec 5th
A reduction in provisions set aside for potential credit losses boosted fourth-quarter earnings results for both Scotiabank and RBC this week..... More »
The Best Credit Cards for Students in 2019
– ratesupermarket.ca
If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1.
This is where a good rewards credit card can come in handy. Not only can you earn points, merchandise or cash-back for you purchases, but you’re also given the opportunity to start building your credit. And this is important if you’re a young adult who doesn’t have any credit to your name. If used responsibly, having a credit card will start you off on the right foot so you are eligible for other types of credit in the future, like personal loans or a mortgage. And there’s a great chance you’ll need one of these things eventually.
Rewards cards generally offer different amounts of points or cash-back for particular spending categories (gas, grocery, pharmacy purchases, etc.). Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save, and if you’re a student, you’re likely looking for a card with little-to-no annual fee…
Remember when I said rates could go down, not up?!
– canadamortgagenews.ca
If you’re a regular reader of this site, you’ll know I’ve been very skeptical and critical of the Bank of Canada (BoC) for continuing to increase interest rates. It just hasn’t made sense.
The BoC raised rates FIVE TIMES between July 2017 and October 2018. That’s a 1.25% increase. For anyone with a $300,000 mortgage, your payment increased by $189 per month. Or, to put it another way, for every $100,000 of mortgage, your payment went up by around $63 per month.
Yet, we kept hearing that the BoC wanted to raise rates further. Economists and other experts were saying we should expect more rate increases by the end of 2018! Wow!
Well, I just couldn’t believe it. It didn’t make sense to me. How could anyone believe the average person could absorb a mortgage payment increase to this extent? If the forecasts were correct, we could have seen mortgage payments increase by $300-500 per month… and maybe more if you had a larger mortgage!
No, this didn’t make sense…
Canada’s biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order.
