Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Latest in mortgage news: OSFI head applauds lenders’ efforts to shorten amortization lengths + MORE Apr 3rd
OSFI says it is encouraged by the progress Canadian lenders have made in reducing amortization lengths of the mortgages within their portfolios..... More »
Trump fires Federal Reserve Governor Lisa Cook - The Globe and Mail Aug 26th
Trump fires Federal Reserve Governor Lisa Cook The Globe and MailWhat Trump’s firing of Fed governor means for central bank’s independence The GuardianTrump seeks to fire Fed governor, triggering fresh independence crisis Sky NewsTrump has accused Fed Governor Li.... More »
The Latest in Mortgage News: Mortgage Debt Soars as Credit Card Debt Falls to 6-Year Low Jul 19th
Canada's hot housing market was behind a 41.2% annual increase in new mortgages as of the first quarter, Equifax Canada reported..... More »
Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th
The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
Insights From A Top Canadian Economist: Part 2 + MORE Nov 4th
Canadian economist Benjamin Tal’s presentation at the National Mortgage Brokers Conference was eye-opening. In it, he posited a holistic view of what’s happening with the Canadian economy and what we can expect to happen next. He’s rarely been wrong in the 20 years I’ve been following him &#.... More »
Half of Canadians Would Rather Renovate than Relocate
– ratesupermarket.ca
A recent RateSupermarket.ca survey revealed over half of Canadians would choose to renovate their current home, instead of moving to a new home, if they had a budget of $50,000.
With the current high-interest-rate environment and introduction of stricter mortgage regulations, there has been great focus in the media on potential Canadian homeowners struggling to break into the market. These factors also impact current Canadian homeowners and their ability to relocate, however the survey found that the main reasons Canadian’s would rather renovate their existing home than move are comfort and convenience – with a large number saying they simply like their current home and neighbourhood too much to move.
Less than a third of respondents cited affordability as the deciding factor in their choice of “renovate” over “move”.
Who would rather renovate than move?
The survey found a majority of Canadians in every age group would choose to renovate their home, but there was a clear difference among older Canadians…
