Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Incorporate Balance Transfer Offers into Your Arsenal Oct 20th
As mortgage professionals, we are sometimes asked to solve problems slightly outside the scope of our mandate. Naturally, we must take care not to position ourselves as tax experts, accountants or lawyers..... More »
Low Rates Helping Borrowers Pay Off Mortgages at Record Pace Jun 25th
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers pay off their mortgages faster than ever..... More »
Latest in Mortgage News: Financial experts see less risk of an imminent recession + MORE Apr 27th
A recent survey of financial experts reveals a shift in recession expectations, showing a decrease in the likelihood of an imminent economic downturn. However, there is growing uncertainty regarding the timing and degree of anticipated Bank of Canada interest rate cuts..... More »
CMLS introduces Aveo Flex 40, Canada’s newest 40-year mortgage + MORE Jan 29th
After its recent acquisition by Nesto, CMLS Group is signalling to brokers that they’re ready to do business, introducing a new partnership program and a 40-year amortization mortgage product..... More »
Non-mortgage debt and delinquencies on the rise: Equifax Apr 10th
High interest rates have applied the brakes to Canada's housing market, with mortgage originations down nearly 40% compared to a year earlier..... More »
Construction Mortgages: What They Are and How to Get One
– ratesupermarket.ca
Needless to say, building your dream home involves a lot more work as opposed to buying a ready-build – it’s more than just drawing floor plans and picking out counter finishes. Buying a piece of land and constructing your own home from scratch also requires you to get a different type of mortgage as well.
Whereas a typical mortgage is a complete loan on an existing property that the borrower pays back in increments, a construction mortgage (or “builder’s” or “self-build” mortgage) covers the cost of the construction of your property.
There are two common types of construction mortgages: completion mortgages and progress-draw mortgages
Completion mortgages
If you choose to go with a completion mortgage, you’re essentially on the hook for construction costs until the project is finished, which at that point, the funds will be transferred to you. Most lenders who offer these types of mortgages want construction to be finished within 120 days. And unlike progress-draw construction mortgages, you have the ability to make changes to the mortgage amount up to 30 days before you take possession of the home…
Higher Mortgage and Insurance Rates, Rents, and Food Prices Drive Increase in Inflation Rate
– ratesupermarket.ca
Canada’s inflation rate, the Consumer Price Index (CPI), saw a bump in March to 1.9 percent on a year-over-year basis after a slower start in January and February. This raise brings inflation closer to the central bank’s two percent target.
The major contributors to this increase are rising mortgage interest costs, rent, auto insurance, and the increased cost of fresh vegetables in Canada. In fact, vegetables rose 15.7 percent this year in comparison to last year, meaning consumers have likely been noticing a rather sharp increase in their grocery bills.
CBC reports produce such as apples are up by 13.92 percent and tomatoes are up by 15.98 percent. Meanwhile, in large part due to the E.coli outbreak in romaine lettuce, lettuce is up by 19.25 percent.
“When you look at the new food guide and the amount of fruits and vegetables we are being encouraged to eat, certainly these prices are discouraging,” Sylvain Charlebois, a professor of food distribution and policy, told the CBC…
