Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Breaking down bank fees + MORE Jul 16th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
Should you buy or sell first in today’s real estate market? May 1st
We’re in the market for a new home, but we aren’t sure whether we should sell our home first or buy first. We’ve had people suggest both, and we’re wondering what might be best in the current real estate market.
Should you buy or sell first in real estate?
Whether you should buy .... More »
7 smart strategies for first-time home buyers + MORE Nov 19th
If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the.... More »
Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes Apr 13th
The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months.
While the federal government is taking .... More »
Canada’s home renovation costs are still climbing, but the pace is slowing Jan 11th
Home reno costs in Canada continued to climb in Q3, driven by higher roofing and window expenses, with many homeowners relying on their home equity to fund these projects..... More »
What You Need to Know About Ending Your Mortgage Early
– ratesupermarket.ca
According to mortgage industry experts, more than half of Canadians end their mortgages before maturity. The reasons they may choose to break their mortgage vary: finding better interest rates, needing home renovations, changing family composition, moving for work, or kids going off to university. If you choose to break your mortgage outside of your renewal period, you will pay a penalty. So, when does it make sense to end your mortgage early and how does the process work?
How are mortgage penalties assessed?
Mortgage penalties are intended to compensate lenders for the money they’ll lose if you break a mortgage contract. The majority of mortgages can be broken, including fixed and variable rate mortgages. Penalties are usually less if you’re breaking a variable mortgage. The penalties for breaking a fixed-rate mortgage can be high enough that it won’t be a good financial choice to break a fixed-rate mortgage simply to refinance.
Variable rate mortgage penalties are straightforward…
A Rate War on Canada Day?
– canadamortgagenews.ca
I’ve never seen more competition with mortgage rates in my 30-year career than I have in the first five months of 2019!
Rates are under 3%!
On May 10th, a new jobs report was released by the federal government showing 106,000 new jobs created in the month of April. This blew away all expectations. And, the reaction was immediate, including higher mortgages being imminent and a bull stock market on the horizon… and yet, this didn’t happen.
Even this unexpected positive economic news could not stop the more common belief that our economy and the economies of the world were not on fire. This was most likely a one-time thing.
The following week, we didn’t see the normal rate spikes that would typically follow this positive economic news. Instead, we saw wholesale mortgage rates drop a little further. This is due to lower bond yields, which lead to lower fixed-mortgage rates. Lower yields reflect reduced investor confidence in Canada. Bad news for Canada, but good news for mortgage consumers…
The Latest in Mortgage News: New Data on Financial Distress in Canada
– canadianmortgagetrends.com
A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skipping or making a late non-mortgage payment. […]
