Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
OSFI considering the need for additional regulations on existing mortgages + MORE Apr 22nd
Canada’s banking regulator says it is considering whether to extend the scope of its mortgage guidelines to include existing mortgages. In its second Annual Risk Outlook released this week, the Office of the Superintendent of Financial Institutions (OSFI) said it will “consider the scope of .... More »
Challenges and opportunities for mortgage brokers in the current rate cycle + MORE Sep 13th
The current rate environment presents new hurdles for mortgage brokers while also opening up potential growth opportunities for those able to adapt..... More »
Beyond home prices: What the new CMHC affordability index reveals about Canada + MORE Apr 24th
Take a look at just about any housing affordability index in the country and you’ll notice something pretty quickly: they almost always focus exclusively on home prices and mortgages. Rental units simply aren’t included.
The Canada Mortgage and Housing Corporation (CMHC) has acknowledged this.... More »
You bought a home—should life insurance be next? + MORE May 9th
Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable.
That reality is driving more homeowners to buy life .... More »
Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research Jan 9th
Despite anticipated Bank of Canada interest rate cuts later this year, mortgage borrowers will continue to face higher debt-servicing costs for several years..... More »
Don’t Fear the Digital Future of the Mortgage Industry
– canadianmortgagetrends.com
There’s no denying the mortgage industry—like many others—is in the midst of a digital transformation. Depending on your perspective, that’s something that can either be feared or embraced as a new opportunity. The fear, of course, is that as the industry moves towards greater automation of the mortgage process, the jobs of brokers and underwriters […]
I'll say it again. You'll never see a U-Haul following a hearse!
– canadamortgagenews.ca
That’s right, I’ve said this before, and will say it again.Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.
This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?
Statistics tell us that the average annual income for a senior in Canada is $40,000. In the meantime, the average cost of owning a home plus living expenses is $55,000.
That’s where things become unclear. This is where our plans seem to change. We’re holding strong to the idea that we need to work hard all our lives, pay off our mortgage, then scrimp and cut back on our enjoyment in retirement…
