Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
13,000 CIBC mortgage clients have come out of negative amortization Dec 19th
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
Why three big banks raised fixed mortgage rates despite falling bond yields + MORE Dec 3rd
Despite low bond yields, banks and other lenders are continuing to raise rates. We talked to several rate experts to understand why..... More »
Loanova prepares to launch Canada’s first fractional mortgage platform + MORE Nov 27th
The tech-driven startup plans to let everyday investors buy small stakes in syndicated mortgages, while helping borrowers who don’t qualify for traditional bank financing..... More »
Is a reverse mortgage right for you? + MORE Aug 15th
Many Canadians are “house rich.” Their net worth appears healthy (the average tops $675,000), but in reality, a large chunk—sometimes 50% or more—of that wealth is tied up in their homes. Factor in the nation’s growing personal debt (according to Statistics Canada, we collectively owe $1.7.... More »
Financial infidelity hurts, but there are ways to get past it + MORE Oct 22nd
The down payment for your home purchase is topped up, and it’s finally the day you and your partner meet with a mortgage adviser. But something isn’t clicking. When the adviser runs a credit check, your joint report comes back in shambles with unexpected outstanding debt. The adviser ca.... More »
Latest in Mortgage News: June Data Indicates a Housing Rebound. But Will it Last?
– canadianmortgagetrends.com
Home prices, sales and new starts are all rebounding, according to the latest June data. But some, including the Canada Mortgage and Housing Corporation (CMHC), say risks remain. This week, a slew of housing data was released from local real estate boards and the CMHC showing overall improvements in June home price and sales, with housing markets in the West being a key exception. Here’s a rundown of some of that data (with housing starts data from CMHC): Greater Toronto […]
A Decline in House Prices Could Lead to an Increase in Mortgage Defaults
– ratesupermarket.ca
The COVID-19 pandemic has had a profound impact on the Canadian economy. While the number of new cases is now trending in the right direction in many parts of the country, the economic carnage will continue to be felt for some time. One area that is being closely watched is the real estate sector. There is a growing fear that we could soon witness a wave of forced sales and foreclosures in the wake of the pandemic.
As the potential for the spread of the virus became apparent earlier this year, governments at all levels in Canada ordered much of the economy to be shut down. This led to a record surge in unemployment. To offset the sudden loss of income experienced by millions of Canadians, the federal government quickly rolled out the Canada Emergency Response Benefit (CERB).
The country’s banks and other mortgage lenders also rose to the challenge by allowing its customers in need to defer their mortgage payments for up to six months. This deferral period has saved many from defaulting on their mortgages…
