Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Variable-rate mortgages regain popularity as Morningstar flags rising risks + MORE Feb 1st
Morningstar DBRS says mortgage portfolios should hold up in 2026 despite a soft housing market, while warning that rising variable-rate use and Alt-A exposure are key areas to watch..... More »
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
TMG The Mortgage Group announces strategic partnership with Mortgage Outlet Sep 10th
TMG The Mortgage Group, one of Canada’s largest mortgage brokerages, has announced a new partnership with Ontario-based Mortgage Outlet..... More »
Mortgage Professionals Canada promotes broker expertise in newly launched campaign + MORE Oct 17th
Mortgage Professionals Canada (MPC) has unveiled a new national campaign emphasizing the pivotal role mortgage brokers play in guiding Canadians towards their homeownership dreams..... More »
Mortgage rates under 5%? They’re coming back as lenders slash fixed rates + MORE Dec 7th
For the first time since last spring, mortgage shoppers finally have a condition-free sub-5% fixed mortgage rate option..... More »
“We paid off our mortgage early. What now?”
– moneysense.ca
My husband and I are not high-income earners. In our mid-40s with an 11-year-old only child, we make less than $101,900—the amount StatsCan says is the median household income for a family with kids.
But we’ve been smart with our money—choosing to live near public transportation, and walking and using the subway as much as possible, saving $350 a month in parking fees at my husband’s workplace, not to mention gas, and also forgoing a second car altogether.
Top-priced peak-season resort vacations were off the table for us. To travel on a budget, we limit ourselves to road trips in the summer, and opt to get away during shoulder season anytime airfare is involved. For instance, we would visit my husband’s family in Ireland in April instead of August, and typically we’d also go for winter vacations either in February or April to miss the high prices at March Break or Christmas.
The payoff? Over the past 14 years, we’ve covered mortgage payments on our modest Toronto house with biweekly accelerated mortgage payments, dropping lump-sum prepayments once or twice per year to reduce the principal faster…
But we’ve been smart with our money—choosing to live near public transportation, and walking and using the subway as much as possible, saving $350 a month in parking fees at my husband’s workplace, not to mention gas, and also forgoing a second car altogether.
Top-priced peak-season resort vacations were off the table for us. To travel on a budget, we limit ourselves to road trips in the summer, and opt to get away during shoulder season anytime airfare is involved. For instance, we would visit my husband’s family in Ireland in April instead of August, and typically we’d also go for winter vacations either in February or April to miss the high prices at March Break or Christmas.
The payoff? Over the past 14 years, we’ve covered mortgage payments on our modest Toronto house with biweekly accelerated mortgage payments, dropping lump-sum prepayments once or twice per year to reduce the principal faster…
Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals
– canadianmortgagetrends.com
OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions. The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to three months as opposed to six. After September 30, any deferrals will be treated according to OSFI’s normal rules. At the height of the pandemic and […]
