Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The $13 Billion Question: Will Ottawa’s “Build Canada Homes” Fix Our Broken Housing Market, or Just Build More Problems? + MORE Sep 28th
Another week, another blockbuster announcement from Ottawa aimed at solving our national housing crisis. This time, it’s a shiny new federal agency dubbed “Build Canada Homes,” launched with a cool $13 billion of your money. The promise? To slice through the red tape, leverage public lands, an.... More »
How the Bank of Canada’s interest rate works—and why it’s rising + MORE Apr 13th
The Bank of Canada has raised its policy interest rate by half a percentage point for the first time in decades, a move intended to slow runaway inflation. The rate hike brings the Bank’s policy interest rate, also known as the overnight rate, up to 1% from the previous 0.5%.
It’s the s.... More »
Weekly mortgage digest: Canadians are pulling back on borrowing Sep 16th
A weekly review of the latest mortgage and real estate news, a recap of key headlines, and a preview of upcoming economic releases..... More »
Special Incentives For Frontline Workers Jul 4th
The last year and a half has been challenging for many of us. But none have been more challenged than the brave frontline workers who put their lives at risk to save others. As a show of gratitude, many businesses have stepped up with discounts, free products, and other incentives. Unsurprisingly, m.... 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 »
Q2 2021 Bank Earnings – Profits Soar as Loss Provisions Plunge
– canadianmortgagetrends.com
The Big 6 banks saw profits soar in the second quarter thanks to strong mortgage growth and massive loan-loss provision reductions.
Rethinking Your Career? Here’s How It Could Affect Your Mortgage
– canadamortgagenews.ca
The pandemic has forced a lot of people to look at their careers more critically. Is my job fulfilling? Does it afford me work/life balance? Flexible hours? Decent time off? Now, with so much uncertainty behind us, people are finding the courage to make a change as part of a trend that many are calling “The Great Resignation.”
You might just want to start working at another company. Or start a business. Or, just take some time off. Whichever direction you decide to take, it’s important to understand how it could affect your mortgage.
If You’re Looking For a New Job
Banks love certainty. For that reason, salaried employees are their ideal borrower. Typically, banks prefer candidates who have been with their company for at least a year. But as long as you’re not within a standard job probation prior to your mortgage closing date, you should be good to go. If the company you’re going to work for isn’t well known, banks might have to do a little more due diligence to assess the risk…
