Interested in learning more about property mortgages in Canada? Look no further!
Latest News
The Latest in Mortgage News: RBC downgrades its housing market forecast + MORE Jul 28th
RBC says it expects the country's housing correction to "deepen" in the coming months with resale activity and prices falling more than expected..... More »
Opinion: Think twice before handing your mortgage to a bank adviser + MORE Oct 7th
Every now and then, something happens in this business that really drives home an important lesson, and this time, it’s about how trusting the wrong person with your mortgage file can cost you a great deal..... More »
Why mortgage brokers should know prepayment penalty calculations inside and out Mar 20th
All mortgage brokers should have a comfortable working knowledge of how prepayment penalties are calculated and applied. .... More »
HomeEquity Bank raises $200M through CHIP Mortgage Trust note sale May 3rd
Oversubscribed issuance underscores investor demand for reverse mortgage-backed funding.... More »
Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th
High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »
Royal Bank Added $9 Billion in Mortgages to its Portfolio this Quarter
– canadianmortgagetrends.com
Royal Bank exceeded expectations for its third-quarter earnings, driven in large part by strong mortgage growth. Canada’s largest bank grew its mortgage portfolio by $37 billion over the past year, with a gain of $9 billion in the last quarter alone. President and CEO David McKay said he expects “strong mortgage growth to continue.” National Bank of Canada also saw strong results, thanks to a strong housing market in Quebec. Its residential mortgage portfolio was up 12% year-over-year. Both banks […]
CIBC’s Strong Q3 Mortgage Growth Helped Fuel Market Share Gains
– canadianmortgagetrends.com
CIBC and TD Bank closed out the third-quarter earnings season for the Big 6 banks with impressive profits, much like their peers that reported earlier in the week. Also similar to the other banks, the profit growth achieved by CIBC and TD was largely due to falling credit loss provisions, which is money the banks must set aside to cover anticipated bad loans. Since peaking last year, the banks have been able to steadily reduce their provisions as the economic […]
What Does High Inflation Mean for Mortgage Rates?
– canadianmortgagetrends.com
Canada’s inflation rate came in above expectations last week, rising to its highest level in more than a decade. If above-target inflation persists, it could have ramifications for homeowners in the form of shifting rate-hike expectations. Canada’s inflation rate came in burning hot at 3.7% for July, according to data released by Statistics Canada. That’s the third consecutive monthly inflation reading that has come in above the Bank of Canada’s neutral range of 1.75% to 2.75%, which is the range […]
Will I Be Offered a Mortgage Renewal?
– canadamortgagenews.ca
If you’re nearing the end of your term, you might be wondering if your lender will offer you a mortgage renewal. Mortgage renewals are a great way to reassess your needs and potentially even get a better rate than the one you have now. But not getting a mortgage renewal means you have to pay your balance in full – so it’s no wonder so many feel anxious towards the end of their term. Inflammatory headlines about the dangers of mortgage renewals floating around the internet certainly don’t help either.
The good news is you can relax. In Canada, you’re guaranteed a renewal offer from your lender provided you pay your bills on time and don’t have any outstanding balances with Revenue Canada. As long as you’re borrowing from a reputable financial institution, you should be in the clear.
Where it gets tricky is when you borrow from a private lender. Private lenders aren’t federally regulated, so they have no obligation to offer you a renewal. However, for the vast majority of Canadian borrowers, a renewal offer is guaranteed…
