Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Mortgage industry reps provide feds with proposals to address housing affordability Nov 13th
Representatives from Canada's mortgage industry presented the federal government with several proposals they say will help address the country's housing affordability crisis..... More »
Why Everyone Should Choose The Longest Amortization Possible + MORE Oct 16th
One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible. I get it! And then I hit them with an unexpected recommendation. I tell them to take the .... More »
OSFI unlikely to tweak the mortgage stress test tomorrow + MORE Dec 16th
Canada's banking regulator is set to announce the results of its annual review of the mortgage stress test's minimum qualifying rate on Thursday..... More »
‘It’s choking me’: This homeowner’s mortgage payments have shot up by more than $1,000 a month. What should he do? + MORE Dec 31st
‘I was naive. I’ve never experienced rate hikes like this before,’ homeowner says, adding he plans to switch to a five-year fixed rate when rates hit 3%..... More »
The Latest in Mortgage News: Bond yields soar higher, fixed mortgage rates expected to follow Jun 15th
Bond yields surged to a fresh 14-year high this week, driving expectations that fixed rates are likely to continue rising..... More »
Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments
– canadamortgagenews.ca
You might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired, borrowers would default in droves.
Except that isn’t what happened at all.
The Bank of Canada just released a report stating that only 0.78% of homeowners are behind on their mortgage payments. Yes, this is slightly higher than pre-pandemic levels. But it’s nowhere near the cataclysmic event prophesied by the press. Plus, this number is gradually falling and is expected to level out in the near future. It’s now been three months since most payment deferrals have come to an end, and the outcome is clear: Canadian homeowners are keeping up with their payments.
Homeowners Are Better At Paying Down Debt
What’s even more interesting about the report is that homeowners appear to be better at paying their debts than renters…
The Latest in Mortgage News: TD, CIBC Hike Mortgage Rates
– canadianmortgagetrends.com
TD Bank and CIBC were the first of the Big 6 banks to reverse their recent mortgage rate cuts last week.
