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
New mortgage changes for 2024: Wider access to 30-year mortgages and more + MORE Sep 19th
Finance Minister Chrystia Freeland has announced changes to mortgage rules she says are aimed at helping more Canadians to purchase their first home.
“It is going to put the dream of home ownership in reach for more young Canadians,” Freeland told reporters Monday, announcing changes she sai.... More »
How much income do I need to qualify for a mortgage in Canada? + MORE Apr 18th
Buying a home in Canada isn’t for the faint of heart—or light of wallet. Home prices have steadily trended higher over the past decade, coming to a national average of $698,520 in March 2024. That’s a 75% increase compared to January 2014, and it marks a whopping dollar difference of $398,119,.... More »
The Canadian mortgage stress test, explained + MORE Jul 19th
The Canadian mortgage stress test applies to anyone applying for a mortgage, refinancing their current home loan, or renegotiating the terms of their mortgage contract with a federally regulated lender. And while provincially regulated lenders have more flexibility when it comes to mortgage app.... More »
The best credit cards for newcomers to Canada for 2024 + MORE Feb 2nd
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Bank CEOs weigh in on “vulnerable” mortgage clients + MORE Jan 12th
Canada's Big-Bank CEOs weighed this week in on the current state of their mortgage clients, including those they consider "vulnerable" in the event of a recession..... More »
7 in 10 Homeowners Say They Could Weather Higher Monthly Payments
– canadianmortgagetrends.com
Despite the prospect of higher interest rates ahead, nearly three-quarters of mortgage holders say they could handle a 20%+ rise in monthly payments.
Watch: Does debt impact your mortgage application?
– moneysense.ca
Canadians who are shopping for a mortgage are likely to already have some form of debt. In fact, between things like student loans, car loans, credit card bills and lines of credit, the average Canadian carries around $30,000 of non-mortgage debt, according to TransUnion. So you might be wondering: How does debt impact your mortgage application? Using debt responsibly helps build your credit history, making it easier for you to borrow from banks and other lenders. But could large amounts of debt prevent you from obtaining the mortgage you want?
Watch this video to understand how debt helps lenders determine your credit-worthiness, as well as how much you can afford on a mortgage, when reviewing your application.
Watch: MoneySense – Does debt impact your mortgage application
More on mortgages:
MoneySense Toolkit: The mortgage affordability calculatorWatch: What is mortgage affordability?Could a line of credit impact my mortgage application?
A guide to five-year fixed mortgage rates
A guide to five-year variable mortgage rates
The post Watch: Does debt impact your mortgage application? appeared first on MoneySense.
Bond Yields Surge to a 3-Year High, Fixed Mortgage Rates to Climb Higher
– canadianmortgagetrends.com
After tumbling in late February, Canadian bond yields have since bounced back and beyond, reaching a three-year high on Wednesday.
Mortgage Borrowing Set a New Record in 2021
– canadianmortgagetrends.com
The amount of mortgage debt taken on by Canadians set a fresh record in 2021, eclipsing the previous record set the year before.
