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Latest News
Mortgage debt taking up a record share of income Mar 17th
Borrowers are now spending roughly $1 out of every $13 of their disposable income on servicing their mortgages. That’s according to Statistics Canada’s fourth-quarter national balance sheet and financial flow accounts. The data shows Canadians are spending 7.66% of their household dispos.... More »
Renting out your home can bring cash—and complications + MORE May 21st
If you search “Airbnb how to get started” you’ll reach their splash page with a big number. As of May in Toronto, Airbnb says you can make more than $4,000 per month during the FIFA World Cup. It’s a powerful lure for someone who needs help with their rent or mortgage, and has a spare room t.... More »
Fixed mortgage rates in Canada resume their decline amid economic volatility Feb 5th
After a short-lived upswing in bond yields last month that nudged some fixed mortgage rates higher, lenders are once again bringing them back down..... More »
CIBC’s Tal: “This is not a meltdown,” but expect short-term pain + MORE Oct 23rd
Despite softening origination activity, mortgage professionals should welcome the current "reset" to healthier market conditions..... More »
Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd
More and more Canadians are having trouble making payments as rates continue to rise. Here’s how to get back on track and make sure you don’t put your home in jeopardy..... More »
What happens when a buyer backs out of a real estate deal?
– moneysense.ca
When it comes to backing out of a real estate deal, the law doesn’t tend to side with the dealbreaker, says Ron Butler, a veteran mortgage broker and one of the founders of Butler Mortgage in Toronto. If you’re the buyer, “You should find a way to complete the sale—beg, borrow, do whatever you need to do—but close, because the case law overwhelmingly favours the seller,” he says, adding that the courts aren’t usually sympathetic towards the dealbreaker, no matter their reasons or motivations.
Julia Sebastian discovered this the hard way. She entered an agreement of purchase and sale for a $995,000 home on Glasshill Grove in the Erin Mills neighbourhood of Mississauga, Ont in May 2017. She seemed particularly eager. Not only did she offer $45,100 above asking, but she also waived the two conditions of adequate financing and a home inspection—a move intended to make her offer as attractive as possible.
Before the deal could close, the property was appraised for only $920,000, and as a result, Sebastian’s financing was denied…
BMO sees “modest” risk of rising delinquencies as mortgages renew at higher rates
– canadianmortgagetrends.com
In its third-quarter earnings call, the Bank of Montreal said rising interest rates will have the greatest impact on mortgage borrowers at renewal time.
