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
Unsure about buying a home? Why you should open an FHSA now anyway Dec 12th
Buying a home in Canada hasn’t been easy in recent years, but thanks to recent changes to mortgage rules, falling interest rates and more cuts expected in the months ahead, many prospective home owners are feeling freshly optimistic. It all starts with a down payment, though—and the bigger, the .... More »
1.4 million Canadians missed a credit payment in second quarter + MORE Aug 20th
There’s a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows.
It shows 1.4 million Canadians missed a credit payment in the second quarter. While that’s up by 118,000 compared with the same time last year, it’s down sligh.... More »
Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud Apr 15th
The federal government today confirmed plans to consult with the mortgage industry on developing income verification tools through the Canada Revenue Agency..... More »
Canada’s financial consumer watchdog unveils guidelines to support at-risk mortgage borrowers Jul 6th
The country's financial consumer watchdog today unveiled new guidelines urging financial institutions to provide support to mortgage holders who are facing "severe financial stress" and are at-risk of default..... More »
Home prices won’t revert to pre-pandemic levels, should start rising again in 2024: CMHC + MORE May 4th
The Canada Mortgage and Housing Corporation (CMHC) expects home prices to reach a bottom this year, but aren't expected to fall below pre-pandemic levels..... More »
Buying a second home: How it works in Canada
– moneysense.ca
In Canada, the appetite for buying a second home is strong, especially over the last few years. Prior to the COVID-19 pandemic, the proportion of home owners with more than one property ranged from 15% in British Columbia to about 22% in Nova Scotia, according to a recent Statistics Canada report. By June 2021, real estate investor purchases had grown to account for slightly more than one-fifth of all home purchases in Canada—a high not seen since the real estate boom of 2017.
What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and more.
You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…
A deep-dive into the mortgage stress tests: Did they serve their purpose?
– canadianmortgagetrends.com
In this two-part series, economist Will Dunning explores the premise of the mortgage stress tests and their current relevance in the context of today’s sharply higher interest rates and worsening economic conditions.
The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test
– canadianmortgagetrends.com
Canada’s federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages.
A deep-dive into the mortgage stress tests (part 2): They’re necessary, but the design is “flawed”
– canadianmortgagetrends.com
This is the second in a two-part series exploring the impact the mortgage stress tests had on borrowers and some additional and unintended risks they have brought about.
