Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
CMHC reports annual pace of housing starts in April up from March May 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts for April rose 17% compared with March..... More »
TD Bank plans to sell $9 billion in mortgages to comply with asset cap + MORE Jan 23rd
TD Bank is planning to sell around $9 billion in residential mortgages as it works to adjust its balance sheet and meet an asset cap imposed by U.S. regulators..... More »
How high will interest rates go in Canada? Could they reach double digits? Jul 30th
We’re in the midst of a cost-of-living crisis—with sky-high grocery prices and mortgage rates that would have been inconceivable 18 months ago. To fight inflation, the Bank of Canada (BoC) has increased the policy interest rate by a total of 475 basis points (4.75%) since March 2022 (a basis.... More »
Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians + MORE Oct 29th
On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new affordability measures related to mortgages and banking, prepared in consultation with the Financial Consumer Agency of Canada (FCAC), a consumer watchdog organization that focuses on financial services..... More »
CMLS introduces Aveo Flex 40, Canada’s newest 40-year mortgage + MORE Jan 29th
After its recent acquisition by Nesto, CMLS Group is signalling to brokers that they’re ready to do business, introducing a new partnership program and a 40-year amortization mortgage product..... More »
The mortgage stress test has helped protect Canada’s housing market in this downturn: OSFI
– canadianmortgagetrends.com
The mortgage stress test has thus far proven effective in protecting the housing sector from a volatile economy, but further changes haven’t been ruled out, says Canada’s banking regulator.
What happens to your mortgage after a divorce?
– moneysense.ca
Ask MoneySense
My situation is this: My sister has accumulated a huge mortgage with her husband. Her husband has since left her and will walk away from the house as part of their separation agreement. Once his name is off the title of the house, my sister will not be able to make the payments, nor be approved for the mortgage herself. She is refusing to sell her house. She has asked my elderly father to be her co-signer. I think he will feel obligated to agree. If my sister cannot afford the payments once he has co-signed, will my father have to make the payments? Also, when my father passes away, will my sister’s entire mortgage (now half his) automatically come out of his estate? My father would have enough money in his estate to pay the entire mortgage. Or will my sister just need to find another co-signer?
My situation is this: My sister has accumulated a huge mortgage with her husband. Her husband has since left her and will walk away from the house as part of their separation agreement. Once his name is off the title of the house, my sister will not be able to make the payments, nor be approved for the mortgage herself. She is refusing to sell her house. She has asked my elderly father to be her co-signer. I think he will feel obligated to agree. If my sister cannot afford the payments once he has co-signed, will my father have to make the payments? Also, when my father passes away, will my sister’s entire mortgage (now half his) automatically come out of his estate? My father would have enough money in his estate to pay the entire mortgage. Or will my sister just need to find another co-signer?
—Filipa
What happens to your mortgage when you go through separation and divorce
Thank you for your questions, Filipa. Yes, father co-signs the mortgage and your if your sister cannot afford the payments, your father will have to make the payments…
Could diversified funding be the latest trend for alternative mortgages?
– canadianmortgagetrends.com
As the winds of change sweep across the lending landscape, regulatory underwriting guidelines are growing ever tighter. This puts non-bank clients in a precarious position, and mortgage brokers are feeling the pressure.
