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
Canadian home sales hit “speed bump” in July, despite rate cuts Aug 17th
Falling mortgage rates haven't yet had a a significant impact on real estate activity, according to recent data..... More »
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
Buying a second home: How it works in Canada + MORE Sep 25th
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 »
How much income do you need to buy a home in Canada? A look at housing affordability in November 2025 + MORE Dec 24th
For a while there, it appeared Canada’s housing market was seeing shoots of improvement – but buyers retreated back to the sidelines in November, further dousing price growth and leading to overall improved affordability conditions. As reported by the Canadian Real Estate Association, home sales.... More »
FSRA introduces stricter guidelines for mortgage broker licensing + MORE Jul 20th
FSRA has issued new guidelines to enhance mortgage broker licensing standards, aiming to better protect homebuyers and investors..... More »
How To Navigate Three Common Mortgage Scenarios
– canadamortgagenews.ca
It’s a confusing time to be a homeowner. Rates are up, and everyone has an opinion on what will happen next. It’s easy to get sucked into social media rabbit holes and make decisions motivated by fear. But at times like these, it’s crucial to block out the noise and do what’s right for you.
To that end, here are three common scenarios along with my recommendations on how to save money and hang onto some peace of mind.
Scenario #1: My mortgage is up for renewal this year
The lowest rates you’ll find right now are 5-year fixed rates. That does NOT mean you should lock into a 5 year commitment. Rates will come down, and they could start as soon as Spring 2024. You don’t want to find yourself in a situation in a few years where rates have come down substantially and you’re still locked in for two more years at a much higher rate.
My advice? Go with a 3-year fixed rate term. I would recommend an even shorter term, but rates for a 1 or 2 year term are as high as 7%…
Canada’s mortgage stress test: Obsolete or still doing its job?
– canadianmortgagetrends.com
Originally introduced to mitigate borrower default risks in the event of rising interest rates, some brokers now argue that Canada’s mortgage stress test is no longer needed with interest rates presumably near their peak.
