Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The complete guide for first-time home buyers in Canada + MORE Apr 22nd
Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approv.... More »
Ask the Expert: Can the new Liberal housing plan solve Canada’s housing crisis? Jun 14th
Recently, Prime Minister Mark Carney and the Liberal party unveiled Building Canada Strong, a new ambitious housing plan to accelerate residential construction with the goal of building 500,000 homes a year.
Their most notable policies include cutting development fees for new cons.... More »
Mortgage Industry Reacts to Liberal Budget + MORE Mar 21st
Hoping for minor tweaks to the mortgage stress test, the Liberal government’s 2019 budget instead left many in the industry underwhelmed and with more questions than answers. The stress test was left untouched, and instead Finance Minister Bill Morneau announced two key changes aimed at easing aff.... More »
Big Bank Mortgage Rates Rising: What it Means for You May 3rd
Four of Canada’s Big Six banks have now raised their posted mortgage rates since last week, sparking concern by homebuyers and existing homeowners about the implications. TD kicked off this round of rate increases last week by raising its various mortgage terms, including an astounding 45-bps .... More »
TMG The Mortgage Group announces strategic partnership with Mortgage Outlet Sep 10th
TMG The Mortgage Group, one of Canada’s largest mortgage brokerages, has announced a new partnership with Ontario-based Mortgage Outlet..... More »
Another Fixed Rate Mortgage Increase From TD
– ratesupermarket.ca
Fixed mortgage rates continue to see price increases as bond yields remain high, with TD Canada Trust hiking their five-year fixed rates for the second time in as many weeks.
Effective today, TD’s five-year fixed closed is 3.39 per cent. This follows last Tuesday’s increase of 10 basis points to 3.29, along with a hike to their four-year fixed rate to 3.09 per cent. The rate raise came on the tail of lenders RBC and Laurentian, who also hiked select fixed rates last week.
Bond Yields Drop Slightly, But Still Prompt Increase
Government of Canada bond yields correspond directly with fixed mortgage rates. Lower yields signal a decline in investor interest, resulting in dropping bond prices. This leads to higher funding costs for lenders, who pass these costs along to consumers in the form of higher mortgage rates.
Today’s bond yields sit at 1.54 per cent, a slight drop from last week’s high of 1.63 per cent, and the 13-month high of 1.70 per cent, seen in early June. However, yields are still well above the 52-week low of 1…
Real Estate: Hottest Housing Markets 2013
– ratesupermarket.ca
Spring and early summer is one hot time to buy a house. It’s easy for buyers to get around, homes and condos look even more attractive surrounded by greenery and sunshine. As long as you can close a deal in time for the new school year in September, you can often move a house this time of year.
However, sales numbers have been down over the past year nationwide. This is thanks to new mortgage rules that have eliminated 30-year mortgages and high-ratio mortgages (less than 20 per cent down).
But the Canadian market is still very much thriving, and in certain Canadian cities, the hot summer market is more of a scorcher. Let’s see what’s going on in our busiest housing markets.
Toronto: Neighbourhoods Drive Demand
While sales this spring were down around three per cent from last, Toronto is still seeing bidding wars, short turnarounds and sky-high prices. The average home price was $542,174 in May, up 5.4 per cent from last year.
Experts say Toronto’s market is a complex one. While sales are down, prices are still climbing…
New Challenges for Borrowers and Brokers Alike
– canadianmortgagetrends.com
Special to CMT, By Karen Beattie, NEXSYS Financial I have a favourite saying, which is “the only constant in life is change.” This certainly applies to the mortgage industry over…
Q2 2013 Bank Earnings – Mortgage Morsels
– canadianmortgagetrends.com
If there’s one recurring mortgage theme from the Big 6 banks’ recent earnings announcements, it is "stress testing." That’s where a bank simulates extremely adverse economic scenarios in a statistical…
Stop Mortgage Stress: 3 Tips
– ratesupermarket.ca
My wife and I had been dating for a while when we decided that we were going to get married. But we ended up buying our first house together nearly two years before we finally exchanged vows. And I don’t mind saying that the decision to co-sign for a mortgage was definitely the more stressful commitment. The house we bought cost about $340,000 and for weeks afterwards I’d bolt awake in the middle of the night in my rental apartment thinking, “One third of a million dollars. Have we made a mistake?” Of course, in the 10 years since that place has probably doubled in value. Yes, getting a mortgage is stressful. But truly understanding how they work – and your own financial situation – can help you stop mortgage stress.
Under Pressure
According to a survey conducted for ING, two-thirds of Canadians with mortgages admit to it being a stressful process, specifically, finding it complicated (31 per cent), confusing (20 per cent), or hard to figure out (16 per cent). Many also find it to be time consuming and “annoying…
