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
Should retirees pay off their mortgages with investments? + MORE Nov 28th
Ask MoneySense
I retired this year and my mortgage is coming due soon. My advisor said to keep the mortgage as rates are low possible and keep the money invested to keep making me money. I’m not sure this is wise, and my advisor works for the bank who holds my mortgage. What do you think?
–Li.... More »
Investing outside RRSPs and TFSAs + MORE Oct 8th
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Q: After I max out my RRSP and TFSA contributions, what can I invest in?—Dale
A: Congratulations on maxing out your RRSP and TFSA, Dale. Statistics show that there’s a lot of unused RRSP and TFSA room in Canada, so maxing yours out is no small feat.
Depending on your situation, ther.... More »
Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 7th
Mortgage default insurance is mandatory on down payments between five and 19.99 per cent, and as of July 1 it will be even harder to qualify through the national housing agency. But don’t panic just yet..... More »
The complete guide for first-time home buyers in Canada + MORE Mar 28th
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 »
Equifax Launches Income Verification System + MORE Jan 23rd
Lenders across the country are trying to build their own versions of the evolutionary, if not revolutionary, Rocket Mortgage. But there’s one problem. Unlike in the U.S. where income/employment verification services are already available, Canada hasn’t had a good solution. That has now changed. .... More »
Should CMHC Insurance Premiums Be Lower For First-Time Buyers?
– ratesupermarket.ca
Buying a home today is more expensive than ever. In economic hubs like Vancouver and Toronto, prices continue to climb into the stratosphere. You can expect to spend on average a whopping 87 per cent of your median household income on housing in Vancouver, while you’ll spend 62 per cent in Toronto. It’s no wonder first-time homebuyers are struggling to get started in the housing market!
No Such Thing As A Starter Home?
The housing market is quickly getting out of reach for our youngest adult generation. With bleak job prospects and an average of $26,000 of student debt, it can be tough to save even the minimum five per cent down payment. Brian Bell, a real estate broker and former mortgage default insurance executive, believes first-time homebuyers need a break. He has started a petition urging CMHC to lower its insurance premiums by 15 per cent for first-time homebuyers.
The Affordability Struggle
In Toronto the average selling price of homes reached a staggering $539,058 in October 2013…
VERICO BrokerBase: Simplicity is Underrated
– canadianmortgagetrends.com
Consider these stats on mortgage customer follow-up: Over 90% of consumers want to hear from their mortgage professional after closing (Source: Maritz Research survey) The optimal contact frequency, say consumers,…
One-on-One With Invis-MI's Cam Strong
– canadianmortgagetrends.com
Every now and then we get a chance to delve into a brokerage firm’s model and see how it ticks. The inner workings of Invis-Mortgage Intelligence are of particular interest,…
