Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Oil slump has led to more empty apartments, CMHC says + MORE Jun 15th
It was a lot easier to rent an apartment in the oil-producing provinces of Alberta and Saskatchewan in April, the Canada Mortgage and Housing Corporation reported Monday..... More »
How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th
Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you.
Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
The Latest in Mortgage News: BoC’s Affordability Index reaches worst level since 1991 Aug 15th
Housing affordability deteriorated to its worst level in over 30 years, according to data from the Bank of Canada..... More »
Home equity line of credit popular for renos + MORE Apr 28th
(iStock)
OTTAWA – You’ve spent hours picking the perfect tile, countertops and cabinets.
You researched the best stoves, dishwashers and refrigerators.
Your budget is set and your favourite contractor is available.
Now you just need to figure out how to pay for it all.
Tony Tintinalli of the Ban.... More »
Record Low Mortgage Rates to Resist Economic Uncertainty + MORE Jun 18th
RateSupermarket.ca’s expert panel says global bond fluctuations won’t impact lender discounts
Recent headlines may point to economic unease internationally and at home, but mortgage shoppers can count on ultra-low mortgage rate pricing to last throughout the summer. RateSupermarket.c.... More »
Early Renewals
– canadianmortgagetrends.com
It’s hard to imagine the mortgage industry getting more competitive than it already is, but it will…every year. One area where lenders are constantly looking to outflank competitors is with…
Spotlight On Mortgages: December 20, 2013
– ratesupermarket.ca
Homeowners are increasingly taking control of their home financing options – and are enjoying savings as a result – according to the comprehensive housing market report released by CMHC this Wednesday.
According to the 2013 edition of the Canadian Housing Observer, an annual market tome released by the crown corporation, there is a growing trend in mortgage rate negotiation, taking advantage of prepayment options, and growing home equity at a faster pace.
It Pays To Question The Posted Rate
The report finds that those who challenged the posted rate offered by big lenders saved on average 2.2 points on their interest rate, based on a survey that finds the average five-year fixed rate held by negotiating buyers to be 3.05, compared to the advertised 5.25 per cent from the banks.
These savings are even greater than last year, when the average rate by negotiation was 1.85 per cent. Buyers are also increasingly turning to brokers to help them secure their best rate – 23 per cent in 2013, compared to just 14 per cent in 1999…
Credit-monitoring agency TransUnion says the non-mortgage debt of Canadians is likely to set a record of of $28,853 next year.
