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
How Financing a Furnace Can Affect Your Mortgage + MORE Jun 10th
“Save up to $3,000 on heating and cooling”
“No monthly payments for 3 months”
“No interest for 6 months”
Sound familiar? You’ve probably seen tons of offers like these on flyers and emails from your utility company. It sounds great on the surface. You can save some money.... More »
Mortgage rates under 5%? They’re coming back as lenders slash fixed rates + MORE Dec 7th
For the first time since last spring, mortgage shoppers finally have a condition-free sub-5% fixed mortgage rate option..... More »
BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th
The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable..... More »
Review your mortgage NOW! Next year may be too late. Oct 31st
It’s begun. The message is starting to sink in. The new mortgage rules could eliminate 15% of Canadians from qualifying for a mortgage after January 1st, 2018. The mad rush has started as mortgage inquiries are up significantly. WHO WILL BE AFFECTED? Anyone that has a mortgage renewal in.... More »
Growing Trend: Buying Real Estate with Family and Friends + MORE Oct 25th
While it’s fairly common for those in tight rental markets to have a roommate to help split the rent, an emerging trend is buying real estate with a family member or friend. Faced with high home prices in big cities and tougher mortgage rules, including a new stress test on uninsured mortgages, it.... More »
No Sudden Spring Growth Expected For March Mortgage Rates
– ratesupermarket.ca
RateSupemarket.ca Panel Says Rates To Remain Stable As Buying Season Heats Up
Canadians may be waiting with baited breath for a spring thaw, but don’t expect mortgage rates to rise – or drop – along with temperatures. RateSupermarket.ca’s expert Mortgage Rate Outlook Panel says a lack of influential economic factors will leave both fixed and variable rates untouched for the month of March.
Fixed Mortgage Rates: Unchanged
While the Canadian economy has experienced some positive gains, current conditions such as Canadian household debt levels, are too fragile to absorb a significant rate increase. Bond yields remain consistent, setting the tone for mortgage rates this spring.
Variable Mortgage Rates: Unchanged
While a low Canadian dollar could give our lagging inflation levels a much needed boost, it’s not likely that the Bank of Canada will seize the opportunity to hike central interest rates in this month’s announcement. It’s also not anticipated that they will lower them, as Canadian household debt remains an area of vulnerability for the overall Canadian economy…
MONTREAL – Two-thirds of Canadians polled would like to have put more money into their RRSPs for the 2013 tax year, according to a new survey that found average contributions were down slightly this time around.
The Bank of Montreal’s (TSX:BMO) RRSP deadline survey, conducted last week, said that Canadians were contributing an average of $3,518 to their RRSPs, down $26 from an average of $3,544 for the 2012 tax year.
“It looks like from one year to the next, we’re consistent,” said Chris Buttigieg, senior manager of wealth planning strategy at BMO Financial Group.
“If it was down $1,000, I’d be concerned,” Buttigieg said from Toronto.
Buttigieg noted that Canadians are also juggling other priorities such as mortgages, car payments and month-to-month living expenses.
Meanwhile, more than two-thirds of Canadians were making contributions to their Registered Retirement Savings Plan before the deadline, which expired at midnight Monday night, up from the year-earlier’s 63 per cent…
The Bank of Montreal’s (TSX:BMO) RRSP deadline survey, conducted last week, said that Canadians were contributing an average of $3,518 to their RRSPs, down $26 from an average of $3,544 for the 2012 tax year.
“It looks like from one year to the next, we’re consistent,” said Chris Buttigieg, senior manager of wealth planning strategy at BMO Financial Group.
“If it was down $1,000, I’d be concerned,” Buttigieg said from Toronto.
Buttigieg noted that Canadians are also juggling other priorities such as mortgages, car payments and month-to-month living expenses.
Meanwhile, more than two-thirds of Canadians were making contributions to their Registered Retirement Savings Plan before the deadline, which expired at midnight Monday night, up from the year-earlier’s 63 per cent…
Mortgage loan premiums going up
– canoe.ca
The Canada Mortgage and Housing Corporation is hiking its mortgage loan insurance premiums.
Bank of Canada Announcement: Inflation And Debt Still Top Concerns
– ratesupermarket.ca
In its latest announcement, the Bank of Canada has maintained its overnight lending rate, which sets the cost of borrowing in Canada, at one per cent. The lack of movement isn’t much of a shocker – the rate hasn’t budged since September 2010, and there’s little doubt the Bank is sticking to its commitment to seeing stronger economic growth before hiking interest rates.
The real news is written between the lines of the overall statement, where the BoC reveals its largest concerns for economic threats and the overall sentiment for Canada’s economy. Here’s a look at how this can affect you.
1: Your Variable Mortgage Rate Isn’t Going Anywhere… This Year
The Bank of Canada’s Overnight Lending Rate sets the benchmark for borrowing money in Canada; keeping it at one per cent means the banks can borrow from each other with ease, and that discount is passed down to the consumer. It’s why the best variable rate currently sits as low as 2.35 per cent on our Best Mortgage Rates Table, while the best fixed rates still hover around the three per cent mark…
