Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Latest in Mortgage News: Newton to Provide Free TransUnion Access to its 6,000+ Velocity Users + MORE Jun 28th
Starting today, the more than 6,000 mortgage brokers who use the Velocity mortgage operating system will gain free access to TransUnion credit reports for the remainder of the year. The offer is part of a campaign by Newton Connectivity Systems, which operates Velocity, to encourage greater diversif.... More »
Latest in Mortgage News: New Immigrants Driving Housing Demand Oct 28th
The growing demand for real estate in Canada is being driven largely by newcomers, who are making one out of every five home purchases in the country, according to a new survey. New immigrants to Canada (defined as those who have arrived within the last 10 years) represent 21% of homebuyers and are .... More »
Tapping into Lower Interest Rates: Does Renewing Your Mortgage Early Save You Money? Jul 22nd
Late last year, many had forecasted that the Bank of Canada might cut interest rates in 2020. However, no one could have foreseen just how low-interest rates were about to plummet in the coming months.
Canada’s COVID-19 lockdown led to a sharp rise in unemployment, causing the Bank of Canada to s.... More »
The Latest in Mortgage News: Recent hikes are “painful” for variable-rate mortgage borrowers, says BoC Nov 25th
Homebuyers with a variable mortgage rate are facing a "painful" adjustment as interest rates continue to rise, the Bank of Canada's Senior Deputy Governor Carolyn Rogers said this week..... More »
Mortgage Stress Test Sidelining Young Buyers + MORE Aug 22nd
New data shows the country’s youngest buyers are being affected most by the government’s mortgage stress tests. Mortgage originations were down 8.9% overall in Q2, while those among buyers between the ages of 18 and 25 were down 13.4% compared to last year, according to TransUnion’.... More »
Will Fixed Mortgage Rates Rise? Canadians Think So
– ratesupermarket.ca
The Bank of Canada may have kept its key interest rate at one per cent for the 29th consecutive time last week, but Canadians are still expecting rising fixed mortgage rates, according to a recent CIBC poll.
The survey, conducted by Nielsen, found 47 per cent of Canadians anticipate mortgage rates to increase in the next year. If they had to make the choice between a fixed rate or variable mortgage today, 48 per cent would choose a fixed rate.
Deal Alert: Want the best fixed or variable mortgage rate in your region? Check out our Best Rates Table for the lowest rates, flexible prepayments, rate holds and more.
Expert Panel Calls For Potential Rate Increase
The survey results are in line with Rate Supermarket’s own Mortgage Rate Outlook Panel. Earlier this month, the panel’s experts apprised that with global economic trends evolving, there may not be a possibility of a “competitively low interest rate environment.”
Younger Buyers Most Likely to Lock In
The current preference for fixed rate mortgages is higher amongst young Canadians, the CIBC poll indicates…
