Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Housing starts in Ontario, Quebec slowed in April + MORE May 9th
OTTAWA – The pace of Canadian housing starts slowed in April to the lowest level in three months.
Most regions of the country saw increases in urban areas on a seasonally adjusted basis but there were declines in Ontario and Quebec.
8 reasons why Vancouver real estate prices are so crazy »
Canad.... More »
We’re 10 years apart. Can we retire together? + MORE Feb 26th
Ask MoneySense
My wife and I plan to retire at the end of 2027. I am 63 and my wife is 53. All our investments are split 50/50 between RRSPs and LIRAs for a total of about $1,450,000. We anticipate needing about $110,000 a year after tax in retirement. We have a line of credit, and we are paying it .... More »
2018 – Year in Review Jan 2nd
We’re about to turn the page on 2018, and many may feel not a moment too soon. Climbing fixed rates weren’t the only thing making mortgages less accessible in 2018. This was the first full year to measure the impacts of new federal mortgage rules. Provincial policies in B.C. and Ontario also.... More »
Scare Up Some Savings + MORE Nov 1st
Happy Halloween! The ghoulish holiday has arrived, and with it the parties, getups and treats. In fact, a recent study finds Canadians will shell out more this year than before. Is your wallet screaming yet?
And that brings us to another terrifying financial undertaking – choosing your mortg.... More »
Home Capital suspends 45 mortgage brokers for falsifying incomes + MORE Jul 31st
TORONTO – Home Capital Group Inc. (TSX:HCG) has taken steps to prevent mortgage brokers from falsifying information about borrowers’ incomes, after it cut ties with 45 brokers over allegations they engaged in such practices, the company said.
The mortgage lender told a conference call Thursday i.... More »
B2B Bank Invests in VERICO
– canadianmortgagetrends.com
B2B Bank has made an equity investment in Verico Financial Group, one of the country’s largest mortgage broker networks. B2B, a subsidiary of Laurentian Bank, is buying a non-controlling interest in VERICO. Co-founders Colin Dreyer and John Kelly remain the majority shareholders in the company and will stay on to manage the firm. No deal […]
Rich Canadians mortgage their homes by choice
– moneysense.ca
Sixty-seven per cent of high net worth Canadians (those with $500,000 or more in investable assets) with a mortgage have the cash to pay off their home—in full—but don’t, according to a new survey for mortgage provider Investors Group.Their reasons for holding on to the mortgage vary, including tax planning and income-generating rental properties. In Canada, mortgage interest on rental properties is tax deductible.
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“The notion that a mortgage is used only when funds aren’t available to pay cash for your home doesn’t ring true for many wealthy Canadians,” Peter Veselinovich, vice-president of banking and mortgage operations at Investors Group, said in a press release Wednesday.
In all one-fifth of high net worth Canadians have a mortgage, at an average size of $157,000. Thirty-three per cent own more than one property, more than half of them own a recreation property and 42% own at least one investment property.
Also noteworthy is that more than one-quarter of mortgage holders in this high net worth group has no plans to pay off the mortgage before retirement…
Home prices will rise a further 5% by Christmas: TD report
– moneysense.ca
TORONTO – Canada’s housing market will continue to stay hot for the rest of the year, with home prices expected to rise on low interest rates and increased demand, says a report by TD Economics.
The bank upgraded its forecast for the real estate sector Thursday, predicting that home prices will gain an average of five to six per cent by the end of 2014.
“More strength may be bubbling under the surface,” said TD economist Diana Petramala, author of the report.
In February, the bank had expected Canadian home sales to flatten out, and called the market overvalued by about 10 per cent. It did not give an estimate on how much it thought prices would rise or drop. That earlier forecast was based on the belief that mortgage rates would creep up in the spring, but rates still sit near record lows and continue to prop up demand.
Low interest rates have helped with the affordability of condos, where prices are at their “most favourable.” First-time buyers who may have been pushed out of the market earlier may also be returning back due to the rates, which have in part driven the demand for single-family homes…
The bank upgraded its forecast for the real estate sector Thursday, predicting that home prices will gain an average of five to six per cent by the end of 2014.
“More strength may be bubbling under the surface,” said TD economist Diana Petramala, author of the report.
In February, the bank had expected Canadian home sales to flatten out, and called the market overvalued by about 10 per cent. It did not give an estimate on how much it thought prices would rise or drop. That earlier forecast was based on the belief that mortgage rates would creep up in the spring, but rates still sit near record lows and continue to prop up demand.
Low interest rates have helped with the affordability of condos, where prices are at their “most favourable.” First-time buyers who may have been pushed out of the market earlier may also be returning back due to the rates, which have in part driven the demand for single-family homes…
