Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Reverse mortgages are cheaper than ever. Should you use one to tap into your home’s equity? + MORE Feb 25th
A reverse mortgage allows you to tap into the rising value of your home without selling it, writes David Aston. But watch out for the penalties and fees..... More »
Taking on a “Fraction” of the Cost; Vancouver Start-Up Promises a Better Incentive for Home Buyers than CMHC + MORE Apr 2nd
An incentive for first-time home buyers offered through the Canadian Mortgage Housing Corporation (CMHC) was only announced a week ago, promising to provide $1.25 billion over three years to help lower mortgage costs for eligible Canadians.
However, a new company is now also promising to provide an.... More »
One family’s strategy for getting out of debt + MORE Feb 7th
(Illustration by Ryan Inzara, iStock)
At first glance, it’s difficult to see why Francesca Nazario is so worried about money. She and her husband Guy, both 36, own a three-bedroom bungalow in Whitby, Ont., an hour’s drive from Toronto. They have two young kids—Amelia, 3, and Sam, 15 months—a.... More »
Ottawa's apartment vacancy rate at 11-year high, rents also rise: CMHC + MORE Dec 19th
Canada Mortgage and Housing Corp. reports that vacancy rates in the City of Ottawa have hit an 11-year high, as more apartment units flood the market and fewer renters are looking for places to live. Yet, despite the high availability of apartments, average rents have also risen, according to the na.... More »
Be Aware of Mortgage Penalties + MORE Nov 9th
Mortgage penalties are probably hated about as much as taxes—but tenfold. Particularly when those penalties reach into the five figures. Take this case of an Edmonton couple that was initially quoted $17,000 to break their five-year fixed mortgage early. But homebuyers need not fall into the trap .... More »
Economists see slower pace of housing construction
– theglobeandmail.com
Canada Mortgage and Housing Corp.’s Wednesday report on housing starts is projected to show a decline in the number of residential units that launched in June
OTTAWA – The Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability.
The RBC paper notes that overall household debt accumulation remained flatlined at 4.2 per cent growth in May, about the same level as the previous three months.
Outstanding mortgage debt stood at $1.23 trillion as the annualized growth slowed slightly to five per cent from 5.1 per cent in April.
But households increased their pace of non-mortgage borrowing, the bank says, to 2.2 per cent from two per cent in April.
RBC says the steady pace of debt accumulation overall should give some comfort to the Bank of Canada, which has called household debt the No. 1 risk to the financial system and economy.
With the housing market expected to moderate further, the vulnerability posed by overly indebted households is easing, RBC says, clearing the way for the Bank of Canada to move toward higher interest rates by mid-2015.
Meanwhile, business borrowing continued to strengthen in May, with short-term debt rising to 10…
The RBC paper notes that overall household debt accumulation remained flatlined at 4.2 per cent growth in May, about the same level as the previous three months.
Outstanding mortgage debt stood at $1.23 trillion as the annualized growth slowed slightly to five per cent from 5.1 per cent in April.
But households increased their pace of non-mortgage borrowing, the bank says, to 2.2 per cent from two per cent in April.
RBC says the steady pace of debt accumulation overall should give some comfort to the Bank of Canada, which has called household debt the No. 1 risk to the financial system and economy.
With the housing market expected to moderate further, the vulnerability posed by overly indebted households is easing, RBC says, clearing the way for the Bank of Canada to move toward higher interest rates by mid-2015.
Meanwhile, business borrowing continued to strengthen in May, with short-term debt rising to 10…
Bank's mortgage life insurance has flaws: Roseman
– thestar.com
Banks put pressure on mortgage borrowers to take their life insurance. But they don’t explain the consequences of answering questions quickly.
Playing Semantic Games With Fannie and Freddie Investors
– online.wsj.com
The government defines ‘conservatorship’ however it likes, with a destabilizing effect on the mortgage market.Game On for the Mortgage Penalty Suit Against CIBC
– canadianmortgagetrends.com
A B.C. court says the mortgage penalty class action against CIBC can proceed. The court “certified” the class action last week, meaning that the case can be heard and the evidence weighed. According to Kieran Bridge, the plaintiff’s lead counsel in B.C., “The principal issue is whether mortgage language about prepayment penalties that was used […]
