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
The best credit cards for newcomers to Canada for 2024 + MORE Jul 29th
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up..... More »
Scotiabank not worried about its floating-rate portfolio Jun 28th
With variable rates rising by the month—and more hikes anticipated—observers are keeping a careful watch on adjustable-rate mortgages..... More »
Not all rate hikes are created equal + MORE Nov 18th
(Getty Images / Nigel Carse)
Shopping for a mortgage, these days, is a lot like shooting those tin ducks at the carnival.
The game looks easy enough. Just aim, focus on the duck you want, then squeeze the trigger and…miss. Getting a locked-in, guaranteed, pre-approval rate also looks easy; tur.... More »
For mortgage-breakers, not enough information about TMI: Roseman + MORE Sep 29th
You may think you'll pay only three months' interest to leave a five-year mortgage before the due date. Think again..... More »
Fewer Paying Extra on Their Mortgage
– canadianmortgagetrends.com
Compared to even six years ago, today’s interest rates are a steal. The discounted 5-year fixed has tumbled more than 2.25 percentage points in that time. That gives mortgagors a chance to pay up to 30% more principal in the first five years of a standard mortgage. But that savings potential isn’t motivating more people […]
TORONTO – A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago.
But the survey, conducted for CIBC (TSX:CM) by Angus Reid, found some big discrepancies across the country.
For example, homeowners in British Columbia thought they wouldn’t be able to pay off their mortgages until they hit 66, while those in Alberta expected to be mortgage-free more than a decade earlier at 55.
The survey also found that just over half of those polled were taking advantage of the current low interest rate environment to pay down their mortgages faster.
Fifty-five per cent said they were putting in extra effort into repaying their mortgages, although that was down from 68 per cent last year.
Of those paying off their mortgages quicker than necessary, 32 per cent said they were making payments more often, 28 per cent were increasing the amount they pay while 18 per cent said they had made either an additional prepayment or a lump sump payment…
But the survey, conducted for CIBC (TSX:CM) by Angus Reid, found some big discrepancies across the country.
For example, homeowners in British Columbia thought they wouldn’t be able to pay off their mortgages until they hit 66, while those in Alberta expected to be mortgage-free more than a decade earlier at 55.
The survey also found that just over half of those polled were taking advantage of the current low interest rate environment to pay down their mortgages faster.
Fifty-five per cent said they were putting in extra effort into repaying their mortgages, although that was down from 68 per cent last year.
Of those paying off their mortgages quicker than necessary, 32 per cent said they were making payments more often, 28 per cent were increasing the amount they pay while 18 per cent said they had made either an additional prepayment or a lump sump payment…
