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
Extra costs that come with living in the suburbs + MORE Apr 15th
TORONTO — Jess Morgan rents in the country’s hottest housing market and has been saving for the past six years for a down payment on her first home.
She and her husband plan to start house hunting within the next two years in nearby Oakville, likely while continuing to work in downtown Toro.... More »
Housing slump? Recession? Not so fast… Nov 24th
Remember all those pessimists who were calling for a housing bubble or collapse?
If you listened to them and rented for the past eight years, how much would you have lost? How much would your rent have increased since then? And would you still be able to rent that condo or house… or would you.... More »
CIBC kicks off bank earnings week with 25% profit rise May 24th
The Canadian Imperial Bank of Commerce's latest quarterly earnings beat market expectations with a double-digit profit bump on strong earnings south of the border and at home, despite slowing domestic mortgage growth..... More »
Because not everyone fits into the same box Dec 11th
You might have seen the headline “HSBC crushes mortgage records with 0.99% variable rate”. No doubt about it, this is a great rate. However, it’s not for everybody. It is important to remember, like most deals, there are some restrictions. Among other things this offering is li.... More »
Latest in Mortgage News: Canadians Say Low Interest Rates to Blame for High Home Prices Sep 5th
More than three-quarters of Canadians (77%) believe home prices in suburban and rural areas have risen to unsustainable levels, and most feel that ultra-low interest rates are to blame. A full 8 out of 10 people say low borrowing costs are to blame for the recent run-up in home prices, according to .... More »
Where do you want to retire?
– moneysense.ca
Photo by Jonathan ChevreauOnce it’s no longer necessary to commute to and from a downtown or suburban corporate job, where in the world do you want to be? I touched on this in a recent blog on reverse mortgages. Most full-time retirees know they want to be close to hospitals, universities and libraries. They don’t need to be as close to the downtown core or even be near major transit systems though that can be a nice extra if they value city culture and/or friends and family still live there.
Throughout my personal Findependence journey this summer I’ve been posting photos of the community I live in: Long Branch, Ont. It’s closer to downtown Toronto than its trendier neighbour to the west, Port Credit. The photo below, for example, I put on social media after biking along the (relatively) new boardwalk at the foot of 41st Street. At first glance you may think the photo is of some exotic beach somewhere down south—it’s hard to believe it’s a mere 15-minute GO Train ride from downtown Toronto…
Analyzing CMHC Borrowers
– canadianmortgagetrends.com
What does an insured mortgage borrower look like? According to CMHC data from last quarter, residential borrowers who paid for mortgage default insurance had: 8% equity on average (92% loan-to-value) Less than 10% down in almost 7 out of 10 cases 25-year amortizations, on average Amortizations over 25 years, only 3.1% of the time 745 […]
Housing across Canada became more affordable in the second quarter of this year because mortgage rates dropped, according to a report from RBC.
