Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 10th
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
10 up and 3 down, unintended consequences! + MORE Sep 22nd
LOTS OF MOVEMENT IN MORTGAGE RATES
Sounds like a football play. But I’m not talking about football even though the NFL season just started and my Buffalo Bills won their first two games. I’m referring to how many times the Bank of Canada’s (BoC) Governor, Tiff Macklem, has changed the Overn.... More »
How to protect your investments if the inflation genie sparks interest rate hikes Jan 19th
Now is a good time to prepare your finances for rising interest rates as they affect everything from the makeup of your portfolio to your mortgage.... More »
Canadians' Household Debt Hits All-Time High, With Nearly $1.65 Owed For $1 Earned + MORE Sep 11th
OTTAWA -- Statistics Canada says the amount of household credit market debt to disposable income in the second quarter rose to 164.6 per cent from 163.0 per cent in the first quarter as debt grew faster than income. That means Canadians owed nearly $1.65 in credit market debt, which includes consume.... More »
Mortgage Digest: HELOC usage rises to near two-year high as borrowing picks up + MORE Dec 18th
A regular review of the latest mortgage and real estate news, a recap of key headlines, and a preview of upcoming economic releases..... More »
CREA raises 2014 home sales forecast
– moneysense.ca
OTTAWA – The Canadian Real Estate Association raised its home sales forecast Monday on the back of stronger than expected sales in recent months after a slow start to the year.The association said sales through its Multiple Listing Service are now expected to total 475,000 homes for 2014, up from a June prediction of 463,400.
The new forecast would mean sales would be up 3.8 per cent compared with 2013.
The association said the frigid winter delayed the start to the spring home buying season and helped boost sales in May and June.
“Although this boost was and still is expected to be transitory, sales have yet to show signs of cooling as activity strengthened slightly further over the summer,” CREA said in its updated forecast.
“The increase reflects continuing strength in home sales among large urban markets that initially drove the spring rebound together with gains in markets where activity had previously struggled to gain traction. Lowered mortgage interest rates supported this trend…
Why there’s a sudden surge in reverse mortgages
– moneysense.ca
The number of reverse mortgages in Canada increased 29% year-over-year in June—a significant jump. Fee-only planner Jason Heath says the rise is due to soaring home prices in Canada, allowing seniors with limited income to use reverse mortgages to tap into their growing home equity. But Heath warns that using reverse mortgages is risky, because they permanently eat through your home equity, and they do so quickly. A more prudent option is a home-equity line of credit. If you’re really short on cash, it’s often better to sell your house, spend some of the proceeds, and rent.
Source: HomEquityBank
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