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Latest News
Changes to Canada’s Financial Landscape + MORE Jan 16th
From credit cards to your mortgage rate, there may be impending changes for your financial products this year – and the price of oil may be largely to blame. While the effects may be positive for some (cheaper gas and lower home prices are certainly reason to smile), the Bank of Canada warns .... More »
“Is it better to pay down our mortgage or ramp up contributions to our teen’s RESP?” + MORE Nov 30th
Q. My husband and I, both in our early 40s, bought a house in Toronto four years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%.
We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaini.... More »
4 Money Pledges to Make in 2015 Dec 29th
It looks like Canadians might need to make some New Year’s debt resolutions.
According to Stats Canada, the average household debt ratio – which includes mortgages, consumer credit and non-mortgage loans – climbed to 162.6 per cent of their disposable income in the third quarter of 2014.
But.... More »
National Housing Update: How the Real Estate Industry is Faring One Month into 2019 + MORE Feb 16th
Real estate news is typically quiet in January, but there’s been quite a few developments as of late. To quickly recap, Canadian real estate in 2018 ended with four consecutive months of sales declines. Overall, there was a drop of 11 per cent nationwide, with the 2.5 per cent drop from November .... More »
Banking regulator to hike amount of capital lenders must hold against mortgages + MORE Dec 13th
Canada's top financial regulator wants to update the rules that govern how much capital lenders must hold to offset the risk that the residential mortgages on their books go bad..... More »
Canadian Mortgage Debt $11 Billion Less Than Thought: CIBC Study
– ratesupermarket.ca
Are Canadians paying off their mortgages faster than originally thought? A new study from CIBC finds there are $11 billion in mortgage payments made annually that aren’t being accounted for by the Bank of Canada – essentially, the mortgage debt load carried by Canadians is much better than previously thought.
Good News for the Bank of Canada
The CIBC study should help lessen concerns from the Bank of Canada that consumers are taking on too much household debt. Our central bank has implemented mortgage tightening measures in recent years, including reducing the maximum amortization period from 40 years to 25 years on high-ratio mortgages.
Read more:
How Will New Amortization and Refinance Rules Affect Me?>
CMHC Axes Second Home and Self Employed Mortgages>
“Canadian households did not only resist the temptation of low rates, they used those low rates to pay down debt at a pace not seen before,” says Benjamin Tal, deputy chief economist at CIBC. “Despite a lethargic labour market and an unemployment rate that is still too high for the Bank of Canada’s liking, debt service performance in Canada has almost never been better…
Mortgage Career: FSCO
– canadianmortgagetrends.com
Company: FSCO Position: Senior Compliance Officers Location: Toronto, ON Senior Compliance Officers one temporary (up to six months) two temporary (up to 12 months) The Financial Services Commission of Ontario (FSCO) is seeking individuals with exceptional operational experience, analytical skills and sound knowledge of market conduct and financial analysis principles and methodologies to lead and […]
Mortgage Career: intelliMortgage Inc.
– canadianmortgagetrends.com
Company: intelliMortgage Inc. Position: Fulfillment Officer Location: Mississauga, ON Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Fulfillment Officer intelliMortgage Inc. is changing how mortgages are arranged in Canada. The company’s one-of-a-kind self-directed mortgage model lets homeowners take full control of the mortgage process, thereby minimizing recommendation […]
Mortgage Career – B2B Bank
– canadianmortgagetrends.com
Company: B2B Bank Position: Business Development Manager Location: Edmonton, AB Business Development Manager – Mortgages Position Summary: The mandate of the role is to market B2B Bank Mortgages to all licensed Mortgage Brokers within an assigned territory. The incumbent will seek out new business opportunities and continue to build positive relationships with existing mortgage brokers […]
Tempting low mortgage rates could bring re-fi wave, home buying; but maybe only so far
– walletpop.ca
WASHINGTON – With mortgage rates sliding for a fifth straight week, the possibility of locking in a rate below 4 per cent is tempting for consumers and could unleash a wave of refinancing. It may even convince some Americans to buy their first home.Yet there are limits to how far the wave can extend. Millions of homeowners already re-financed in 2013, when the average 30-year mortgage rate stayed below 4 per cent until mid-year. And the overall housing market remains hampered by tight mortgage credit, rising home prices and stagnating incomes.This week the average rate on the 30-year loan fell to 3.92 per cent, mortgage company Freddie Mac reported Thursday. The average for a 15-year mortgage, a popular choice for people who are refinancing, retreated to 3.08 per cent from 3.18 per cent.That is sparking a boomlet of homeowners looking to refinance as long-term mortgage rates plummet. Homeowners eager for a bargain rate are firing off inquiries to lenders. Applications for “re-fi’s” jumped 23 per cent in the week ended Oct…
