Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Mortgage debt rising fastest among Canadians nearing retirement, data show Apr 27th
Older homeowners are increasingly leveraging equity to help younger buyers, raising long-term financial risks as retirement approaches.... More »
Rebuilding homes in Fort McMurray, Alta., going faster than expected + MORE Jul 20th
Rebuilding efforts in Fort McMurray, Alta., are running ahead of expectations, with reconstruction underway on one-third of the homes destroyed in last year’s wildfire, according to Canada Mortgage and Housing Corp.
In a report Thursday, the federal agency said the rebuilding of 844 housing un.... More »
EQB sees impaired loans double in Q2, but expects improvement ahead + MORE Jun 5th
Alternative mortgage lender EQB saw a rise in gross impaired loans in the second quarter compared to a year ago, but highlighted recent improvements and expects losses to stabilize going forward..... More »
Rising delinquencies test resilience of Canada’s mid-size lenders Oct 28th
Morningstar DBRS says mortgage delinquencies are climbing at Fairstone and Equitable while Laurentian remains resilient..... More »
Mortgage affordability calculator + MORE Nov 19th
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Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a many factors—more on those later. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start.... More »
A Historic Day for Yields
– canadianmortgagetrends.com
This has been one spectacular swandive in the 5-year Canadian bond yield. We ended Thursday at 1.01%, an all-time low and just a “beep” above the psychological threshold of one percent. If you’ve been watching this waterfall in yields over the past two months, you may well be wondering, “If bonds lead fixed mortgage rates, […]
Changes to Canada’s Financial Landscape
– ratesupermarket.ca
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 the long-term consequences of low oil won’t be so cheery.
Meanwhile, credit card holders could see a cut to their reward earning potential, as new fee caps are slated to take hold this spring.
Interchange Fee Cut: A New Reality For Your Credit Card Rewards?
Visa and MasterCard will be capping interchange fees, which merchants pay on every card transaction, this coming April. It’s great news for retailers – but could slimmer profits for banks mean you’ll earn fewer rewards with your favourite credit card?
Read on to get the full story.
Read Penelope’s Blog | A New Reality For Your Credit Card Rewards?
Is Online Credit Card Use Still Safe?
With several retailer data breaches making headlines, it’s no wonder consumers are feeling wary about using their credit cards online…
Government of Canada mortgage changes
– mortgageshowdown.com
The start of 2015 has brought around some mortgage underwriting changes that are a little bit less than positive for many Canadians. I have included some of the details and commentary on the mortgage changes below.
Details of the mortgage changes:
These changes did not happen overnight, rather the government had requested lenders to have them completed by the end of 2013 and then provided an extension to lenders until the end of 2014. As a result, some lenders instituted these changes at the end of 2013, some throughout 2014, and some waited until the last day of 2014 to finalize the changes.
Secured Lines of Credit:
Lenders will calculate the minimum payment using the current balance and the benchmark rate, amortized over 25 years. If the borrower can provide proof that the contract rate (your mortgage rate) is lower than the benchmark rate (currently 4.79%), lenders can use the contract rate instead.
Example:
Lets say you have a balance of $100 000 on your secured line of credit…
Details of the mortgage changes:
These changes did not happen overnight, rather the government had requested lenders to have them completed by the end of 2013 and then provided an extension to lenders until the end of 2014. As a result, some lenders instituted these changes at the end of 2013, some throughout 2014, and some waited until the last day of 2014 to finalize the changes.
Secured Lines of Credit:
Lenders will calculate the minimum payment using the current balance and the benchmark rate, amortized over 25 years. If the borrower can provide proof that the contract rate (your mortgage rate) is lower than the benchmark rate (currently 4.79%), lenders can use the contract rate instead.
Example:
Lets say you have a balance of $100 000 on your secured line of credit…
