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
5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st
These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake.
.... More »
My mortgage payments are approaching my trigger rate. How will this affect my mortgage and what should I do? Nov 7th
Experts say the key is to be proactive and prepare your finances well before your entire mortgage payment is going towards paying just the interest..... More »
Making sense of the markets this week: June 9, 2024 + MORE Jun 8th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
“The Big Cut”
While The Big Short film is a riveting watch, “The Big Cut” may be even more enthralling.&nbs.... More »
The State of the Mortgage Market: 2020 + MORE Mar 14th
Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Despite regular headlines about rising home prices and overvaluation in the country’s largest centres, the report fi.... 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 »
Young couple with 2 kids struggling on $84,000 a year
– thestar.com
Eddie and Blair both work full time and have the usual gamut of mortgage, childcare and car expenses.TORONTO – The Bank of Montreal (TSX:BMO) has cut its five-year fixed mortgage rate by 20 basis points to 4.79 per cent.The bank has also changed a number of its other fixed mortgage rates, including its low- rate five-year mortgage, which also went down 20 basis points to 3.09 per cent.The rate for a 10-year fixed mortgage went down 65 basis points to 6.10 per cent, while the 10-year low rate declined 85 basis points to 3.84 per cent.The changes take effect Saturday.On Jan. 27, Canada’s biggest lenders reduced their prime lending rates, which influence variable rate mortgages and other products, to 2.85 per cent from three per cent.That was in response to the Bank of Canada’s surprise move to cut its overnight lending rate to 0.75 per cent from one per cent. However, the commercial banks passed along only some of the savings from the central bank’s policy move to their customers, shaving their prime rates by 15 basis points instead of the full 25.
Rate Cut Realities
– ratesupermarket.ca
The Bank of Canada’s Overnight Lending Rate cut may have been last week’s blockbuster, but all eyes have been on its spinoff – when and how Canada’s banks would react with their own Prime rate reductions.
Now that the first discounts have been put in place, questions remain – how will consumers – from variable borrowers to job hunters – be impacted?
Get the full story below.
Banks Cut Prime to 2.85%
It took a full week – but Canada’s big lenders have finally implemented a 15-basis-point discount to their Prime rates. Why were they so hesitant… and could another cut be a future possibility? And what’s in store for fixed-rate borrowers? Get the full story with this week’s Housing Headlines.
Read Penelope’s Blog | Banks Cut Prime to 2.85%
Savings Account Rates Cut Post BoC Announcement
Despite dragging their heels on mortgage discounts, RBC and TD wasted no time slashing the interest rates on two of their most popular savings products. What can savers expect in this super-low interest rate environment – and how can they continue to grow their money?
Read Sean’s Blog | Savings Accounts Rates Cut Post BoC Announcement
How Will You Be Affected By Lower Interest Rates?
The Bank of Canada’s rate cut has far-reaching implications for consumers, the economy and the housing market…
