Interested in learning more about property mortgages in Canada? Look no further!
Latest News
NBC says rising rates will lead to mortgage market “normalization” + MORE Aug 30th
National Bank of Canada, the smallest of the Big 6 banks, reported third-quarter earnings in-line with market expectations..... More »
CMHC reports annual pace of housing starts in January down 10% from December + MORE Feb 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in January fell 10 per cent compared with December..... 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 »
BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th
The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable..... More »
Why are mortgages so expensive in Canada? + MORE Feb 26th
The start of 2025 kicked off with fewer home sales than many hoped. Real estate prices ticked higher in many of Canada’s major markets—and prospective home buyers saw their purchasing power shrink.
Ratehub.ca just released its latest January Affordability Report. (Both MoneySense and Ratehub..... More »
86% of Mortgage Renewers Stay With Home Bank: CMHC Mortgage Survey
– ratesupermarket.ca
The Canada Mortgage and Housing Corporation (CMHC) has released a comprehensive peek into the mind of Canada’s typical mortgage shopper. Their annual survey of Canadian mortgage borrowers, which polled 3,510 consumers who have made mortgage transactions within the past 12 months, sheds some light on how shoppers are learning about their options, how loyal they are to their banks, and how they value mortgage advice along the way. Here’s our breakdown of the top consumer findings.
Big Numbers
Over the past 12 months:
58%: Renewed their mortgage
20%: Refinanced their mortgage
22%: Purchased a new home with a mortgage
We Shop For Mortgages Online
When seeking info about mortgage options, Canadians are hitting the web before the branch: 78% of consumers checked out various online sources when getting their mortgage. Once online, 56% go straight to lender websites, 24% check out broker options, while 15% do both.
We Take Advantage of Today’s Low Rates
Homeowners were also keen to stick with the best rates – of those who renewed their mortgages this year, 60% of them did so early because they believed today’s record low rates wouldn’t be available upon their renewal date…
Choose the best mortgage, not the best rate
– moneysense.ca
After finding the perfect home, finding the ideal mortgage is a homebuyer’s next most important step. Since you’ll probably have your mortgage for many years, make sure that initial low rate doesn’t cost you thousands down the road.
Isn’t it always good to choose the mortgage with the lowest rate?
Not necessarily. While it’s great to have a low rate, most low-rate mortgages also come with restrictive terms that can lock you into that mortgage longer than you’d like. That can mean you’re paying more interest than you need to. When shopping for your mortgage, make sure you’re thinking about your mortgage in dollar terms, not rate terms, and focus on how much interest you’ll pay over the life of your mortgage.
Why does my mortgage need to be flexible?
One of the best ways to save on interest costs is to have the flexibility to increase your payments or even make extra payments. Since rates are already historically low, you could benefit more by making regular lump sum payments and/or increased payments than you will by just choosing the mortgage with the lowest rate…
Bank of Canada Announcement: Will Rates Rise This Year?
– ratesupermarket.ca
The high-finance world of oil price hedging and currency speculation may seem foreign and remote to most of us who don’t work in that world, but the decisions made have an impact on us all, mostly notably on the rate we end up paying for our mortgages and other loans.
The depressed price of oil, and the resulting inflation lag, are the main drivers behind the Bank of Canada’s current monetary policy: in the scheduled May 27 rate announcement, the BoC maintained their trend setting Overnight Lending Rate at 3/4 per cent as economic growth remains below planned benchmarks. This figure is what the other financial institutions use to determine their lending rates for clients.
Also Read: RateSupermarket.ca’s May Mortgage Rate Outlook Panel
“Total CPI inflation is near the bottom of the Bank’s 1 to 3 per cent inflation control range, largely due to the transitory effects of sharply lower energy prices.” the Bank stated in their announcement. “Core inflation remains above 2 per cent, boosted by the pass-through effects of past depreciation of the Canadian dollar, as well as certain sector-specific factors…
