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
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up..... 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 »
Renting out your home can bring cash—and complications + MORE May 21st
If you search “Airbnb how to get started” you’ll reach their splash page with a big number. As of May in Toronto, Airbnb says you can make more than $4,000 per month during the FIFA World Cup. It’s a powerful lure for someone who needs help with their rent or mortgage, and has a spare room t.... More »
Latest in Mortgage News: Toronto and Vancouver Home Sales Up 25+% in October Nov 7th
The postponed spring housing market has now extended its run well into the fall, with home sales in Toronto and Vancouver up 25% and 29%, respectfully, compared to a year ago. The high demand is continuing to put pressure on prices as well. The average selling price for all home types in Toronto ros.... More »
Should You Believe Recession Rumours? + MORE Jul 13th
Finance headlines have been less than fabulous this week, as growing evidence of a Canadian recession throws the economy into flux. From local home buyers to global investors, all eyes are on the Bank of Canada’s next move. Will national interest rates be slashed for the second time this year? Co.... More »
Down payment verification… a quick checklist to ensure your purchase goes smoothly.
– canadamortgagenews.ca
What you need to know about your downpayment. You’ve got your downpayment and you’re ready to go. Congratulations! Soon, you’ll need to verify that downpayment for your mortgage approval. It’s required by all lenders to protect against fraud and to prove that you are not borrowing your downpayment, which changes your lending ratios and potential […]
New 2nd mortgage options at 3.50% with no legal fee or appraisal fee!
– canadamortgagenews.ca
I’m reposting this article due to the tremendous response and numerous inquiries.. We recently came across a lender that is offering an unheard of offer. Secured lines of credit in 2nd position at Prime plus 0.50%. That’s 3.50% today! We haven’t seen this sort of offer in quite a while for 2nd […]
Is Your Credit Score Mortgage Ready?
– ratesupermarket.ca
May and June are the busiest months for real estate in Canada – and that means home buyers are currently out in full force. It also means many prospective buyers are visiting their lenders, and asking for mortgage financing for their new dream home purchase. However, a new BMO study finds they may be in for a surprise – more than half of Canadians haven’t checked their score prior to their application, and may be blindsided by their credit standing. As banks base their decision on how much money you’ll receive on your credit score and report, some buyers may find they don’t make the credit-worthiness cut.
Here are a few tips for avoiding credit score disappointment when applying for your mortgage.
Also read: Is Closing a Credit Card Bad For Your Credit Score?>
Start Planning Early
It may be too late for the buyers already knocking on bank doors – but for those considering buying a home in the near future, it’s smart to start investigating your credit situation now, and ways to improve it…
Passing your cottage to the kids? Prepare for big tax bills
– moneysense.ca
(Getty Images)Sitting by the lake and watching the grandchildren cannonball off the dock might be the dream of many cottage-owning baby boomers.
But handing down the cottage to those grandkids so that they might one day do the same can trigger big tax bills that could force the sale of the property.
A lakefront cottage purchased for a few thousand dollars decades ago may now be worth hundreds of thousands, perhaps even more. And while you can’t avoid the tax bill, there are ways to make it more manageable.
Mike Laughton, a financial planner at Royal Bank, says one option is to sell or gift the property to your children today.
While that triggers a tax bill now, it puts any future capital gains in the childrens’ hands.
“The sooner you can get it into the beneficiaries’ names, the less future tax liability you’re going to incur upon yourself,” Laughton says.
You can even structure the sale so that you loan the money to your children to buy the property from you. By holding the mortgage, you will be able to spread the capital gains and the associated tax bill over five years and you can forgive the debt in your will if you’re feeling generous…
