Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Optimism Returns to the Markets. Could Fixed Rates Start to Rise? Nov 13th
Bond yields in both Canada and the U.S. jumped on news that Pfizer’s COVID-19 vaccine has proven more than 90% effective in its trials. Following the announcement on Monday, the all-important 5-year bond yield is now hovering around 0.50% for the first time since early June. Since bond yields .... More »
External Factors a Wild Card in GTA Housing Market Forecast Oct 1st
Among external factors that affect housing markets, two are by far the most important and both are more or less directly controlled by the federal government. The first is policy regulation that defines the rules and parameters under which mortgage loans can be originated. The second is the interest.... More »
Q1 2017 Bank Earnings – Mortgage Morsels + MORE Mar 10th
Q1 bank earnings season came and went with less fanfare than usual, at least on the mortgage front. Executives’ mortgage commentary focused primarily on conditions in Canada’s two hottest housing markets and on strong credit quality. Earnings reports show continued robust mortgage a.... More »
Debt Consolidation Tip: Pay less interest! + MORE Feb 22nd
The beginning of the year is typically tough financially for most of us. Holiday bill payments, RRSP contributions, property tax bills, etc. And, if you’re self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then Janua.... More »
2023 mortgage market year in review Dec 31st
As we wrap up a year full of economic twists and turns—and interest rate ups and downs—we wanted to look back at some of the top mortgage-related stories that graced our pages in 2023..... More »
It was a lot easier to rent an apartment in the oil-producing provinces of Alberta and Saskatchewan in April, the Canada Mortgage and Housing Corporation reported Monday.
How unused credit impacts your credit rating
– moneysense.ca
Q: Can having an unused line of credit for 20 years negatively affect your credit rating? —Don Sutton, Victoria
A: Decoding the human genome is a Grade 6 science fair project compared to decoding the credit rating algorithm. There are many variables that go into it but the first one that matters in your case is credit history: From this perspective it can be a positive that you’ve had a line of credit for such a long time. You haven’t used it, but you also haven’t abused it, so that’s good. The second variable is credit utilization—the ratio of your debt to your available credit. This line of credit shows that you have access to credit but aren’t too close to using it all up, which is also positive. That said, lenders always look at the total picture, says Clifton O’Neal from TransUnion. “There is no history to demonstrate responsible management of this line of credit. If you are maxed out on your other lines of credit, this unused line could be seen as a liability.” What I would do is order your credit report from either TransUnion or Equifax…
A: Decoding the human genome is a Grade 6 science fair project compared to decoding the credit rating algorithm. There are many variables that go into it but the first one that matters in your case is credit history: From this perspective it can be a positive that you’ve had a line of credit for such a long time. You haven’t used it, but you also haven’t abused it, so that’s good. The second variable is credit utilization—the ratio of your debt to your available credit. This line of credit shows that you have access to credit but aren’t too close to using it all up, which is also positive. That said, lenders always look at the total picture, says Clifton O’Neal from TransUnion. “There is no history to demonstrate responsible management of this line of credit. If you are maxed out on your other lines of credit, this unused line could be seen as a liability.” What I would do is order your credit report from either TransUnion or Equifax…
