Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Mortgage borrowers to see payments increase by 20-40% at renewal: Bank of Canada May 19th
The Bank of Canada says it it concerned about the ability of households to service their debt, particularly as mortgage holders are facing payment increases of up to 40% at renewal..... More »
House rich: How to access the equity in your home Nov 16th
With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to ba.... More »
Q2 2018 Bank Earnings – Mortgage Morsels Jun 8th
The majority of Canada’s Big Six banks beat expectations for second-quarter earnings, despite slowing real estate activity and tighter lending rules for uninsured mortgages. Both RBC and Scotiabank posted 6% year-over-year increases in their residential mortgage portfolios, although the other .... More »
Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th
Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, sho.... More »
Rates are going up… for now… is this the end of low rates? + MORE Jan 14th
Next Wednesday will be the first Bank of Canada meeting date to set the Target rate, which directly affects Bank Prime rate and Variable rate mortgages. It’s almost a certainty that the Bank of Canada Governor, Stephen Poloz, will raise the rates.
POSITIVE DATA MEANS HIGHER RATES
Th.... More »
Fisgard Asset Management Corporation
– canadianmortgagetrends.com
Company: Fisgard Asset Management Corporation Position: Mortgage Portfolio Manager Location: Victoria, BC Mortgage Portfolio Manager Licences or registrations required: Mortgage Brokers License Interested candidates may contact: careers@fisgard.com or visit our website www.fisgard.com Closing date: November 1, 2015 Employment type: Full-time Fisgard started in 1994 and has grown to become one of Canada’s most respected Mortgage Investment Corporations. Our company was named after Fisgard Lighthouse which was built in 1860 in Esquimalt Harbour in Victoria. Fisgard Lighthouse symbolizes security, stability and vision – qualities we believe in and feel are important to our investors. We are proud to have READ MORE
The Liberal Effect
– canadianmortgagetrends.com
The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be effected. Here’s some of what the mortgage market can expect from Mr. Trudeau’s new government: Higher bond yields: Balancing the budget is not a priority for the Liberals until 2019. Trudeau is expected to go on a spending spree and bond traders aren’t keen about it. It suggests a greater supply of government debt and potentially higher long-term yields to come. That, of course, could mean at least slightly higher fixed mortgage rates than READ MORE
Economists at some of Canada’s big banks are upgrading the country’s economic forecast in the wake of the Liberal Party’s sweeping victory in the election Monday.
But they warn that the Liberals’ planned deficit spending could result in interest rates rising sooner than expected, which could put pressure on mortgage-holders. And the party’s tax plan will put some economic pressure on the country’s highest earners.
With the Liberals in command of a majority of seats in Parliament, the way is clear for the party to enact its platform, which includes boosting the economy through $10 billion in deficit spending.
TD Bank economists Derek Burleton and Brian DePratto estimate this will boost GDP by a modest 0.1 per cent in 2016 and 0.3 per cent in 2017.
The Bank of Montreal has a more optimistic forecast: It sees a 0.5 percentage point boost to GDP next year alone. The bank now sees Canada’s economy growing at 2.5 per cent next year, compared to an earlier forecast of around 2 per cent…
Cancellation Fees in B.C.
– canadianmortgagetrends.com
On October 2, B.C.’s mortgage broker regulator put the industry on notice that charging advanced fees for mortgages will not be tolerated. The Financial Institutions Commission (FICOM) issued a bulletin on the practice, quoting sections 4(3)(b)(ix) and 5 of the Business Practices and Consumer Protection Act (BPCPA), which it says: “…Prohibit mortgage brokers from charging any fees for arranging a consumer mortgage in British Columbia, unless those fees are deducted from the mortgage advance at time of funding.” With all the anti-fee sentiment in the financial services industry, it’s easy to deem FICOM’s well-intentioned stance as pro-consumer. Unfortunately, this interpretation READ MORE
The crunch years: Where the money goes
– moneysense.ca
Where does the money go? It’s a question MoneySense hears from readers in all walks and stages of life. Even relatively high income earners are often puzzled to discover there’s little or nothing left over for savings once they’re finished paying the mortgage and utility bills and enjoying an occasional evening at a nice restaurant. The question is particularly pressing for couples in their 30s or 40s with children, who routinely find themselves in a mid-life financial crunch. And while it’s fundamentally important, it’s deceptively difficult to answer.I would know. That’s because I have an unusual habit: I’ve tracked virtually every cent I’ve earned and spent over the last dozen years. I’m not kidding. I’ve diligently recorded every cup of coffee, every subway token, every library fine. I’ve tracked every stinking mortgage and auto loan payment, broken down into principal and interest. I’ve even logged every transaction between my children and the tooth fairy. I’ve done this using personal accounting software that displays my financial life as a series of line charts and bar graphs…
