Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians + MORE Oct 29th
On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new affordability measures related to mortgages and banking, prepared in consultation with the Financial Consumer Agency of Canada (FCAC), a consumer watchdog organization that focuses on financial services..... More »
Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th
The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »
Broker Lender Market Share – Q4 2017 + MORE Mar 7th
Banks continued to eat up market share in the fourth quarter, growing their portion of the broker pie by 5.4 percentage points vs. Q4 2016. For the full year, banks seized a whopping 750 basis points of share, mainly from mortgage finance companies. Virtually no broker in Canada will be surprised by.... More »
Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20% + MORE Apr 16th
Variable-rate mortgage holders are about to see their interest costs rise again after Canada's Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday..... More »
BMO, CIBC boost rates on mortgages ahead of expected BoC rate hike + MORE Jul 8th
The moves come days after Royal Bank of Canada and Toronto-Dominion Bank both boosted their own posted rates
.... More »
Trudeau sworn in as new PM, and bond yields jump leading to higher fixed mortgage rates!
– canadamortgagenews.ca
Yesterday, our new Prime Minister gets sworn in. Justin Trudeau is Canada’s 23rd Prime Minister. Some interesting facts… Bond yields have gone up significantly in the last 2 weeks, since the election. Fixed rates are priced directly from the Govt of Cda Bond yields. If the yields go up, then fixed mortgage rates go […]
A plethora of unsold condominiums is cause for concern for the health of Ottawa’s housing market, especially since more units are set to flood the market in coming months, the Canada Mortgage and Housing Corp. warned Thursday. The federal housing agency said the burgeoning number of condos has pushed Ottawa’s market into a category of […]
Am I on track to retire by age 55?
– moneysense.ca
The current situationMike Cameron, 33, and his wife Lacy, 29, are the new parents of a 1-year-old and up to now have been good savers. But the South River, Ont., couple—who make $90,000 annually—plan to have another baby soon and know that will completely unhinge their budget.
Right now, they’re on track to have their $91,000 mortgage paid off in seven years and are currently saving $15,000 annually in RRSPs and TFSAs. “We want to retire at 55 with $50,000 net a year, but as our family grows, we’re going to have to halt our savings program for five years,” says Mike, citing increased daycare costs. The couple only plans to continue paying into Lacy’s company pension plan after Baby No. 2 arrives.
To make up for lost time later, they plan to ratchet up their savings to $30,000 annually in seven years, when they’re mortgage-free and no longer reliant on daycare. They’ll then continue to invest in the same balanced and growth mutual funds that have returned 10% net annually for the past five years…
From one man who paid down his mortgage in only three years time, to another tasked with fixing Canada’s moribund economy even quicker than that, it was a busy week in the business press. The CBC’s Jacqueline Hansen gets you caught up on the week that was in our weekly video recap.
