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
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For the second time this year, the Canadian Real Estate Association has downgraded its forecast for home sales in 2025, even as it says a turnaround could be looming following increased activity in June.
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Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes Apr 13th
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While the federal government is taking .... More »
Scotiabank not worried about its floating-rate portfolio Jun 28th
With variable rates rising by the month—and more hikes anticipated—observers are keeping a careful watch on adjustable-rate mortgages..... More »
Prepare for a 10% minimum down payment
– moneysense.ca
The federal Department of Finance is seriously considering weighing in on Canada’s housing market by raising the minimum down payment on a home purchase from 5% to up to 10%. Their recommendation to the Minister of Finance could come as early as January 2016.
According to RateSpy.com founder and independent mortgage broker Robert McLister, government policy-makers are considering a graduated minimum down payment threshold based on either the home value or the mortgage amount. Homes/mortgages under $500,000 would only require a 5% down payment, while those between $500,000 and $700,000 would require 7% down and anything over $700,000 would require 10% down.
Apparently, the rationale for this new graduated scale is two-fold:
→ Tougher lending requirements should help cool the housing market, particularly in red-hot Toronto and Vancouver.
→ It would also help minimize the exposure taxpayers have to insured mortgage default losses.
Currently, if a person buys a home with less than 20% down the lender is legally required to take out mortgage default loan insurance…
According to RateSpy.com founder and independent mortgage broker Robert McLister, government policy-makers are considering a graduated minimum down payment threshold based on either the home value or the mortgage amount. Homes/mortgages under $500,000 would only require a 5% down payment, while those between $500,000 and $700,000 would require 7% down and anything over $700,000 would require 10% down.
Apparently, the rationale for this new graduated scale is two-fold:
→ Tougher lending requirements should help cool the housing market, particularly in red-hot Toronto and Vancouver.
→ It would also help minimize the exposure taxpayers have to insured mortgage default losses.
Currently, if a person buys a home with less than 20% down the lender is legally required to take out mortgage default loan insurance…
Mortgage rates are rising
– moneysense.ca
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
