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
Prime rate falls to 6.70%, making variable rate mortgages more attractive + MORE Jul 26th
Variable-rate mortgage holders received positive news on Wednesday as major lenders reduced their prime rate following the Bank of Canada's rate cut earlier in the day..... More »
Broker Lender Market Share – Q1 2018 Jun 11th
Credit unions saw their slice of the broker pie shrink in Q1. That comes despite OSFI’s January 1 stress test, which played right into their hands given they are provincially regulated. Broker market share for CUs fell 0.6% versus Q1 2017. Less competitive pricing was a key reason. In particul.... More »
Ottawa will continue to monitor housing market: Morneau + MORE Oct 31st
TORONTO – Ottawa will continue to monitor the real estate market and take the necessary actions to ensure that an uptick in interest rates or a decline in home prices don’t threaten the country’s financial stability, Federal Finance Minister Bill Morneau said Friday.
“I will continue to act .... More »
Mortgage payment calculator + MORE Aug 24th
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. But how do you ensure you get a mortgage that you can actually afford over the long term? That’s where a mortgage payment calculator com.... More »
How much you need to earn to afford a home in Vancouver and the GVA Jan 31st
The Canadian real estate market has been red-hot since the pandemic started in March 2020. Home prices have risen across the board, but they are especially high in Vancouver, Canada’s most expensive housing market.
If you’re looking to purchase a home in the Greater Vancouver Area (GVA), you .... More »
Fannie and Freddie Forever
– online.wsj.com
The mortgage giants are once again claiming their paper has no risk for taxpayers. Yeah, right.Data Highlights from the Fall Mortgage Report
– canadianmortgagetrends.com
Mortgage Professionals Canada (previously CAAMP) released its marquis fall mortgage research report this month. We’ve extracted all of the trends that seem new or notable. You’ll see the most relevant findings below. (Data points of special interest appear in blue.) ********** The Market Overall 9.74 million: Number of homeowners in Canada (up from 9.62 million in 2014) 5.71 million: The number of homeowners who have mortgages and may also have a Home Equity Line of Credit (HELOC) 520,000: The number of homeowners who have no mortgage but do have a HELOC 2.15 million: The number of Canadian homeowners who have HELOCs 3.51 million: Number of READ MORE
Reducing debt tops list of financial priorities: poll
– moneysense.ca
TORONTO – Paying down debt remains the top financial priority of Canadians, but it’s a goal many appear to be having difficulty meeting, according to a new poll conducted for CIBC (TSX:CM).
The poll found that 26 per cent of respondents named debt reduction as their key financial goal for 2016, the sixth straight year it has topped the list.
Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.
Got extra cash? Your mortgage can wait »
CIBC executive vice-president Christina Kramer says the fact debt reduction has remained atop the list for so long, coupled with studies showing household debt remains at record highs, indicates many Canadians are not making the headway they desire.
“It’s not just first-time homebuyers, younger Canadians, or those impacted by shifts in the economy, such as a downturn in the oilpatch, who are focused on cutting down their debt,” Kramer said.
“Canadians across the country are telling us that reducing the burden of debt, along with keeping up with their bills, is what they are focused on…
The poll found that 26 per cent of respondents named debt reduction as their key financial goal for 2016, the sixth straight year it has topped the list.
Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.
Got extra cash? Your mortgage can wait »
CIBC executive vice-president Christina Kramer says the fact debt reduction has remained atop the list for so long, coupled with studies showing household debt remains at record highs, indicates many Canadians are not making the headway they desire.
“It’s not just first-time homebuyers, younger Canadians, or those impacted by shifts in the economy, such as a downturn in the oilpatch, who are focused on cutting down their debt,” Kramer said.
“Canadians across the country are telling us that reducing the burden of debt, along with keeping up with their bills, is what they are focused on…
Why writing a budget should be your 2016 resolution
– moneysense.ca
OTTAWA – If you don’t have a budget, then financial planners want you to add another thing to your list of new year’s resolutions.
Credit counsellor Pamela George says budgeting is important no matter what your income.
“I think it is even more important for a bigger salary to have a budget because you need to account for it and you need to understand that $200,000 can finish as fast as $12,000,” said George, who works for the Credit Counselling Society in Ottawa.
Start with your paycheque. You need to know how much you are bringing in each month. Then list your mandatory expenses that you can’t really change, such as rent or mortgage payments, utilities, car payments, insurance and debts.
Learn how to budget and more. Get Money Fit »
George also includes savings and putting money aside for an emergency fund if you don’t already have one in the mandatory category.
“I take savings and put it under mandatory because it is mandatory that you save,” she said.
Then comes your discretionary spending for whatever you might have left over…
Credit counsellor Pamela George says budgeting is important no matter what your income.
“I think it is even more important for a bigger salary to have a budget because you need to account for it and you need to understand that $200,000 can finish as fast as $12,000,” said George, who works for the Credit Counselling Society in Ottawa.
Start with your paycheque. You need to know how much you are bringing in each month. Then list your mandatory expenses that you can’t really change, such as rent or mortgage payments, utilities, car payments, insurance and debts.
Learn how to budget and more. Get Money Fit »
George also includes savings and putting money aside for an emergency fund if you don’t already have one in the mandatory category.
“I take savings and put it under mandatory because it is mandatory that you save,” she said.
Then comes your discretionary spending for whatever you might have left over…
Your 2016 Financial Outlook
– ratesupermarket.ca
By: Barry Choi
2015 was one crazy year – and financial times are a-‘changin. For example, the Greek crisis was on the minds of everyone at the start of the year, but now it’s almost a distant memory. In the summer the Chinese stock market crashed, however their government intervened which helped stabilize the markets. Canadians weren’t safe either; after a terrible third quarter, the Toronto stock market dropped significantly. As the year closed the TSX had double digit losses which left many Canadians wondering what they should look out for in 2016.
I’m no economist, and I certainly can’t predict the future, but what I can do is take a look at what’s been happening recently and present you with what I think are subjects worth paying extra attention to.
Debt Is a Serious Issue
Just a few weeks ago, Bank of Canada (BoC) Governor Stephen Poloz again warned about the rising debt levels of Canadians; he specifically mentioned young people who have taken huge mortgages to become homeowners…
