Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums + MORE Mar 20th
For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big banks soon following suit. That lowered the c.... More »
What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers + MORE Jul 17th
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money.
At the beginning of 2018, new mortgage rules raised the bar for qualification. Under federal law, all financial institutions are now required to put any new applicants under a.... More »
Let's Throw a Patent-Burning Party Oct 1st
When a drug goes generic, it’s as if society has paid off a mortgage..... More »
How much income do you need to buy a home in Canada? A look at housing affordability in June 2025 Jul 26th
Mortgage rates continue to tick higher, and the impact is being felt in housing markets across Canada, according to the latest affordability data from Ratehub.ca. The June edition of the study, which is conducted monthly to record affordability conditions in real time, found conditions eroded in 12 .... More »
Making sense of the markets this week: June 23, 2024 + MORE Jun 23rd
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
We’re building more houses—and prices are down!
On Monday, the Canada Mortgage and Housing Corporation announce.... More »
5 things to know about the new mortgage rules
– moneysense.ca
TORONTO – Homebuyers in Canada now face larger down payment requirements for properties over $500,000. The changes are intended to temper some of Canada’s heated real estate markets. Here are five things to know about the new rules:
Who’s affected: Primarily those shopping for a home in Toronto and Vancouver. First-time buyers in those cities will feel the pinch since they’ll be required to put down bigger down payments to get into the market. Those selling their homes in order to size up, especially in cities with hot housing markets, likely won’t feel the pain since they’ve built up equity in those properties.
Dollars and cents: For someone purchasing a $700,000 home — a common list price in Toronto and Vancouver — the minimum down payment required will rise by $10,000 to $45,000.
How the new 10% minimum down payment works »
Price impact: The influence over prices should be small given the narrow reach of the new rules, analysts say. In Toronto and Vancouver, where prices have climbed to historic highs, anyone who can’t make the bigger down payment will simply be elbowed out of the way by those who can, meaning there should be a minimal impact on prices, according to Robert Kavcic, senior economist at BMO Capital Markets…
Who’s affected: Primarily those shopping for a home in Toronto and Vancouver. First-time buyers in those cities will feel the pinch since they’ll be required to put down bigger down payments to get into the market. Those selling their homes in order to size up, especially in cities with hot housing markets, likely won’t feel the pain since they’ve built up equity in those properties.
Dollars and cents: For someone purchasing a $700,000 home — a common list price in Toronto and Vancouver — the minimum down payment required will rise by $10,000 to $45,000.
How the new 10% minimum down payment works »
Price impact: The influence over prices should be small given the narrow reach of the new rules, analysts say. In Toronto and Vancouver, where prices have climbed to historic highs, anyone who can’t make the bigger down payment will simply be elbowed out of the way by those who can, meaning there should be a minimal impact on prices, according to Robert Kavcic, senior economist at BMO Capital Markets…
Should You Refinance Your Mortgage?
– ratesupermarket.ca
A recent study by NerdWallet using mortgage data by Black Knight Financial Services found that Americans are wasting as much as $13 billion per year because they aren’t refinancing their mortgages.
The study, which identified over 5.2 million homeowners who had good credit and at least 20 per cent equity, showed that these borrowers could save an average of $215 per month if they were to refinance. However, they cautioned that they were being conservative about the potential $13 billion savings since they used a higher refinance rate than was being offered at the time. That means that American homeowners could potentially save even more.
What About Canadian Homeowners?
It’s hardly a stretch to suspect that Canadian homeowners are also paying significantly more in interest a year than they might have to. A 2004 CIBC study showed that Canadians saved $7 billion that year by refinancing their mortgages. With the increase in housing prices and mortgages in the ensuing decade, Canadians with good credit could likely qualify to save a significant amount if they refinance their mortgages…
Attn: Firstline mortgage clients… beware CIBC brand renewal offer!
– canadamortgagenews.ca
In June 2012, CIBC announced they would close Firstline Mortgages. All existing Firstline mortgage clients would be offered a CIBC brand mortgage renewal. Hey, did anybody catch that? “…..offered a CIBC brand mortgage renewal.” This means your Firstline mortgage CANNOT be renewed into a Firstline brand because the brand is being discontinued. In fact, in 2015, […]
New mortgage rules kick in this week
– moneysense.ca
TORONTO – Canadians looking to buy homes between $500,000 and $1 million will have to put down larger down payments as new federal rules took effect Monday.
Under the changes, homebuyers must now put at least 10 per cent down on the portion of a home that costs more than $500,000.
Buyers can still put down five per cent on the first $500,000 of a home purchase. Homes that cost more than $1 million still require a 20 per cent down payment.
Phil Soper, president and CEO of Royal LePage, says the new rules aim to slow the breakneck pace of price growth in the red-hot markets of Toronto and Vancouver without affecting markets that are lagging, such as those in oil-dependent provinces.
How the new 10% minimum down payment works »
“The problem with monetary policy is that it impacts the struggling Calgary market or the just fine Winnipeg market and the overheated Vancouver market in equal amounts,” Soper said.
“If you lower interest rates, you lower interest rates for all. And that’s not what the country needed…
Under the changes, homebuyers must now put at least 10 per cent down on the portion of a home that costs more than $500,000.
Buyers can still put down five per cent on the first $500,000 of a home purchase. Homes that cost more than $1 million still require a 20 per cent down payment.
Phil Soper, president and CEO of Royal LePage, says the new rules aim to slow the breakneck pace of price growth in the red-hot markets of Toronto and Vancouver without affecting markets that are lagging, such as those in oil-dependent provinces.
How the new 10% minimum down payment works »
“The problem with monetary policy is that it impacts the struggling Calgary market or the just fine Winnipeg market and the overheated Vancouver market in equal amounts,” Soper said.
“If you lower interest rates, you lower interest rates for all. And that’s not what the country needed…
New mortgage rules kick in
– canoe.ca
Canadians looking to buy homes between $500,000 and $1 million will have to put down larger down payments as new federal rules took effect Monday.
