Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Should you buy or sell first in today’s real estate market? May 1st
We’re in the market for a new home, but we aren’t sure whether we should sell our home first or buy first. We’ve had people suggest both, and we’re wondering what might be best in the current real estate market.
Should you buy or sell first in real estate?
Whether you should buy .... More »
CMHC exceeds 2023 housing goals despite economic headwinds May 12th
The Canada Mortgage and Housing Corporation surpassed its 2023 housing targets despite difficult economic conditions and internal financial struggles..... More »
2018 – Year in Review Jan 2nd
We’re about to turn the page on 2018, and many may feel not a moment too soon. Climbing fixed rates weren’t the only thing making mortgages less accessible in 2018. This was the first full year to measure the impacts of new federal mortgage rules. Provincial policies in B.C. and Ontario also.... More »
Creative Ways to Finance Your New Home Aug 19th
In a tight housing market, it can be tough to come up with the cash you need for a new home. Many Canadians looking for new alternatives are having to get creative. For some folks, it may be as simple as finding friends or family to take the journey with them, or sharing their homes with others.
Co.... More »
Prime Rate to Fall as BoC Delivers Second Emergency Rate Cut + MORE Mar 29th
It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday. RBC once again led the way by confirming it would match the BoC’s 50-bps rate cut by dropping its prime rate to 2.45%. Scotiabank, TD, BMO and CIBC then followed in quick succes.... More »
It Now Costs 109% of Income to Own a House in Vancouver
– ratesupermarket.ca
It’s official: for most Canadians, it’s impossible to afford a house in Vancouver. RBC recently released a report where they calculated that owning a detached house in the city exceeds the average Canadian’s pre-tax earnings, and Toronto isn’t far behind.
Million-Dollar Bungalows
In February 2016, the average price of a detached house in Vancouver hit $1.3 million, a 27 per cent increase over the previous year. Based on the median income of households in the Vancouver area, the bank calculates that it would take 109 per cent of pre-tax income just to cover basic costs to own a house in Vancouver – mortgage payments, property tax, and utility bills. That’s not a typo – all their money, plus 9 per cent! And it doesn’t include money for anything else, like food, clothes, or entertainment.
In order to qualify for a mortgage on a detached house in the city, a family would need to earn a combined $215,000.
Which leaves condos. “Purchasing a condo is the only realistic option for most first-time buyers – although this too has become slightly less affordable in the last two quarters,” says RBC…
MCAP’s Fusion – Mortgage of the Year
– canadianmortgagetrends.com
True innovation has become a rarity among mortgage lenders. The mortgage crisis and subsequent government policies (which restricted mortgage liquidity) have made it harder to fund unique value-added products. But every now and then you see a product that creates new competition and gives consumers an important new choice. For eight years now, CMT has recognized the new mortgage that most positively impacted the market in the preceding year. In 2015, MCAP met that criteria with its launch of Fusion, a fully readvanceable mortgage with a fixed or variable mortgage linked to a line of credit. Borrowers get easy funds access and READ MORE
Talking Points: Of carbon lows and tennis woes
– macleans.ca
(Bill Ingalls/NASA/Getty Images)Need an answer for that? Trying to look like the smartest person at the dinner party? Our Talking Points have you covered. Read our short takes on some of the big stories from the week that was:
Peak carbon? China’s emissions may already be falling.
China’s carbon emissions may have peaked as early as 2014, according to research from the London School of Economics, well ahead of the 2030 goal set out by its leaders. The world’s largest producer of emissions is in the midst of an economic slowdown; it’s also adopting carbon-reduction policies to clean up air pollution so it could be that the targets it set in the U.S.-China climate agreement were too low. Could they do better? Germany, Austria, Portugal and Luxembourg want to try, and are calling on the EU to toughen its 2030 climate goals. Targets, of course, are merely targets. Still, why not be ambitious?
Canadians make for wonderful, nomadic neighbours.
With a Vancouver “teardown” recently selling for $1 million over asking price, the Canada Mortgage and Housing Corp…
