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
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 3rd
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
Reverse mortgages are on the rise, but are they the right choice? Feb 21st
The number of reverse mortgages has surged recently. Experts caution it’s worth exploring all other options first, like lines of credit and downsizing..... More »
Ask the Expert: The homeowner’s debt dilemma — should you go Bankruptcy or Consumer Proposal? Nov 24th
If you’re a homeowner facing the crushing weight of debt, you’re probably aware the two most dramatic debt resolution solutions: Bankruptcy and Consumer Proposal (CP).
A Consumer Proposal is often recommended because it is seen as gentler and less damaging than bankruptcy. But .... More »
My advice is simple: Over 50? Get a secured line of credit while you can qualify. + MORE Nov 15th
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend.... More »
Should you use home equity to buy a house for your kids? + MORE Oct 5th
Ask MoneySense
My husband and I are considering purchasing a second home using the equity in our first home. We own the home—no mortgage. Estimated value is $1.2 million to $1.5 million.
We are hoping to support our children in moving out, while long-term planning for our downsizing when the ti.... More »
Canadian household debt rises to a record high
– moneysense.ca
OTTAWA – Canadian household debt rose to a new record high in the fourth quarter of last year, fuelled in large part by mortgage growth.
Statistics Canada said Friday that total household credit market debt, which includes consumer credit and mortgage and non-mortgage loans, increased 1.2 per cent to $1.923 trillion at the end of last year.
The total included $573.6 billion in consumer credit debt and $1.262 trillion in mortgage debt.
The growth helped drive the ratio of household debt to disposable income to a new peak of 165.4 per cent in the fourth quarter, up from 164.5 per cent in the third quarter.
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That means Canadian households on average held $1.65 in debt for every dollar they earned after taxes and other fees paid to government.
TD Bank economist Diana Petramala said low interest rates have allowed households to take on more debt, mostly backed by mortgages, and predicted the growth in debt will outpace income growth in the first half of this year…
Statistics Canada said Friday that total household credit market debt, which includes consumer credit and mortgage and non-mortgage loans, increased 1.2 per cent to $1.923 trillion at the end of last year.
The total included $573.6 billion in consumer credit debt and $1.262 trillion in mortgage debt.
The growth helped drive the ratio of household debt to disposable income to a new peak of 165.4 per cent in the fourth quarter, up from 164.5 per cent in the third quarter.
Credit card selector tool »
That means Canadian households on average held $1.65 in debt for every dollar they earned after taxes and other fees paid to government.
TD Bank economist Diana Petramala said low interest rates have allowed households to take on more debt, mostly backed by mortgages, and predicted the growth in debt will outpace income growth in the first half of this year…
Household debt rises to another record
– thestar.com
Canadian household credit market debt, which includes consumer credit, mortgage and non-mortgage loans, increased to $1.9 trillion at the end of last year
Lender Call Roundup
– canadianmortgagetrends.com
Despite growing unemployment in oil country, Canada’s largest non-bank lenders capped off 2015 with low arrears and solid mortgage originations. Themes from last quarter’s lender conference calls centred on default rates, fraud, compliance, mortgage spreads and renewal performance. We’ve pulled all those tidbits and more from the transcripts of three non-bank titans, First National, Home Capital and Street Capital. Here’s a rundown of their reports to the street, with highlights in blue. Street Capital Notables from its call: Mortgages under administration in Q4: $24.8 billion, up 15% YoY. Street sold $2.1 billion worth of mortgages in Q4, $1.6 billion of which were new originations. Street says READ MORE
