Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The Latest in Mortgage News – New Era, New Choices + MORE Apr 3rd
Here’s our latest recap of Canadian mortgage and real estate news. This week we look at: The latest housing affordability report, which came out with fairly predictable results How the post-OSFI stress test bump in business for credit unions may not be materializing What HomEquity’s 2017.... More »
Finding help in this crazy housing market + MORE Nov 21st
For many Canadians, the dream of owning a home while earning a modest income just keeps getting harder and harder to achieve. But various governments as well as some non-profits and some private developers offer options to help struggling first-time home buyers get into the market. Here are three p.... More »
Why Canadian fixed mortgage rates are rising again + MORE May 15th
After briefly dipping below 4%, most five-year fixed mortgage rates at Canada’s major banks are back above the 4% mark, and could stay elevated for the foreseeable future, experts say..... More »
Life Insurance vs. mortgage insurance: Let’s break it down + MORE Mar 20th
Life insurance can be a necessity for ensuring your loved ones are taken care of after you’re gone. It can help them pay for funeral expenses, the costs of everyday living and much more. But one of life insurance’s main advantages is that it can pay off outstanding debts, including a mortgage. S.... More »
Looking Beyond the Big Banks: How Playing the Mortgage Field Could Save You Thousands Mar 3rd
When it comes to your mortgage, there’s no need to settle for the most obvious options. When the time comes to buy a house, most Canadians rely on only the ‘big six’ banks to find a competitive interest rate. An HSBC study from last year shows Canadians are among the least likel.... More »
Inclusionary Housing to Come to Ontario
– ratesupermarket.ca
In Ontario, many prospective home buyers are priced out of the hot real estate market. Could relief be on the way? In a bid to create more affordable housing options in Ontario, the provincial government is granting municipalities the power to require builders to include affordable housing in new residential projects. The details have yet to be hammered out, but it’s likely that so called “inclusionary zoning” would mandate builders to set aside 10 per cent of any new development for low-to-moderate-income households.
Looking to buy a home in Ontario? Click here for the best mortgage rates in the province>
The Impact On Home Prices
This could mean people living in places like Toronto, where the average detached home is over $1 million dollars, could realize their home ownership dreams. But builders are pushing back, warning this could drive prices higher for buyers who don’t qualify for affordable housing.
Kathryn Segal, communications officer at the Ontario Home Builders’ Association, says the industry wants to ensure everyone can afford a home, but are waiting to see what steps each municipality will take…
Direct-to-Consumer Marketing in the Spotlight
– canadianmortgagetrends.com
Certain mortgage brokers almost take it personally when a broker channel lender competes against them. They condemn lenders who keep their best specials for in-house sales reps and sidestep brokers by paying real estate companies directly for client referrals. Lenders who engage in these practices irritate brokers, such that many brokers route their business elsewhere in retaliation. The greatest friction occurs when a lender positions itself as being “broker focused,” but then advertises rate deals that are only available to its internal reps. Brokers hate this with a capital “H.” They view it almost as discriminatory pricing. From the lender’s READ MORE
CREA Hikes Housing Market Forecast for 2016-2017
– ratesupermarket.ca
The Canadian Real Estate Association (CREA) recently released two reports on housing sales in February 2016 and their housing forecast through 2017. With total sales hitting the highest levels since June 2007, the organization has changed their earlier bearish stance to a continued upward trend through at least the early part of next year. That said, large urban areas in southwestern B.C. and the Hamilton to Toronto corridor are largely responsible for any gains.
Looking to buy a home in Canada? Find the best mortgage rates in your region>
British Columbia
“Two of Canada’s hottest housing markets [B.C. and Ontario] look set to stay that way heading into the spring home buying season,” said CREA President Pauline Aunger in a press release. The Greater Vancouver area had the highest year-over-year price jump in the country at 22.18 per cent, with the Fraser Valley area following close behind with a 19.39 per cent increase in average sale prices. House prices in Victoria rose about 10 per cent and the rest of Vancouver Island averaged a 5…
