How to go about securing the best policy for your insurance in Canada.
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Going on vacation? Here’s how to keep your home safe + MORE Jul 3rd
As summer kicks into high gear, many Canadians are planning to head out of town for a vacation, whether it’s a weekend at the cottage or a month-long tour of Europe. But getting that rest and relaxation can bring a new source of stress.
According to a Leger survey conducted for Allstate Insuran.... More »
The best credit card travel perks in Canada Aug 4th
A lot of attention is given to travel credit card rewards, but what about advertised perks? These might seem like small benefits, but the value of these perks can really add up if you’ve got a great card.
We’ll help you navigate the most useful credit card travel perks and help you decide if .... More »
How to buy a car in Canada and get the best loan rate Nov 28th
You’ve read the car reviews, done the research and scoured for hours through literature on that car or truck, all while lining up pros, cons, rankings and specs against your budget and wants. You’ve shortlisted the contenders that you most want to press the gas on. That’s it: you’re buying a.... More »
The best credit cards for seniors in Canada in 2024 Aug 28th
What are the best credit cards for seniors in Canada? That was a question we recently received from a reader, and while credit cards are more about an individual’s unique spending habits and the benefits they find most useful in a credit card than age, we still thought we could help. With this in .... More »
MORTGAGE 101: Understanding Different Mortgage Options + MORE Mar 28th
To new buyers, the real estate market can appear intimidating with jargon like amortization, mortgage insurance, fixed vs variable and so on.
Here are some of the key terms and mortgage types you’ll encounter when shopping for your home loan.
What is a Mortgage?
A mortgage is a loan offered by fi.... More »
CMHC Reports $14 Billion Mortgage Insurance Decline
– ratesupermarket.ca
In Canada, anyone who pays less than 20 per cent down on their home purchase is required to take out mortgage default insurance. The biggest provider of this insurance is the Canada Mortgage and Housing Corporation (better know as the CMHC). As the CMHC is a Crown corporation, it’s backed by government funds – and that means taxpayers are ultimately on the hook should any of those mortgage insurance policies go belly up.
It has been a mandated goal for the CMHC to reduce the risk of these defaults on Canadian taxpayers – and their 2014 annual report shows they’ve been successful. One of the biggest revelations was that the organization had lowered “the aggregate exposure of…mortgage loan insurance activity” by $14 billion last year. Sounds like great news – but some mortgage borrowers have felt the squeeze as a result. Here, we explain the biggest report highlights, and how they’ll affect your ability to borrow.
Mortgage Restrictions Have Been Effective
Anyone who’s paid even passing attention to the mortgage market over the past couple of years knows that the federal government has been very actively trying to avoid a mortgage-related financial crisis such as the subprime crash in the U…
