Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Insights From A Top Canadian Economist: Part 2 + MORE Nov 4th
Canadian economist Benjamin Tal’s presentation at the National Mortgage Brokers Conference was eye-opening. In it, he posited a holistic view of what’s happening with the Canadian economy and what we can expect to happen next. He’s rarely been wrong in the 20 years I’ve been following him &#.... More »
Q3 2018 Bank Earnings – Mortgage Morsels + MORE Sep 12th
The dust has settled following the latest round of big bank earnings, which unveiled another solid quarter and record earnings. The new B-20 regulations and higher interest rates so far appear to be having little effect on mortgage growth, with RBC reporting that customers are “self-adjusting.... More »
Inflation holds steady at 1.7% in May Jun 26th
May inflation figures showed marginal improvements in some of the Bank of Canada’s closely watched price figures—a step in the right direction, some economists say, but likely not enough to convince the central bank to cut interest rates.
The annual pace of inflation held steady at 1.7% in Ma.... More »
Canadian Bond Demand At Highest Level Ever + MORE Jun 27th
Government bonds have taken a beating around the globe – with the exception of Canadian bonds, which not only have weathered the sell-off panic, but continue to be in high demand. It seems Canada’s “safe haven” status is still recognized by investors, despite economic rumbli.... More »
Is it safe to have $600,000 in savings invested in GICs? + MORE Oct 16th
Q. I live in Manitoba and have about $600,000 invested in GICs at a local credit union. I am 63 years old, retired with a pension, no debt and no mortgage. However, I still worry about this money and it has been hard for me to find an unbiased view on its safety. Can you help?
—Glenda W.
A. I thi.... More »
CAAMP Broker Panel – Part 1
– canadianmortgagetrends.com
To this guy, the best part of CAAMP’s Montreal Conference was the mortgage broker panel. Watching industry pioneers debate pivotal trends, best practices and the industry’s future reinforced what all brokers must consider when plotting their own business strategies. This year’s group showcased a dichotomy of business models. The panel featured: Ron Butler from Butler Mortgage and Dan Eisner from […]
Getting a US Mortgage – How Is It Different Than In Canada?
– ratesupermarket.ca
On a recent trip to Cape Cod I was a total creep.
While out for an evening jog (dressed in a hoody, no less), I noticed a lovely New England seaside cottage. Since it was tourist-less shoulder season and I’m blissfully unaware of trespassing laws, I decided to take a walk around the vacant property. It planted a lingering thought in my head – What if we bought the property? I stood there, a hooded lurker at the edge of a stranger’s property, thinking about the potential.
Buying property stateside is intriguing, often affordable, and considerably warmer. That’s why each year, as cold weather sets in, Canadian retirees go the way of the loon; according to Stats Canada, Canadian residents took 20 million overnight trips to the U.S. in 2010.
I know, I know – Cape Cod is not the south… but the charming property prompted me to look into the possibility further. What does buying a property in the U.S. entail?
Also read: Financing a U.S. Home Purchase>
The Cross-Border Contrasts
A good place to start is the variances between mortgage rules stateside and back home…
Half of Canadians expect to be in debt when they retire
– moneysense.ca
TORONTO – Canadians may dream of retiring debt-free, but research done for Manulife suggests nearly 20 per cent of homeowners expect to lean on the value of their homes to finance life after work.
An online survey conducted for the financial services company found about half of the 2,373 respondents expected to still be in debt when they retire.
Of those polled, 10 per cent planned to borrow against their current homes, while about eight per cent were looking to downsize and use money from the sale of their home as income.
Using home equity as a “fallback plan” suggests some Canadians are struggling to balance retirement with paying down debt, Manulife Bank CEO Rick Lunny said in an interview.
“If people think they’re going to take out second mortgages and larger mortgages when they retire, that’s a pretty concerning view and evidence of no financial plan whatsoever,” Lunny said.
“These people, if they’re going to retire with mortgage debt on their homes, there’s significant risk that interest rates will go up in the future…
An online survey conducted for the financial services company found about half of the 2,373 respondents expected to still be in debt when they retire.
Of those polled, 10 per cent planned to borrow against their current homes, while about eight per cent were looking to downsize and use money from the sale of their home as income.
Using home equity as a “fallback plan” suggests some Canadians are struggling to balance retirement with paying down debt, Manulife Bank CEO Rick Lunny said in an interview.
“If people think they’re going to take out second mortgages and larger mortgages when they retire, that’s a pretty concerning view and evidence of no financial plan whatsoever,” Lunny said.
“These people, if they’re going to retire with mortgage debt on their homes, there’s significant risk that interest rates will go up in the future…
A survey of Canadian homeowners suggests a good percentage of them are in for a rude awakening when it comes to how much debt they’re going to be carrying during their theoretical retirements.
