Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Every mortgage calculator you will ever need + MORE Mar 20th
Owning a home can be a powerful wealth-building tool, but it can also be expensive when you account for mortgage payments, property taxes, insurance premiums, utilities and maintenance.
To get a clear picture of how a home purchase impacts your finances, you’ll need to determine how much you ca.... More »
How to build credit history in Canada + MORE Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
As US housing recovers, low incomes keep Detroit far behind + MORE Aug 8th
DETROIT – Ann and Oscar Mack had fallen behind on property taxes and knew they faced foreclosure on their home of 20 years. But they didn’t know their house on Maiden Street, in a blighted east side Detroit neighbourhood, was already listed for auction.
No one “let us know we were .... More »
Refinancing your mortgage? Here’s why a professional home appraisal is step one + MORE Mar 28th
Before you refinance your mortgage, it’s important to know your home’s true value. A professional home appraisal gives you an accurate picture of the value of your property, helping you make smarter financial decisions from lowering your monthly payments to accessing equity to evaluating your re.... More »
B2B Bank + MORE Aug 15th
Company: B2B Bank Position: Business Development Manager (x2) Location: Vancouver, BC; Halifax, NS Business Development Manager (x2) NOTE: These roles are based in: Suburban Vancouver, British Columbia and will support Interior British Columbia; and Halifax, Nova Scotia and will support Atlantic C.... More »
Money for Mama!
– ratesupermarket.ca
Mother’s Day is coming up quick – and Canadians are flocking to flower shops across the nation. And, while Mom’s sure to love those pretty posies, she’d likely appreciate a fistful of cold, hard cash even more! Check out our top 10 gift ideas with a financial twist – sure to grow your mom’s wealth (and cement your position as favourite child).
After all, financial success should be a family affair – just ask Desiree Fawn, this week’s special guest offer. Be sure to check out her kid-proofed budget building tips!
No May Day For Spring Mortgage Rates
Our mortgage experts have spoken – and it looks as though May mortgage rates aren’t in for any major movement this month. If you’re a buyer, this means it’s a great time to score your financing – don’t hit the open houses without reviewing our panelists’ take on fixed and variable options.
Read Penelope’s Blog | No May Day for Spring Mortgage Rates
10 Mother’s Day Gifts That’ll Make Her Richer
Forget the flowers – what better way to honour Mom than to up her wealth quotient? If you’re stumped on a Mother’s Day gift, be sure to check out these top 10 suggestions, from finance-themed books and apps to ways you can help Mom control her finances…
No May Day For Spring Mortgage Rates
– ratesupermarket.ca
Stable bond yields and central bank doubts lead to stability for fixed and variable options
May 8, 2014: Toronto, Ontario – May will bring flowers – but there’s no growth in store for the Canadian cost of borrowing. Stable bond yields and a competitive spring market lead to status quo for fixed mortgage rates in the short term. Variable mortgage rates, however, aren’t to change until 2016 as exports and inflation remain below the Bank of Canada’s forecast.
Fixed Mortgage Rates: Unchanged
The busy spring buying season is in full swing, prompting lenders to stay competitive with their rates, as Canadian buyers snap up homes in droves. This is supported by stability among government bond yields, which have not fluctuated enough to warrant any pressure placed on fixed rates in the short term.
Variable Mortgage Rates: Unchanged
Central interest rates won’t rise until 2016, according to the Bank of Canada’s top man himself, Stephen Poloz. Lower-than-expected export activity and steep retail competition continue to depress inflation growth, the required driver behind a potential rate rise…
CMHC Plans to Insure Fewer Mortgages
– ratesupermarket.ca
Planning to pay less than 20 per cent on your home purchase? You’ll be joining a shrinking pool of buyers who require mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC). The Crown corporation stated in its annual report that it is underwriting less mortgage insurance, and that it has plans to reduce the amount even further.
In the report, CMHC states it insured $557 billion in high-ratio mortgages in 2013, a drop from $566 billion in 2012. The report forecasts it will insure even less in 2014, probably around $545 billion. The decline comes as a result of tightened lending rules, which the government last tweaked in Summer 2012. Now new rules implemented by the CMHC will lead to even fewer homeowners qualifying for mortgage insurance… and CMHC is ok with that.
Stricter Lending to Come
Worried about an overheated housing market, the late Finance Minister Jim Flaherty introduced stricter measures four separate times to curb out-of-control borrowing…
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: Financial Services Commission of Ontario Position Title: Senior Compliance Officers Licences or Registrations Required: No Location of Positions: Toronto, Ontario Applicants may contact: FSCOcareers@adecco.ca Click on the position title…
2014 Canadian Mortgage Awards
– canadianmortgagetrends.com
Congratulations to the entire lineup of nominees and winners at last night’s CMP Canadian Mortgage Awards. The people and companies named this year were recognized for elevating their crafts beyond…
