2020 – Year in Review + MORE Jan 7th

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

MIC Trade Show Goes Virtual Jan 16th

Despite a nearly 50-year history in Canada, Mortgage Investment Corporations—or MICS—still remain relatively unknown among many brokers and borrowers alike. But for the past several years, Mortgage Professionals Canada and the Ontario Mortgage Investment Companies Association (ONMICA) have partn.... More »

Q4 2020 Bank Earnings – The End of Mortgage Deferrals Jan 13th

When 2020 came to an end, so too did the vast majority of mortgage deferral programs offered by the Big 6 banks and other Canadian lenders..... More »
 finance

Bond Yields Surge, Mortgage Rates Rising in Response + MORE Feb 24th

Canadian bond yields hit their highest level since April in recent days, and a number of lenders have responded by starting to raise some of their mortgage rates. CMLS, MCAP and First National were among the non-bank lenders to increase at least some of their rates, with their broker rates rising 10.... More »

How do mortgage brokers get paid? Feb 18th

Q. Is it typical to pay a mortgage broker fee in advance, and before closing? My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash. –Adil A. A mortgage broker can obt.... More »

Latest in Mortgage News: Despite Challenges, Majority of Canadians Plan to Buy a Home Jan 22nd

Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment.... More »

2020 – Year in Review

– canadianmortgagetrends.com

Now that the page has finally been turned on 2020, we wanted to take a look back at how mortgage rates fared over the course of what was a tumultuous year. It’s safe to say that COVID-19 stole the show in terms of the year’s biggest newsmaker. On the mortgage front, one of the biggest themes of the year ended up being the downward trend in interest rates to historic lows. Not to mention a resilient housing market that not […]

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Some people plan to downsize in retirement, either because they will be empty nesters and no longer need the space, or because they need or want the proceeds from selling their current home to help fund retirement. Whatever their individual reasons, some Canadians want to consider buying the home they will retire to in the future, today. 
A cottage or a condo down south are options for some, but these properties are often owned in addition to a “city home.” A more complicated consideration is buying a condo now in anticipation of someday moving into it as your principal residence. 
Buying a condo now, and renting it out in the meantime
You can generally buy a property you intend to rent out with at least a 20% down payment and borrowing up to 80% of the purchase price as a mortgage. Depending on where it’s located, a rental property may or may not have positive cash flow with a 20% down payment. For that reason, it’s important for those with tight cash flow to run the numbers, so they can budget properly if they choose this option…

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