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
Have fixed mortgage rates peaked? May 25th
Notwithstanding some additional rate hikes last week, fixed mortgage rates have seemingly plateaued following a stellar run-up over the past several months..... More »
Housing starts up 3% in January, but trade risks add ‘significant uncertainty’: CMHC Feb 20th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in January rose three per cent compared with December, helped by strength in multi-unit starts in Quebec and B.C..... More »
Opinion: Mortgage loyalty isn’t given, it’s earned + MORE Feb 5th
Jill Moellering shares why clients aren’t just chasing the lowest rate—they’re looking for trust, service, and the right mortgage for their needs..... More »
The best life insurance in Canada: your complete guide + MORE Sep 14th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, a 2021 survey found 44% of us bought or now plan to buy life insurance because of the effects of COVID-19. But not everyone is con.... More »
Rate hikes slow non-bank mortgage growth and fuel rise in arrears Apr 24th
Non-bank lenders saw a continued move toward uninsured mortgages in Q4, alongside a steady rise in delinquencies..... 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 […]
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…
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…
