Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
New mortgage changes for 2024: Wider access to 30-year mortgages and more + MORE Sep 19th
Finance Minister Chrystia Freeland has announced changes to mortgage rules she says are aimed at helping more Canadians to purchase their first home.
“It is going to put the dream of home ownership in reach for more young Canadians,” Freeland told reporters Monday, announcing changes she sai.... More »
How to prepare for a 2023 recession + MORE Nov 19th
The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
Mortgage Digest: HELOC usage rises to near two-year high as borrowing picks up + MORE Dec 18th
A regular review of the latest mortgage and real estate news, a recap of key headlines, and a preview of upcoming economic releases..... More »
Big Bank Mortgage Rates Rising: What it Means for You May 3rd
Four of Canada’s Big Six banks have now raised their posted mortgage rates since last week, sparking concern by homebuyers and existing homeowners about the implications. TD kicked off this round of rate increases last week by raising its various mortgage terms, including an astounding 45-bps .... More »
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 3rd
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
6 ways to pay off your mortgage faster
– moneysense.ca
While the Bank of Canada has yet to raise their overnight rate—a rate that dictates what happens with variable mortgage interest rates—there are changes within the current Canadian mortgage climate.
In late 2016, TD Canada raised it’s variable rate mortgage—not just for new mortgage business, but also for existing mortgage holders. The rate increase was in response to three factors: the new mortgage rule changes introduced by the federal government in early October 2016, which add extra costs to lenders and these costs are then passed down to borrowers; the increasing probability that fixed mortgage rates will soon rise, following an increase in U.S. treasury bond yields; and TD Bank’s current exposure to the residential mortgage market.
It’s still important to negotiate the best rate possible (read more on how to do that, here), but now, more than ever, it’s vital that we consider how to crush the mortgage debt.
Here are six simple strategies for paying off your mortgage faster:
1…
RRSP advice for investors young and old
– moneysense.ca
TORONTO — RRSPs play a major role in paving the way to retirement for many Canadians, but strategies for using the long-term savings account will evolve throughout the course of life.
Certified financial planner Jason Heath of Toronto’s Objective Financial Partners provides advice to two investors on opposite ends of the spectrum:
Young money: Starting RRSPs on a limited budget
Mark Ocampo, a 33-year-old project manager in Toronto, feels he’s falling behind at setting aside money for retirement.
Ocampo says his RRSP contributions are pretty small right now, as he and his partner are more focused on chipping away at the mortgage on their condominium. They’re also thinking about a move and trying to save for a down payment on a ground level home.
Certified financial planner Jason Heath of Toronto’s Objective Financial Partners provides advice to two investors on opposite ends of the spectrum:
Young money: Starting RRSPs on a limited budget
Mark Ocampo, a 33-year-old project manager in Toronto, feels he’s falling behind at setting aside money for retirement.
Ocampo says his RRSP contributions are pretty small right now, as he and his partner are more focused on chipping away at the mortgage on their condominium. They’re also thinking about a move and trying to save for a down payment on a ground level home.
RRSP advice for investors in their 20s »
“I’m putting in a little bit per month into my RRSP, about $50,” Ocampo says. “In my 40s, I plan on getting more serious about RRSP investing once we have a house…
Don’t forget to consider mortgage term
– moneysense.ca
OTTAWA — You shopped around for the best deal on your mortgage and weighed the pros and cons of going with a fixed-rate or a variable-rate loan, but another key factor to consider is the term.
A majority of borrowers opt for a five-year mortgage—about 54 per cent according to Mortgage Professionals Canada—but experts say homebuyers need to consider how long they want to commit to when it comes to their loan.
James Laird, co-founder of interest rate-comparison website RateHub, says when people are buying a house and signing a mortgage it can feel like nothing is going to change for the next 10 or 20 years, so signing for a five-year term may seem like it’s no big deal.
A majority of borrowers opt for a five-year mortgage—about 54 per cent according to Mortgage Professionals Canada—but experts say homebuyers need to consider how long they want to commit to when it comes to their loan.
James Laird, co-founder of interest rate-comparison website RateHub, says when people are buying a house and signing a mortgage it can feel like nothing is going to change for the next 10 or 20 years, so signing for a five-year term may seem like it’s no big deal.
Mortgage terms: fixed vs. variable »
“But life is a bit different than that,” Laird said, as relationships and jobs can change.
“Sometimes it is new relationships forming where someone buys a condo, gets a five-year fixed-rate, but then they meet someone and get married… That usually dictates a change in the residency that they have and the mortgage is broken…
