Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
The Latest in Mortgage News – New Era, New Choices + MORE Apr 3rd
Here’s our latest recap of Canadian mortgage and real estate news. This week we look at: The latest housing affordability report, which came out with fairly predictable results How the post-OSFI stress test bump in business for credit unions may not be materializing What HomEquity’s 2017.... More »
New mortgage rules sending borrowers to alternatives + MORE Feb 7th
TORONTO — Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for home buyers who don’t need mortgage insurance.
As a result, alternativ.... More »
How the mortgage stress test is impacting qualification amounts + MORE Jun 22nd
As of June 2022, we are currently seeing unnatural discrepancies in the size of mortgage loans borrowers will qualify for, and it’s all because of a rift in the space-time stress test continuum. You see, most 5-year fixed mortgage rates are already over 5%, making their stress test a full 2% highe.... More »
How seniors can use TFSAs to have more in retirement + MORE Dec 30th
Because the biggest single expense in retirement is usually tax, high-income seniors should strive to use Tax-free Savings Accounts (TFSA) to minimize the tax bite in their later years.
The key is to maximize both contributions and growth no matter how old you are, which means holding proper growth .... More »
The best credit cards for newcomers to Canada for 2024 + MORE Feb 2nd
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... 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…
