Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Should I sell and rent or get a reverse mortgage? + MORE Jul 7th
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.
I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting.... More »
B.C. home sales to fall as interest rates rise, but prices stay strong: BCREA + MORE Mar 10th
VANCOUVER _ Real estate experts in British Columbia predict residential home sales will dip this year but remain well above the province’s 10-year average, although they warn rising interest rates could leave some B.C. households “vulnerable.”
The British Columbia Real Estate Assoc.... More »
How To Navigate Today’s Economy Oct 17th
Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I .... More »
60% of Canadian mortgage renewals to face higher rates by 2026: BoC Jan 14th
Despite interest rates having fallen materially in 2024, recent data show that many Canadian homeowners could still face payment shocks when their mortgages renew..... More »
The Latest in Mortgage News: iA Exits the Residential Mortgage Market Sep 18th
After nearly 50 years of providing residential mortgages to Canadians, Industrial Alliance Financial Group announced its exit from the space this month. “This is a result of our decision to focus on investments in key sectors for the Group,” iA spokesperson Pierre Picard told CMT. “.... More »
New Housing Starts Slow In October
– ratesupermarket.ca
Housing starts are a good indicator of our economy’s health; shovels in the ground on new-home construction sites mean jobs for Canadians. It also shows consumers are feeling confident about making a home purchase, and that those same home buyers will go on to buy other big-ticket items, like fridges, stoves and furniture. All of this helps stimulate economic growth – but there may be some troubling times on the horizon for new housing in Canada. The Canada Mortgage and Housing Corporation (CMHC) reports that October housing starts have cooled to the slowest pace in seven months.
The Start of a Condo Slowdown?
CMHC’s monthly report shows housing starts in Canada equaled 195,707 units in October compared to 197,763 in September. “The decrease in the trend reflects a decline, in October, of starts of multi-unit dwellings, including condominiums,” said Bob Dugan, CMHC’s chief economist. “Given the elevated level of condominium units under construction, our expectation is that condominium starts will continue to trend lower over the coming months…
A Season of Change
– ratesupermarket.ca
There were a few shakeups in the personal finance scene this week – are you able to adapt? On the mortgage front, prospective home buyers find themselves under the microscope as new rules charge insurers with better regulating the lending industry. Meanwhile, new interchange fees could signal changes to your favourite credit card features. But don’t fear – we have you covered. Read on for the latest.
In Mortgages: New Scrutiny for Mortgage Borrowers: B-20 and B-21 Updates
Watch out mortgage applicants: the latest set of mortgage rules have been put in place, targeting high risk borrowing and shoddy lender practices. Mortgage insurers are now tasked with closely regulating the banks and their home financing practices. Read on to see how this recent changes will affect home buyers.
Read Penelope’s Blog | New Scrutiny for Mortgage Borrowers
In Credit Cards: What If My Bank Changes My Credit Card Agreement?
The terms of your credit card are bound by contract with your lender – but what if they decide to introduce changes to existing features, promos and fees? It’s important to know your rights, understand the changes and take action – here’s what customers should do in the case of a cardholder agreement shakeup…
