Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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 Canada mortgage

Mortgage Lenders Provide COVID-19 Update – Part 2 + MORE Apr 16th

In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their outlook. Similar to the previous sessions, the overwhelming mess.... More »
 line of credit

How to Read Your Credit Report + MORE Jun 1st

Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply f.... More »

CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 10th

On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.  The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
 home loans

Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th

Canada’s big banks announced this week that those struggling due to the COVID-19 crisis will be able to defer their mortgage payments for up to six months. The coordinated announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will b.... More »

2020 Mortgage Forecasts: Defaults to Jump, Originations to Tumble, Sales to “Suffer” + MORE May 8th

There’s no doubt that Canada’s mortgage and real estate industries will suffer in the short term due to the impacts of the coronavirus pandemic. But how long will the pain last and how far out might the recovery be? Those are questions being asked by many in the industry, and some have p.... More »
The Ultimate Guide to Buying a Home When You’re Self-Employed
Almost half (45%) of Canadians will be self-employed by 2020, according to Intuit. In some cases, these individuals are supplementing employment income by working on the side. But the trend is clear: self-employment is becoming increasingly common in Canada. Here’s a look at how being self-employed can affect the mortgage buying process, along with some tips to help get you into a new home.
Proving Income as a Self-Employed Canadian
When applying for any type of mortgage, the bank requires proof of income. For those who are self-employed, the process can be a little more complicated. There are two main ways business owners, freelancers and independent contractors can prove their income when buying a home:

Proved income: The average amount you’ve earned over a period of time, typically at least two years.
Stated income: A reasonable estimate of your income based on the type and size of your business. Typically, you can only use this method if you’ve been in business for at least a few years…

Continue Reading On ratesupermarket.ca »

Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stress tests on both insured and uninsured mortgages. While sales activity and prices took a hit in both markets, the recovery for the Greater Toronto Area seems to be nearly complete. The […]

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