Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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CMHC Makes Dividend Payments to Government: What are They and Who do They Help? + MORE Apr 5th
Starting in 2017, the Canada Mortgage and Housing Corporation (CMHC) has been making both special and regular dividend payments to its shareholder, the Government of Canada. The largest sum was for $4-billion in June 2017, which was spread over two years. At that time they announced the impl.... More »
The Parliamentary Budget Office Reminds Us that Higher Interest Rates Would Bring Challenges Jun 23rd
When Interest Rates Inevitably Rise… In a new report on “household indebtedness and financial vulnerability,” the Parliamentary Budget Office (“PBO”) has provided calculations on how increased interest rates would affect debt service costs for Canadian consumers. The PBO report assumes tha.... More »
The Latest in Mortgage News: New Data on Financial Distress in Canada + MORE Jun 29th
A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skip.... More »
Locking in your mortgage could save you money, but it depends on your plans + MORE Oct 19th
Homeowners with variable mortgage rates have seen their rates rise over the past year as the Bank of Canada has raised its key interest rate target four times..... More »
Canada’s best credit cards for people with bad credit 2021 + MORE Jun 4th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
B2B Bank Invests in VERICO
– canadianmortgagetrends.com
B2B Bank has made an equity investment in Verico Financial Group, one of the country’s largest mortgage broker networks. B2B, a subsidiary of Laurentian Bank, is buying a non-controlling interest in VERICO. Co-founders Colin Dreyer and John Kelly remain the majority shareholders in the company and will stay on to manage the firm. No deal […]
Rich Canadians mortgage their homes by choice
– moneysense.ca
Sixty-seven per cent of high net worth Canadians (those with $500,000 or more in investable assets) with a mortgage have the cash to pay off their home—in full—but don’t, according to a new survey for mortgage provider Investors Group.Their reasons for holding on to the mortgage vary, including tax planning and income-generating rental properties. In Canada, mortgage interest on rental properties is tax deductible.
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“The notion that a mortgage is used only when funds aren’t available to pay cash for your home doesn’t ring true for many wealthy Canadians,” Peter Veselinovich, vice-president of banking and mortgage operations at Investors Group, said in a press release Wednesday.
In all one-fifth of high net worth Canadians have a mortgage, at an average size of $157,000. Thirty-three per cent own more than one property, more than half of them own a recreation property and 42% own at least one investment property.
Also noteworthy is that more than one-quarter of mortgage holders in this high net worth group has no plans to pay off the mortgage before retirement…
Home prices will rise a further 5% by Christmas: TD report
– moneysense.ca
TORONTO – Canada’s housing market will continue to stay hot for the rest of the year, with home prices expected to rise on low interest rates and increased demand, says a report by TD Economics.
The bank upgraded its forecast for the real estate sector Thursday, predicting that home prices will gain an average of five to six per cent by the end of 2014.
“More strength may be bubbling under the surface,” said TD economist Diana Petramala, author of the report.
In February, the bank had expected Canadian home sales to flatten out, and called the market overvalued by about 10 per cent. It did not give an estimate on how much it thought prices would rise or drop. That earlier forecast was based on the belief that mortgage rates would creep up in the spring, but rates still sit near record lows and continue to prop up demand.
Low interest rates have helped with the affordability of condos, where prices are at their “most favourable.” First-time buyers who may have been pushed out of the market earlier may also be returning back due to the rates, which have in part driven the demand for single-family homes…
The bank upgraded its forecast for the real estate sector Thursday, predicting that home prices will gain an average of five to six per cent by the end of 2014.
“More strength may be bubbling under the surface,” said TD economist Diana Petramala, author of the report.
In February, the bank had expected Canadian home sales to flatten out, and called the market overvalued by about 10 per cent. It did not give an estimate on how much it thought prices would rise or drop. That earlier forecast was based on the belief that mortgage rates would creep up in the spring, but rates still sit near record lows and continue to prop up demand.
Low interest rates have helped with the affordability of condos, where prices are at their “most favourable.” First-time buyers who may have been pushed out of the market earlier may also be returning back due to the rates, which have in part driven the demand for single-family homes…
