Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
44 Percent of Canadians Overspend on Rent Jun 11th
Canadians are overspending on housing in alarming numbers, according to a recent RateSupermarket.ca survey. Among those who rent, 44 percent of Canadians are spending more than a third of their income on housing. Not only that, but 20 percent of homeowners are spending more than a third of their in.... More »
A Pre-Approval Does Not Guarantee a Mortgage Approval + MORE Apr 28th
Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval. But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms a.... More »
‘It’s choking me’: This homeowner’s mortgage payments have shot up by more than $1,000 a month. What should he do? + MORE Dec 31st
‘I was naive. I’ve never experienced rate hikes like this before,’ homeowner says, adding he plans to switch to a five-year fixed rate when rates hit 3%..... More »
Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers Mar 12th
It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opi.... More »
CMHC-Backed Report Calls for Annual Surtax on Homes Valued at $1M+ + MORE Jan 7th
A new report backed by Canada's national housing agency is calling for a home equity tax on houses valued at $1 million and more..... More »
Badass Brokering: Proven Keys to Sales Success
– canadianmortgagetrends.com
By Mike Cameron, Special to CMT This article is the first of a four-part series adapted from Mike Cameron’s presentation “Badass Brokering: Proven Keys to Sales Success.” Mike has delivered these talks across the country, including at the Mortgage Professionals Canada regional symposiums. His goal is to introduce you to a framework for creating a sales process specific to your practice and to your unique self. When I kick off my presentations, I talk about the fact that no matter the profession, no matter the product, as salespeople we all sell the same thing. I start by asking the audience what they READ MORE
Mortgage math when you have 2 properties
– moneysense.ca
Q: We have two mortgages on two separate properties:No. 1: $100,000 at 2.5% fixed that comes up for renewal in Feb. 2017
No. 2: $160,000 at 2.94% fixed that comes up for renewal in Feb. 2018
Last year my husband took out a home equity line of credit (HELOC) on the first home for $150,000 (for business use). Eventually we opted to transfer this debt into a secured loan of $100,000 with a hybrid rate—a fixed rate portion at 1.99% (up for renewal in Oct 2017) and a variable rate at 2.7% (prime+0%). Now he is ready to pay the monthly payment as well as make an extra $1,000 to $2,000 per month payment. We just don’t know what debt we should tackle first? Every time I use a calculator, it shows that I save the most if I pay down the debt with the lowest interest rate, but everything I read tells me to pay off the debt with the higher interest rate first. Help!
— Julie M., Toronto
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
When deciding which of the two debts to pay off quicker, always choose the one with the higher interest rate, unless there’s a special consideration…
