Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Can you pay off your debt while saving for retirement? + MORE Sep 2nd
Ask MoneySense
We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company p.... More »
Auto sales to dip in most provinces, led by Ontario’s 3.1% drop: Scotiabank Feb 26th
TORONTO _ Canadian sales of cars and light trucks this year are expected to dip from last year’s all-time high, mostly because of weaker economic conditions in Ontario, Scotiabank said Friday in a report.
The bank’s automotive outlook projected that 2018 could end a five-year string of s.... More »
Can Mortgage Brokers Compete with Low Online Rates? Oct 23rd
As mortgage brokers, we should assume our clients and prospects have access to much of the same information we do. But sometimes they don’t, and in such cases we can focus on finding the best lender solution..... More »
What happens when a buyer backs out of a real estate deal? + MORE Sep 2nd
When it comes to backing out of a real estate deal, the law doesn’t tend to side with the dealbreaker, says Ron Butler, a veteran mortgage broker and one of the founders of Butler Mortgage in Toronto. If you’re the buyer, “You should find a way to complete the sale—beg, borrow, do whatever y.... More »
This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th
Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon..... More »
Bank of Canada holds rate, hints at increases to come
– moneysense.ca
OTTAWA — The Bank of Canada stuck with its trend-setting interest rate Wednesday — but it offered fresh, yet cautious, warnings to Canadians that increases are likely on the way.
The central bank has now left the rate locked at one per cent for two straight policy announcements after the strengthening economy prompted it to raise it twice in the summer.
In announcing the decision, the bank pointed to several recent positives that could support higher rates in the coming months. They included encouraging job and wage growth, sturdy business investment and the resilience of consumer spending despite higher borrowing costs and Canadians’ heavy debt loads.
READ: Higher rates could spell comeback for 5-year mortgages
On top of that, there’s increasing evidence in the economic data that the benefits from government infrastructure investments have begun to work their way through the economy, the bank said.
But on the other hand, the bank noted exports have slipped more than expected in recent months after a powerful start to the year, although it continues to predict trade growth to pick up due to rising foreign demand…
The central bank has now left the rate locked at one per cent for two straight policy announcements after the strengthening economy prompted it to raise it twice in the summer.
In announcing the decision, the bank pointed to several recent positives that could support higher rates in the coming months. They included encouraging job and wage growth, sturdy business investment and the resilience of consumer spending despite higher borrowing costs and Canadians’ heavy debt loads.
READ: Higher rates could spell comeback for 5-year mortgages
On top of that, there’s increasing evidence in the economic data that the benefits from government infrastructure investments have begun to work their way through the economy, the bank said.
But on the other hand, the bank noted exports have slipped more than expected in recent months after a powerful start to the year, although it continues to predict trade growth to pick up due to rising foreign demand…
