Learn more about Canadian mortgage rates, rules and the latest news – read on!
For years, we’ve been told to pay our mortgage bi-weekly. Magically, it will pay your mortgage off faster. Hmm, let’s put that to the test. (SPOILER ALERT!) Around 10 years ago, I wrote an article showing some simple but effective math to explain this. I’m constantly getting e.... More »
The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »
Rental properties are a secure long-term investment. Note the emphasis on “long-term”. Check out any seven-year period over the past 50 years (anyone who has read this news site knows that I always recommend buying and holding for at least seven years). Property values have almost alway.... More »
They’re both 25 and make $262,000. This couple wants to pay off their mortgages and spend more on travel. How do they start? Feb 4th
Ace and Ada know they make a lot money for people their age, but it came out of “sweat and tears” and following in the footsteps of immigrant parents. Now they want to know how to spend it..... More »
As was widely expected, the Bank of Canada left the target overnight rate unchanged this morning at 1.75%, where it’s sat since October 2018.
The Bank noted a few positive developments, but focused more on the downside risks.
“The global economy is showing signs of stabilization, and some recent trade developments have been positive,” reads the statement. “However, there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences.”
The Bank gave little indication about future monetary policy, saying only: “In determining the future path for the Bank’s policy interest rate, Governing Council will be watching closely to see if the recent slowdown in growth is more persistent than forecast. In assessing incoming data, the Bank will be paying particular attention to developments in consumer spending, the housing market, and business investment.”
Bond yields, which lead fixed mortgage rates, fell strongly following the announcement…
One of Canada’s most vocal advocates for stricter mortgage rules has announced he will be stepping down at the end of this year. Evan Siddall, who served as President and CEO of the Canada Mortgage and Housing Corporation (CMHC) since 2014, won’t be seeking another term once his ends, according to spokeswoman Audrey-Anne Coulombe. “A selection process for a new President and CEO will start in the coming months,” Coulombe told Bloomberg. “This will be an open and transparent process […]