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
New Study: Blended Families Say They Face Financial Challenges + MORE Aug 10th
Merging families is never easy, but if you plan on sharing a home with a new partner, stepchild or even your great aunt, you need to be prepared for the potential financial challenges you may face. As more and more families blend together, having the ability to talk openly about the household’s f.... More »
5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st
These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake.
.... More »
Q2 2018 Bank Earnings – Mortgage Morsels Jun 8th
The majority of Canada’s Big Six banks beat expectations for second-quarter earnings, despite slowing real estate activity and tighter lending rules for uninsured mortgages. Both RBC and Scotiabank posted 6% year-over-year increases in their residential mortgage portfolios, although the other .... More »
The Latest in Mortgage News: Mortgage Debt Soars as Credit Card Debt Falls to 6-Year Low Jul 19th
Canada's hot housing market was behind a 41.2% annual increase in new mortgages as of the first quarter, Equifax Canada reported..... More »
Latest in Mortgage News: Mortgage Delinquencies on the Rise + MORE Dec 21st
The debt burden carried by Canadian consumers continued to rise this year, causing more people to fall behind on their debt payments…including their mortgages. The 90-day-plus delinquency rate for mortgages rose to 0.18% in the third quarter. That’s a 6.7% increase compared to a year ear.... More »
Ottawa's housing market takes off, as new home construction more than doubles from 2015
– canada.com
Ottawa homebuilders are aiming high in 2016, according to a slew of new statistics released detailing the current state of affairs in the city’s housing market. Canada Mortgage and Housing Corp. (CMHC) released its monthly update on new home construction Friday, stating that the number of new homes started by construction companies in Ottawa during the month of […]
How to consolidate debt
– moneysense.ca
If you feel pinched making payments on your debts, it may make sense to roll them all into one monthly bill. But bear in mind that while it’s meant to ease your debt situation, you’ll need to qualify for that lower-interest consolidation loan. Here’s how to stack the odds in your favour.
1. Choose your battles
Not all debts are worth consolidating. The most common contenders are high-interest, unsecured consumer debts like credit cards and personal loans. Things like student loans are better dealt with separately as you are eligible for tax credits on interest.
2. Review your budget
You should know how much you can realistically pay per month against your debts. Take a hard look at your expenses and decide what you can spare to pay down your loans. You’ll need to have this figure ready if and when you approach a consolidator.
3. Choose your consolidation method
Now you have some options: You could consider a consolidation loan, take on a secured or unsecured line of credit, or refinance your home…
1. Choose your battles
Not all debts are worth consolidating. The most common contenders are high-interest, unsecured consumer debts like credit cards and personal loans. Things like student loans are better dealt with separately as you are eligible for tax credits on interest.
2. Review your budget
You should know how much you can realistically pay per month against your debts. Take a hard look at your expenses and decide what you can spare to pay down your loans. You’ll need to have this figure ready if and when you approach a consolidator.
3. Choose your consolidation method
Now you have some options: You could consider a consolidation loan, take on a secured or unsecured line of credit, or refinance your home…
RBC Weighs in on FICOM Rule Change
– canadianmortgagetrends.com
FICOM’s new commission disclosure proposal appears to be moving full steam ahead. And it leaves certain consequences to the imagination. RBC Capital markets put out a report on this recently, and touched on some of those key questions. The report asks the following (our comments are added in italics): “Will mortgage brokers lose market share to banks, given they will need to disclose how much they get compensated whereas bank personnel do not?” It’s tough to judge the overall outcome at this stage (mainly because the rules aren’t finalized), but one thing seems certain. The changes could cost full-commission brokers business from consumers who will use explicit compensation data READ MORE
The U.S. Justice Department on Monday announced a $5 billion US settlement with Goldman Sachs over the sale of mortgage-backed securities leading up to the 2008 financial crisis.
Finance Minister Bill Morneau is urging Canadians to just wait and see after his changes to mortgage rules failed to cool down home prices in certain cities across the country.
In December, Morneau announced that mortgage holders would need to make minimum down payments of 10 per cent on any portion of a home’s price above $500,000, up to $1 million.
The presumable aim was to cool down staggering home prices in some of Canada’s hottest markets — but that hasn’t happened yet, and the rule has been in effect since Feb. 15.
In fact, things seem to have gone the other direction in certain cities.
Finance Minister Bill Morneau (Photo: Adrian Wyld/CP)
Vancouver’s housing market saw sales top 5,000 for the first time ever last month, while detached homes in Toronto hit an average price of $1.8 million.
Regardless, Morneau is optimistic that the new rule will have some impact down the road.
“We’re only one month into that change, we hope that change, and we expect that change will have some impact,” the finance minister told Business News Network (BNN) on Friday…
