Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
2024 mortgage market: A year in review Jan 2nd
The past year marked a turning point for Canada’s housing and mortgage market, with rate hikes giving way to rate cuts, alongside numerous regulatory changes and new government program announcements..... More »
Consider the cost of penalties when breaking a mortgage Oct 17th
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OTTAWA – Mortgage rates are near-record lows, but brokers say those shopping around for a loan should look beyond the rates they’re being offered and pay close attention to how much.... More »
The Best Spring Mortgage Season… Ever? + MORE Apr 19th
If you’re on the hunt for home financing this spring, you’ve practically got a garden of discounts to choose from: lenders big and small are bringing their A game – especially for those who are A borrowers. One lender has introduced a mortgage rate so low, it’s pegged as the lowest post.... More »
Mortgage Debt: Is the Scale Starting to Tip? + MORE Dec 22nd
The “sustained low interest-rate environment” has caused a “significant minority” of Canadians to take on more mortgage debt than they can comfortably manage. That was the conclusion from a recent study by C.D. Howe. Out of all the study’s findings, the one garnering.... More »
A Historic Day for Yields
– canadianmortgagetrends.com
This has been one spectacular swandive in the 5-year Canadian bond yield. We ended Thursday at 1.01%, an all-time low and just a “beep” above the psychological threshold of one percent. If you’ve been watching this waterfall in yields over the past two months, you may well be wondering, “If bonds lead fixed mortgage rates, […]
Changes to Canada’s Financial Landscape
– ratesupermarket.ca
From credit cards to your mortgage rate, there may be impending changes for your financial products this year – and the price of oil may be largely to blame. While the effects may be positive for some (cheaper gas and lower home prices are certainly reason to smile), the Bank of Canada warns the long-term consequences of low oil won’t be so cheery.
Meanwhile, credit card holders could see a cut to their reward earning potential, as new fee caps are slated to take hold this spring.
Interchange Fee Cut: A New Reality For Your Credit Card Rewards?
Visa and MasterCard will be capping interchange fees, which merchants pay on every card transaction, this coming April. It’s great news for retailers – but could slimmer profits for banks mean you’ll earn fewer rewards with your favourite credit card?
Read on to get the full story.
Read Penelope’s Blog | A New Reality For Your Credit Card Rewards?
Is Online Credit Card Use Still Safe?
With several retailer data breaches making headlines, it’s no wonder consumers are feeling wary about using their credit cards online…
Government of Canada mortgage changes
– mortgageshowdown.com
The start of 2015 has brought around some mortgage underwriting changes that are a little bit less than positive for many Canadians. I have included some of the details and commentary on the mortgage changes below.
Details of the mortgage changes:
These changes did not happen overnight, rather the government had requested lenders to have them completed by the end of 2013 and then provided an extension to lenders until the end of 2014. As a result, some lenders instituted these changes at the end of 2013, some throughout 2014, and some waited until the last day of 2014 to finalize the changes.
Secured Lines of Credit:
Lenders will calculate the minimum payment using the current balance and the benchmark rate, amortized over 25 years. If the borrower can provide proof that the contract rate (your mortgage rate) is lower than the benchmark rate (currently 4.79%), lenders can use the contract rate instead.
Example:
Lets say you have a balance of $100 000 on your secured line of credit…
Details of the mortgage changes:
These changes did not happen overnight, rather the government had requested lenders to have them completed by the end of 2013 and then provided an extension to lenders until the end of 2014. As a result, some lenders instituted these changes at the end of 2013, some throughout 2014, and some waited until the last day of 2014 to finalize the changes.
Secured Lines of Credit:
Lenders will calculate the minimum payment using the current balance and the benchmark rate, amortized over 25 years. If the borrower can provide proof that the contract rate (your mortgage rate) is lower than the benchmark rate (currently 4.79%), lenders can use the contract rate instead.
Example:
Lets say you have a balance of $100 000 on your secured line of credit…
