Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Home Sales Fall Sharply From January + MORE Mar 15th
The Canadian Real Estate Association reported today that national home sales plunged 9% from January to February, with 75% of local markets, including all major cities, recording fewer transactions. It’s not the first time CREA has reported such a steep month-over-month decline—home sales also d.... More »
Inflation data and Bank of Canada decision lead busy week for mortgage watchers Mar 16th
Inflation, home sales and two central bank rate decisions could shape expectations for borrowing costs and the spring housing market..... More »
Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research Jan 9th
Despite anticipated Bank of Canada interest rate cuts later this year, mortgage borrowers will continue to face higher debt-servicing costs for several years..... More »
New mortgage changes for 2024: Wider access to 30-year mortgages and more + MORE Sep 19th
Finance Minister Chrystia Freeland has announced changes to mortgage rules she says are aimed at helping more Canadians to purchase their first home.
“It is going to put the dream of home ownership in reach for more young Canadians,” Freeland told reporters Monday, announcing changes she sai.... More »
Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes Apr 13th
The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months.
While the federal government is taking .... More »
Climbing Debt, Diminishing Savings Highlighted in CBC Documentary
– ratesupermarket.ca
When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack thereof) and debt. The program found more than half of Canadians have their money tied up in their house, with mounting consumer debt at the same time. 41 percent of them say they simply “feel trapped.”
The program looked at families across Canada; one family, in Alberta, is facing the difficult but not uncommon problem of carrying a large debt load (in this case, $100K), which they’ve had to consolidate into their mortgage. With limited economic prospects and falling house prices in the area due to the downturn in the oil sector, their home’s value has declined significantly and simply selling off property is not the lucrative option it once was. Their existing equity has been their lifeline, allowing them to pay off other debts, but it does little to actually reduce debt load…
