Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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How to Improve Your Credit Score: Improving Your Credit Fast + MORE Mar 25th
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better s.... More »
Rate Increases a Concern, but Many Borrowers Say They Can Handle It: RBC + MORE Mar 26th
Rising interest rates is a concern for most mortgage holders, though many feel "well-positioned" to deal with it..... More »
First National sees Q2 drop in single-family originations, but mortgage portfolio expands + MORE Aug 14th
Despite a drop in single-family mortgage originations, First National’s commercial lending and overall mortgage portfolio showed robust growth in Q2..... More »
Bank of Canada expected to raise its key rate for first time in nearly seven years + MORE Jul 11th
The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in oil prices.
Low interest rates have helped fuel the housing market in recent years, incentivizing .... More »
B.C. Just Made Feds' New Mortgage Rules Pointless + MORE Dec 18th
British Columbia has announced a policy that, in effect, works to cancel the impact of the new mortgage rules the federal Liberals enacted in order to cool off rising household debt levels.
The province will offer homebuyers loans of up to $37,500, or up to 5 per cent of a home's value, with no pay.... More »
Trudeau sworn in as new PM, and bond yields jump leading to higher fixed mortgage rates!
– canadamortgagenews.ca
Yesterday, our new Prime Minister gets sworn in. Justin Trudeau is Canada’s 23rd Prime Minister. Some interesting facts… Bond yields have gone up significantly in the last 2 weeks, since the election. Fixed rates are priced directly from the Govt of Cda Bond yields. If the yields go up, then fixed mortgage rates go […]
A plethora of unsold condominiums is cause for concern for the health of Ottawa’s housing market, especially since more units are set to flood the market in coming months, the Canada Mortgage and Housing Corp. warned Thursday. The federal housing agency said the burgeoning number of condos has pushed Ottawa’s market into a category of […]
Am I on track to retire by age 55?
– moneysense.ca
The current situationMike Cameron, 33, and his wife Lacy, 29, are the new parents of a 1-year-old and up to now have been good savers. But the South River, Ont., couple—who make $90,000 annually—plan to have another baby soon and know that will completely unhinge their budget.
Right now, they’re on track to have their $91,000 mortgage paid off in seven years and are currently saving $15,000 annually in RRSPs and TFSAs. “We want to retire at 55 with $50,000 net a year, but as our family grows, we’re going to have to halt our savings program for five years,” says Mike, citing increased daycare costs. The couple only plans to continue paying into Lacy’s company pension plan after Baby No. 2 arrives.
To make up for lost time later, they plan to ratchet up their savings to $30,000 annually in seven years, when they’re mortgage-free and no longer reliant on daycare. They’ll then continue to invest in the same balanced and growth mutual funds that have returned 10% net annually for the past five years…
From one man who paid down his mortgage in only three years time, to another tasked with fixing Canada’s moribund economy even quicker than that, it was a busy week in the business press. The CBC’s Jacqueline Hansen gets you caught up on the week that was in our weekly video recap.
