Construction Mortgages: What They Are and How to Get One + MORE Apr 24th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Siddall Launches Latest Volley in War of Words with the Mortgage Industry Jun 14th

For anyone who has been following the saga, it should be plainly obvious where Evan Siddall, head of the CMHC, stands on the mortgage stress test. In a recent editorial, we took an in-depth look at Siddall’s at-times passionate defence of stricter mortgage qualification rules. Part of that include.... More »

Mortgage Growth Slows, Alt-Lender Share Grows: CMHC Jul 17th

Canada’s mortgage market grew by its slowest pace in more than 25 years in 2018, according to new data released by the Canada Mortgage and Housing Corporation. At the same time, the share of the market controlled by alternative lenders—which typically lend to riskier clients and charge higher in.... More »
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Hacks to Slash Your Mortgage and Clear Your Debt Early + MORE Aug 16th

Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question:  What mortgage hacks do you use to speed up your mortgage payments? Here are their best tips for getting o.... More »
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The Latest in Mortgage News: New Data on Financial Distress in Canada + MORE Jun 29th

A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skip.... More »

Latest in Mortgage News – More Research on Stress Test Impacts May 6th

The stress test continues to be the focus of much research, with new data released recently on the full extent of its impacts on the housing market. We’ve summarized the latest findings, which look at the stress test’s impacts on home sales and prices over the past year, as well as the c.... More »
Construction Mortgages: What They Are and How to Get One
Needless to say, building your dream home involves a lot more work as opposed to buying a ready-build – it’s more than just drawing floor plans and picking out counter finishes. Buying a piece of land and constructing your own home from scratch also requires you to get a different type of mortgage as well.
Whereas a typical mortgage is a complete loan on an existing property that the borrower pays back in increments, a construction mortgage (or “builder’s” or “self-build” mortgage) covers the cost of the construction of your property.
There are two common types of construction mortgages: completion mortgages and progress-draw mortgages
Completion mortgages
If you choose to go with a completion mortgage, you’re essentially on the hook for construction costs until the project is finished, which at that point, the funds will be transferred to you. Most lenders who offer these types of mortgages want construction to be finished within 120 days. And unlike progress-draw construction mortgages, you have the ability to make changes to the mortgage amount up to 30 days before you take possession of the home…

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Higher Mortgage and Insurance Rates, Rents, and Food Prices Drive Increase in Inflation Rate
 
Canada’s inflation rate, the Consumer Price Index (CPI), saw a bump in March to 1.9 percent on a year-over-year basis after a slower start in January and February. This raise brings inflation closer to the central bank’s two percent target.
The major contributors to this increase are rising mortgage interest costs, rent, auto insurance, and the increased cost of fresh vegetables in Canada. In fact, vegetables rose 15.7 percent this year in comparison to last year, meaning consumers have likely been noticing a rather sharp increase in their grocery bills.
CBC reports produce such as apples are up by 13.92 percent and tomatoes are up by 15.98 percent. Meanwhile, in large part due to the E.coli outbreak in romaine lettuce, lettuce is up by 19.25 percent.
“When you look at the new food guide and the amount of fruits and vegetables we are being encouraged to eat, certainly these prices are discouraging,” Sylvain Charlebois, a professor of food distribution and policy, told the CBC…

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