Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Would You Buy a Home with Strangers? These Canadian Companies Are Betting On It + MORE Oct 2nd
Lesli Gaynor was tired of renting a home for herself and her two-year-old son. The Toronto resident wanted more space and a more stable living environment, where a landlord couldn’t kick her out. So, in the early 1990s she got together with two friends and bought a house in the city’s Parkdale n.... More »
Rates are at all time lows Sep 20th
Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs in perspective.
Here is what MORTGAGE PAYMENTS on a $400,000 mortgage look like with a 30 year amortization:
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Reverse mortgages are booming amid Canada’s turbulent rate environment + MORE Jan 31st
High rates haven't stopped Canadians from tapping their home equity by way of reverse mortgages..... More »
How much is the average mortgage payment in Canada? + MORE Aug 12th
There’s a cost-of-living crisis affecting many Canadians in 2023. Despite inflation falling to 2.8% in June, the run-up in prices of 2022 and early 2023 have made many staples, including groceries, unaffordable for everyday people. Meanwhile, the Bank of Canada’s (BoC) efforts to bring infla.... More »
The best life insurance in Canada: your complete guide + MORE Sep 14th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, a 2021 survey found 44% of us bought or now plan to buy life insurance because of the effects of COVID-19. But not everyone is con.... More »
Construction Mortgages: What They Are and How to Get One
– ratesupermarket.ca
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…
Higher Mortgage and Insurance Rates, Rents, and Food Prices Drive Increase in Inflation Rate
– ratesupermarket.ca
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…