Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Sub-6% U.S. mortgage rates vanish as Iran war sparks inflation fears Mar 7th
U.S. homebuyers had to act fast last week to nab the first sub-6% mortgage rates in more than three years. Now they’re up, and the new conflict in the Middle East threatens to nudge them higher..... More »
Home Capital Was Hours Away From Collapse: Report + MORE May 15th
There was no end in sight to the crisis at subprime lender Home Capital this week, with the bank warning the run on its deposits casts doubt on its ability to continue operating.
Home Capital has seen 94 per cent of the deposits in its savings accounts disappear in recent weeks, as depositors fled .... More »
Bank of Canada holds rate, hints at increases to come Dec 6th
OTTAWA — The Bank of Canada stuck with its trend-setting interest rate Wednesday — but it offered fresh, yet cautious, warnings to Canadians that increases are likely on the way.
The central bank has now left the rate locked at one per cent for two straight policy announcements after the stren.... More »
Renting out your home can bring cash—and complications + MORE May 21st
If you search “Airbnb how to get started” you’ll reach their splash page with a big number. As of May in Toronto, Airbnb says you can make more than $4,000 per month during the FIFA World Cup. It’s a powerful lure for someone who needs help with their rent or mortgage, and has a spare room t.... More »
OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages + MORE Sep 8th
It's no secret that Canada's banking regulator has its sights set on fixed-payment variable-rate mortgage products. And OSFI chief Peter Routledge reiterated that point during a speech today..... More »
Mortgage Industry Voices Concerns to Ottawa
– canadianmortgagetrends.com
A delegation of mortgage industry leaders went to Ottawa this month. Its mission: to educate lawmakers about the implications of the latest mortgage regulations. The event, organized by Mortgage Professionals Canada, was its first-ever Parliament Hill Advocacy Days. In just over two days, the group participated in more than 30 meetings involving more than 100 members of parliament, senators and senior policy staff. The association’s core message centred on the economic ramifications of the new policies that came into effect last fall and January. Face-to-Face Progress “Many of the MPs could describe stories from their own riding of homebuyers who were affected by these changes,” said Paul READ MORE
Cost of Mortgage is Going Up: CMHC Hikes Mortgage Insurance Premiums
– ratesupermarket.ca
Note: Mortgage insurance premium increases go into effect on March 17th, 2017.
If you’re applying for a mortgage with a small down payment, be prepared to pay a little more every month for default insurance.
The Canadian Mortgage and Housing Corporation recently announced it will increase the premiums for ‘mortgage default insurance’ (also called mortgage loan insurance) effective March 17, 2017.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, CMHC’s senior vice-president for insurance.
Mortgage default insurance is required for anyone buying a home in Canada with a down payment of 20 per cent or less. However, the cost varies depending on how much you actually put down. Right now, anyone with a down payment between five and 10 per cent pays an extra 3.6 per cent on top of their regular mortgage payments. Come March 17, this will go up to four per cent.
The changes are necessary to “contribute to financial stability,” according to Mennill…
