Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears + MORE Jan 29th
As fear grows over the deadly Wuhan coronavirus that has killed more than 100 people, it is now becoming the world’s—and Canada’s—latest economic headwind. That fear spread to financial markets on Monday, with the TSX falling 142 points and New York’s Dow Jones ending the.... More »
With mortgage rates back on the rise, two-thirds of Canadians plan to delay their home purchase + MORE Jun 9th
Over two thirds (68%) of Canadians say they plan to wait until mortgage rates drop before they decide to purchase a house..... More »
Fixed or Variable? Floating-Rate Mortgages Losing Their Lustre + MORE Aug 6th
It can be one of the most difficult choices for mortgage borrowers—fixed rate or variable? Thanks to historically low spreads between the two, that choice is becoming easier for many. “If you’re in the trenches shopping for a new mortgage, I’m going to tell you something I’ve rarely to.... More »
Bank of Canada Raises Overnight Rate to 1.75%; Cites New Trade Policy and Growing Economy Oct 25th
Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April.
After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the ov.... More »
Latest in Mortgage News: Mortgage Delinquencies on the Rise + MORE Dec 21st
The debt burden carried by Canadian consumers continued to rise this year, causing more people to fall behind on their debt payments…including their mortgages. The 90-day-plus delinquency rate for mortgages rose to 0.18% in the third quarter. That’s a 6.7% increase compared to a year ear.... 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…
