Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
What does the new Canadian Mortgage Charter mean for home owners? + MORE Dec 10th
In its 2023 Fall Economic Statement, the federal government announced the Canadian Mortgage Charter. It’s a new initiative intended to address the housing affordability issues caused by rising interest rates, low housing supply and more. The charter, which sets out expectations for lenders, is the.... More »
Can a first-time home buyer have a mortgage co-signer? + MORE Sep 17th
If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate .... More »
Can you pay off your debt while saving for retirement? + MORE Sep 2nd
Ask MoneySense
We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company p.... More »
CMHC reports annual pace of housing starts in January down 10% from December + MORE Feb 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in January fell 10 per cent compared with December..... More »
Latest in mortgage news: Mortgage rates keep surging higher + MORE Sep 29th
Mortgage providers across the country have been busy raising rates over the past week, and it could continue next week with as bond yields continue to rise..... More »
The mortgage stress test has helped protect Canada’s housing market in this downturn: OSFI
– canadianmortgagetrends.com
The mortgage stress test has thus far proven effective in protecting the housing sector from a volatile economy, but further changes haven’t been ruled out, says Canada’s banking regulator.
What happens to your mortgage after a divorce?
– moneysense.ca
Ask MoneySense
My situation is this: My sister has accumulated a huge mortgage with her husband. Her husband has since left her and will walk away from the house as part of their separation agreement. Once his name is off the title of the house, my sister will not be able to make the payments, nor be approved for the mortgage herself. She is refusing to sell her house. She has asked my elderly father to be her co-signer. I think he will feel obligated to agree. If my sister cannot afford the payments once he has co-signed, will my father have to make the payments? Also, when my father passes away, will my sister’s entire mortgage (now half his) automatically come out of his estate? My father would have enough money in his estate to pay the entire mortgage. Or will my sister just need to find another co-signer?
My situation is this: My sister has accumulated a huge mortgage with her husband. Her husband has since left her and will walk away from the house as part of their separation agreement. Once his name is off the title of the house, my sister will not be able to make the payments, nor be approved for the mortgage herself. She is refusing to sell her house. She has asked my elderly father to be her co-signer. I think he will feel obligated to agree. If my sister cannot afford the payments once he has co-signed, will my father have to make the payments? Also, when my father passes away, will my sister’s entire mortgage (now half his) automatically come out of his estate? My father would have enough money in his estate to pay the entire mortgage. Or will my sister just need to find another co-signer?
—Filipa
What happens to your mortgage when you go through separation and divorce
Thank you for your questions, Filipa. Yes, father co-signs the mortgage and your if your sister cannot afford the payments, your father will have to make the payments…
Could diversified funding be the latest trend for alternative mortgages?
– canadianmortgagetrends.com
As the winds of change sweep across the lending landscape, regulatory underwriting guidelines are growing ever tighter. This puts non-bank clients in a precarious position, and mortgage brokers are feeling the pressure.
