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
Bank CEOs see mortgage risk easing as attention turns to political uncertainty + MORE Jan 8th
The heads of Canada's biggest banks are finally seeing risks around mortgage renewals easing, only for worries about tariffs and political uncertainty to take their place..... More »
CIBC’s Tal: “This is not a meltdown,” but expect short-term pain + MORE Oct 23rd
Despite softening origination activity, mortgage professionals should welcome the current "reset" to healthier market conditions..... More »
The wrong way to pay off debt + MORE Sep 10th
I’ve always believed that anyone substantially mired in debt has no business fantasizing about retirement. For me, this extends even to a home mortgage, which is why I often say “the foundation of financial independence is a paid-for home.”
Sadly, however, it’s a fact that many Canadian sen.... More »
How to improve your credit score with rent payments in Canada + MORE Feb 8th
If you’re renting in Canada, you might not think that your monthly rent payments have anything to do with building your credit score. While home owners can strengthen their credit profile through mortgage payments, renters traditionally haven’t had the same opportunity. After all, paying rent is.... More »
Scotiabank says variable-rate mortgage clients “showing signs of stress” + MORE May 30th
Scotiabank says high interest rates are increasingly weighing on consumers, resulting in a credit deterioration among its variable-rate mortgage customers..... More »
Inclusionary Housing to Come to Ontario
– ratesupermarket.ca
In Ontario, many prospective home buyers are priced out of the hot real estate market. Could relief be on the way? In a bid to create more affordable housing options in Ontario, the provincial government is granting municipalities the power to require builders to include affordable housing in new residential projects. The details have yet to be hammered out, but it’s likely that so called “inclusionary zoning” would mandate builders to set aside 10 per cent of any new development for low-to-moderate-income households.
Looking to buy a home in Ontario? Click here for the best mortgage rates in the province>
The Impact On Home Prices
This could mean people living in places like Toronto, where the average detached home is over $1 million dollars, could realize their home ownership dreams. But builders are pushing back, warning this could drive prices higher for buyers who don’t qualify for affordable housing.
Kathryn Segal, communications officer at the Ontario Home Builders’ Association, says the industry wants to ensure everyone can afford a home, but are waiting to see what steps each municipality will take…
Direct-to-Consumer Marketing in the Spotlight
– canadianmortgagetrends.com
Certain mortgage brokers almost take it personally when a broker channel lender competes against them. They condemn lenders who keep their best specials for in-house sales reps and sidestep brokers by paying real estate companies directly for client referrals. Lenders who engage in these practices irritate brokers, such that many brokers route their business elsewhere in retaliation. The greatest friction occurs when a lender positions itself as being “broker focused,” but then advertises rate deals that are only available to its internal reps. Brokers hate this with a capital “H.” They view it almost as discriminatory pricing. From the lender’s READ MORE
CREA Hikes Housing Market Forecast for 2016-2017
– ratesupermarket.ca
The Canadian Real Estate Association (CREA) recently released two reports on housing sales in February 2016 and their housing forecast through 2017. With total sales hitting the highest levels since June 2007, the organization has changed their earlier bearish stance to a continued upward trend through at least the early part of next year. That said, large urban areas in southwestern B.C. and the Hamilton to Toronto corridor are largely responsible for any gains.
Looking to buy a home in Canada? Find the best mortgage rates in your region>
British Columbia
“Two of Canada’s hottest housing markets [B.C. and Ontario] look set to stay that way heading into the spring home buying season,” said CREA President Pauline Aunger in a press release. The Greater Vancouver area had the highest year-over-year price jump in the country at 22.18 per cent, with the Fraser Valley area following close behind with a 19.39 per cent increase in average sale prices. House prices in Victoria rose about 10 per cent and the rest of Vancouver Island averaged a 5…
