Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Does buying GICs still make sense after the recent rate cuts? + MORE Apr 3rd
In March, the Bank of Canada (BoC) lowered its policy interest rate by another 25 basis points, from 3.00% to 2.75%. It was the central bank’s seventh consecutive cut.
What does it mean for Canadians as borrowers and savers when interest rate cuts happen? On the positive side, it mean.... More »
Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th
I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation. It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »
Latest in Mortgage News: CMHC to Get New Name, Maybe “Housing Canada” + MORE Sep 23rd
What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall .... More »
How to build credit history in Canada + MORE Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
Canadian home sales hit “speed bump” in July, despite rate cuts Aug 17th
Falling mortgage rates haven't yet had a a significant impact on real estate activity, according to recent data..... More »
Debt Consolidation Tip: Pay less interest!
– canadamortgagenews.ca
The beginning of the year is typically tough financially for most of us. Holiday bill payments, RRSP contributions, property tax bills, etc. And, if you’re self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January and February feel like a hangover!Banks and credit card companies love this time of year because this is when we’re most likely to carry a balance, forcing us to pay those crazy interest rates that range from 9% to 24%.
But, wait! Before you get too depressed, there may be a better option. There’s a less expensive way to manage your debt.
DEBT IS DEBT, JUST PAY LESS INTEREST
Canadians seem to think debt consolidation is a dirty word. Studies show that we’re paying down our mortgage balances faster (I like that trend), except we’re carrying other higher-interest debt such as car loans, unsecured lines of credit and credit card balances.
The big problem here is that these non-mortgage debts carry extremely high interest rates ranging from 6% to 24%…
The Latest in Mortgage News – Is the Correction Almost Over?
– canadianmortgagetrends.com
A number of news items in recent weeks have focused on the state of Canada’s housing market, with some hinting the worst of the correction may be behind us, and others suggesting more weakness to come. For example, CMHC says overvaluation risks are subsiding in some of the country’s hottest markets, while the B.C. government […]
