Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Big banks slash mortgage rates this week to reflect lower bond yields in Canada + MORE Jan 12th
Nearly all of the country's big banks slashed their advertised fixed mortgage rates this week, in some cases by as much as 70 basis points (or 0.70%)..... More »
Lender execs weigh in on today’s mortgage market Oct 26th
Executives of some of Canada's top mortgage lenders weighed in on some hot topics during the lender panel at MPC's recent National Mortgage Conference..... More »
MoneySense Toolkit: The mortgage affordability calculator Mar 14th
Mortgage Affordability Calculator
Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a variety of factors. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, yo.... More »
The big question on mortgage borrowers’ minds: fixed or variable? Feb 15th
With variable mortgage rates potentially at a peak and fixed rates having recently retreated, borrowers are asking themselves the age old mortgage question: should you go fixed or variable?.... More »
What’s the best mortgage for first-time home buyers? + MORE Dec 8th
Q: I’m buying my first home—a starter home—that I plan to live in for the next five to seven years. How do I know which mortgage is right for me? — First-time Buyer, Toronto
Get the mortgage rate that works for you.Find the best rate for you in under 2 minutes at ratehub.ca. Let's ge.... More »
Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments
– canadamortgagenews.ca
You might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired, borrowers would default in droves.
Except that isn’t what happened at all.
The Bank of Canada just released a report stating that only 0.78% of homeowners are behind on their mortgage payments. Yes, this is slightly higher than pre-pandemic levels. But it’s nowhere near the cataclysmic event prophesied by the press. Plus, this number is gradually falling and is expected to level out in the near future. It’s now been three months since most payment deferrals have come to an end, and the outcome is clear: Canadian homeowners are keeping up with their payments.
Homeowners Are Better At Paying Down Debt
What’s even more interesting about the report is that homeowners appear to be better at paying their debts than renters…
The Latest in Mortgage News: TD, CIBC Hike Mortgage Rates
– canadianmortgagetrends.com
TD Bank and CIBC were the first of the Big 6 banks to reverse their recent mortgage rate cuts last week.
