Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Winding down self-employment and planning for retirement Aug 18th
Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income.
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The curre.... More »
I missed a mortgage payment. What happens now? + MORE Sep 20th
If you skip one month’s mortgage payment, then resume scheduled payments for six months, all six of those payments may be considered late..... 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 »
Rising delinquencies test resilience of Canada’s mid-size lenders Oct 28th
Morningstar DBRS says mortgage delinquencies are climbing at Fairstone and Equitable while Laurentian remains resilient..... More »
Insights From A Top Canadian Economist: Part 2 + MORE Nov 4th
Canadian economist Benjamin Tal’s presentation at the National Mortgage Brokers Conference was eye-opening. In it, he posited a holistic view of what’s happening with the Canadian economy and what we can expect to happen next. He’s rarely been wrong in the 20 years I’ve been following him &#.... More »
Don’t Fear the Digital Future of the Mortgage Industry
– canadianmortgagetrends.com
There’s no denying the mortgage industry—like many others—is in the midst of a digital transformation. Depending on your perspective, that’s something that can either be feared or embraced as a new opportunity. The fear, of course, is that as the industry moves towards greater automation of the mortgage process, the jobs of brokers and underwriters […]
I'll say it again. You'll never see a U-Haul following a hearse!
– canadamortgagenews.ca
That’s right, I’ve said this before, and will say it again.Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.
This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?
Statistics tell us that the average annual income for a senior in Canada is $40,000. In the meantime, the average cost of owning a home plus living expenses is $55,000.
That’s where things become unclear. This is where our plans seem to change. We’re holding strong to the idea that we need to work hard all our lives, pay off our mortgage, then scrimp and cut back on our enjoyment in retirement…
