Don’t Fear the Digital Future of the Mortgage Industry + MORE Dec 15th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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 bank mortgage

Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears + MORE Jan 29th

As fear grows over the deadly Wuhan coronavirus that has killed more than 100 people, it is now becoming the world’s⁠—and Canada’s⁠—latest economic headwind. That fear spread to financial markets on Monday, with the TSX falling 142 points and New York’s Dow Jones ending the.... More »

Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »
 mortgage buyout

CMHC’s Gloomy Outlook: Up to 18% Drop in Home Prices, 20% Arrears Rate + MORE May 23rd

The head of the Canada Mortgage and Housing Corporation delivered a particularly gloomy forecast while testifying remotely before the House of Commons Finance Committee on Tuesday. Among those predictions, CMHC CEO Evan Siddall said: Home prices could fall from their peak by 9% to 18% over the next .... More »
 home equity

Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... More »

Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say - Global News Mar 2nd

Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say  Global NewsCoronavirus rate cut could open Poloz's finale at Bank of Canada  BNNBloomberg.caBoC Increasingly Likely to Deliver a Surprise Rate Cut This Week - Mortgage Rates & Mortgage Broker .... More »
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 […]

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I'll say it again. You'll never see a U-Haul following a hearse!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…

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