Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
MCAN Home’s ICON Partner Program Rewards and Unites, Prioritizing Brokers and their Clients + MORE Feb 9th
When the MCAN Home Mortgage team was planning its ICON Partner Program launch, they didn’t realize how critical the focus on experience, community and relationships was about to become..... 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 »
13,000 CIBC mortgage clients have come out of negative amortization Dec 19th
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
Shelter takes larger share in updated CPI basket weights + MORE Jun 17th
The latest update to the Consumer Price Index (CPI) basket gives even more weight to shelter costs—particularly mortgage interest and rent—underscoring just how much housing expenses are shaping the inflation experience of Canadians..... More »
Making sense of the Bank of Canada interest rate decision on March 12, 2025 + MORE Mar 13th
Today marks the seventh cut in a row for Canada’s benchmark borrowing rate, as our central bank does what it can to pad against tariff threats and possible recession.
The Bank of Canada (BoC) lowered its overnight lending rate—which lenders use to set their prime rates, and, by extensio.... More »
Downsizing vs reverse mortgage: which option is right for you?
– moneysense.ca
For many Canadians approaching retirement, their home is by far their largest asset. With detached homes in major cities selling for well above $1 million, it’s not surprising that owners expect to tap into that equity to help fund their golden years, prompting the common refrain: “My home is my retirement fund.”
To make this strategy work, homeowners have a couple of options:
To make this strategy work, homeowners have a couple of options:
sell your home, buy one that’s cheaper and pocket the difference (also known as downsizing);
or, if homeowners are 55 years and older, take out a reverse mortgage, which provides up to 55% of the market value of a primary residence, tax-free.
Although a reverse mortgage charges monthly interest on the amount borrowed, you don’t have to make any payments—neither interest nor principal—until you sell the house, move out of your house, default on the loan or the last homeowner dies.
Each approach has its advantages and disadvantages. Here are some of the factors that you should consider before deciding which one is best for you…
Could Mortgage Rates Start to Rise Sooner than Expected?
– canadianmortgagetrends.com
While Canada’s economy recorded its largest-ever annual drop of 5.1% last year, it’s also on track to post a comeback in Q4, which could force the Bank of Canada’s hand in reining inflation in sooner than anticipated. “That carries potentially strong policy implications for the Bank of Canada that is increasingly looking as if it over-committed itself to keeping rates on hold until 2023,” wrote Scotiabank economist Derek Holt in a recent research note. While GDP data isn’t out for […]
