Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
One family’s strategy for getting out of debt + MORE Feb 7th
(Illustration by Ryan Inzara, iStock)
At first glance, it’s difficult to see why Francesca Nazario is so worried about money. She and her husband Guy, both 36, own a three-bedroom bungalow in Whitby, Ont., an hour’s drive from Toronto. They have two young kids—Amelia, 3, and Sam, 15 months—a.... More »
A New Low Rate Rally + MORE May 17th
The Canadian finance product landscape is always evolving, and this week was no exception, with a few major shakeups among the credit card and mortgage markets. Investors Group stormed the home buying scene with the lowest rate so far this season – a sub-2% variable rate, sure to turn heads a.... More »
Annual pace of housing construction slips more than expected last month Jun 11th
The annual pace of Canadian housing construction slipped more than expected last month as builders in Ontario broke ground on fewer new homes following changes in the province’s real estate rules.
The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housin.... More »
Growing Trend: Buying Real Estate with Family and Friends + MORE Oct 25th
While it’s fairly common for those in tight rental markets to have a roommate to help split the rent, an emerging trend is buying real estate with a family member or friend. Faced with high home prices in big cities and tougher mortgage rules, including a new stress test on uninsured mortgages, it.... More »
Equitable Casts Giant Reverse Mortgage Lure for Brokers Oct 22nd
What do you do when your competition has a 32-year head start? If you’re Equitable Bank, you pay brokers 150% more than normal. That’s the surprising move Equitable has made to build momentum in its reverse mortgage business. This degree of compensation is virtually unprecedented in this sector..... More »
Early Renewals
– canadianmortgagetrends.com
It’s hard to imagine the mortgage industry getting more competitive than it already is, but it will…every year. One area where lenders are constantly looking to outflank competitors is with…
Spotlight On Mortgages: December 20, 2013
– ratesupermarket.ca
Homeowners are increasingly taking control of their home financing options – and are enjoying savings as a result – according to the comprehensive housing market report released by CMHC this Wednesday.
According to the 2013 edition of the Canadian Housing Observer, an annual market tome released by the crown corporation, there is a growing trend in mortgage rate negotiation, taking advantage of prepayment options, and growing home equity at a faster pace.
It Pays To Question The Posted Rate
The report finds that those who challenged the posted rate offered by big lenders saved on average 2.2 points on their interest rate, based on a survey that finds the average five-year fixed rate held by negotiating buyers to be 3.05, compared to the advertised 5.25 per cent from the banks.
These savings are even greater than last year, when the average rate by negotiation was 1.85 per cent. Buyers are also increasingly turning to brokers to help them secure their best rate – 23 per cent in 2013, compared to just 14 per cent in 1999…
Credit-monitoring agency TransUnion says the non-mortgage debt of Canadians is likely to set a record of of $28,853 next year.
