Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
More Canadians are living the single life, recent Statistics Canada census data shows. Out of the 14.1 million households recorded in Canada in 2016, about 29 per cent declared themselves to be one-person households (the highest since Confederation in 1867). This is due in part to changes in inco.... More »
Q. I live in Manitoba and have about $600,000 invested in GICs at a local credit union. I am 63 years old, retired with a pension, no debt and no mortgage. However, I still worry about this money and it has been hard for me to find an unbiased view on its safety. Can you help? —Glenda W. A. I thi.... More »
HARDER TO QUALIFY WITH 50% DOWN THAN WITH 5% DOWN.. DOES THIS MAKE SENSE? October 2016, our Federal govt announced a number of new mortgage rules including the infamous new ‘stress test’ for all insured mortgages. Mortgage default insurance is required for all mortgages greater than 80.... More »
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter set of rules before approval, including a stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines are published in the Residential Mortgage Unde.... More »
Among external factors that affect housing markets, two are by far the most important and both are more or less directly controlled by the federal government. The first is policy regulation that defines the rules and parameters under which mortgage loans can be originated. The second is the interest rates set by the Bank of […]