Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
How Much Are Real Estate Commission Rates in Canada? + MORE Jun 2nd
When it comes to selling your home, you have to spend money to make money. Land transfer taxes. Lawyer fees. Mortgage discharge costs. But your biggest cost? Likely your real estate agent’s commission.
It’s been said that Canadian sellers typically pay between three and seven per cent of thei.... More »
Household debt rises to another record + MORE Mar 13th
Canadian household credit market debt, which includes consumer credit, mortgage and non-mortgage loans, increased to $1.9 trillion at the end of last year.... More »
No Spring Thaw in Sight for March Mortgage Rates + MORE Mar 7th
RateSupermarket.ca’s expert panel say lenders are taking a wait-and-see approach
Good news for early spring mortgage borrowers: interest rates won’t be rising along with the thermometer. While early signs of economic improvement are promising, consumer lenders and the central bank alike are hol.... More »
Climbing Debt, Diminishing Savings Highlighted in CBC Documentary Mar 6th
When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack.... More »
Incorporate Balance Transfer Offers into Your Arsenal Oct 20th
As mortgage professionals, we are sometimes asked to solve problems slightly outside the scope of our mandate. Naturally, we must take care not to position ourselves as tax experts, accountants or lawyers..... More »
Fannie and Freddie Forever
– online.wsj.com
The mortgage giants are once again claiming their paper has no risk for taxpayers. Yeah, right.Data Highlights from the Fall Mortgage Report
– canadianmortgagetrends.com
Mortgage Professionals Canada (previously CAAMP) released its marquis fall mortgage research report this month. We’ve extracted all of the trends that seem new or notable. You’ll see the most relevant findings below. (Data points of special interest appear in blue.) ********** The Market Overall 9.74 million: Number of homeowners in Canada (up from 9.62 million in 2014) 5.71 million: The number of homeowners who have mortgages and may also have a Home Equity Line of Credit (HELOC) 520,000: The number of homeowners who have no mortgage but do have a HELOC 2.15 million: The number of Canadian homeowners who have HELOCs 3.51 million: Number of READ MORE
Reducing debt tops list of financial priorities: poll
– moneysense.ca
TORONTO – Paying down debt remains the top financial priority of Canadians, but it’s a goal many appear to be having difficulty meeting, according to a new poll conducted for CIBC (TSX:CM).
The poll found that 26 per cent of respondents named debt reduction as their key financial goal for 2016, the sixth straight year it has topped the list.
Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.
Got extra cash? Your mortgage can wait »
CIBC executive vice-president Christina Kramer says the fact debt reduction has remained atop the list for so long, coupled with studies showing household debt remains at record highs, indicates many Canadians are not making the headway they desire.
“It’s not just first-time homebuyers, younger Canadians, or those impacted by shifts in the economy, such as a downturn in the oilpatch, who are focused on cutting down their debt,” Kramer said.
“Canadians across the country are telling us that reducing the burden of debt, along with keeping up with their bills, is what they are focused on…
The poll found that 26 per cent of respondents named debt reduction as their key financial goal for 2016, the sixth straight year it has topped the list.
Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.
Got extra cash? Your mortgage can wait »
CIBC executive vice-president Christina Kramer says the fact debt reduction has remained atop the list for so long, coupled with studies showing household debt remains at record highs, indicates many Canadians are not making the headway they desire.
“It’s not just first-time homebuyers, younger Canadians, or those impacted by shifts in the economy, such as a downturn in the oilpatch, who are focused on cutting down their debt,” Kramer said.
“Canadians across the country are telling us that reducing the burden of debt, along with keeping up with their bills, is what they are focused on…
Why writing a budget should be your 2016 resolution
– moneysense.ca
OTTAWA – If you don’t have a budget, then financial planners want you to add another thing to your list of new year’s resolutions.
Credit counsellor Pamela George says budgeting is important no matter what your income.
“I think it is even more important for a bigger salary to have a budget because you need to account for it and you need to understand that $200,000 can finish as fast as $12,000,” said George, who works for the Credit Counselling Society in Ottawa.
Start with your paycheque. You need to know how much you are bringing in each month. Then list your mandatory expenses that you can’t really change, such as rent or mortgage payments, utilities, car payments, insurance and debts.
Learn how to budget and more. Get Money Fit »
George also includes savings and putting money aside for an emergency fund if you don’t already have one in the mandatory category.
“I take savings and put it under mandatory because it is mandatory that you save,” she said.
Then comes your discretionary spending for whatever you might have left over…
Credit counsellor Pamela George says budgeting is important no matter what your income.
“I think it is even more important for a bigger salary to have a budget because you need to account for it and you need to understand that $200,000 can finish as fast as $12,000,” said George, who works for the Credit Counselling Society in Ottawa.
Start with your paycheque. You need to know how much you are bringing in each month. Then list your mandatory expenses that you can’t really change, such as rent or mortgage payments, utilities, car payments, insurance and debts.
Learn how to budget and more. Get Money Fit »
George also includes savings and putting money aside for an emergency fund if you don’t already have one in the mandatory category.
“I take savings and put it under mandatory because it is mandatory that you save,” she said.
Then comes your discretionary spending for whatever you might have left over…
Your 2016 Financial Outlook
– ratesupermarket.ca
By: Barry Choi
2015 was one crazy year – and financial times are a-‘changin. For example, the Greek crisis was on the minds of everyone at the start of the year, but now it’s almost a distant memory. In the summer the Chinese stock market crashed, however their government intervened which helped stabilize the markets. Canadians weren’t safe either; after a terrible third quarter, the Toronto stock market dropped significantly. As the year closed the TSX had double digit losses which left many Canadians wondering what they should look out for in 2016.
I’m no economist, and I certainly can’t predict the future, but what I can do is take a look at what’s been happening recently and present you with what I think are subjects worth paying extra attention to.
Debt Is a Serious Issue
Just a few weeks ago, Bank of Canada (BoC) Governor Stephen Poloz again warned about the rising debt levels of Canadians; he specifically mentioned young people who have taken huge mortgages to become homeowners…
