Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Sub-6% U.S. mortgage rates vanish as Iran war sparks inflation fears Mar 7th
U.S. homebuyers had to act fast last week to nab the first sub-6% mortgage rates in more than three years. Now they’re up, and the new conflict in the Middle East threatens to nudge them higher..... More »
How your rent payments can help build your credit history + MORE Oct 4th
Paying rent, much like a mortgage, can often be a person’s biggest monthly expense. Yet, there hasn’t historically been a way for renters to get credit for making these large payments on-time like homeowners. New rent-reporting platforms are aiming to change that. These platforms act as.... More »
Rocket Mortgage Canada winding down operations + MORE Mar 7th
Rocket Mortgage Canada is shutting down its lending business, with operations expected to wind down by the end of June..... More »
Mortgage terms and closing costs leave many homebuyers confused, survey shows Dec 3rd
An Ownright survey of recent Ontario buyers shows that early financial confidence fades at closing, where unclear terms and unexpected costs are still tripping up many purchasers..... More »
Frustrated with mortgage tech? You’re not alone + MORE Feb 14th
For the past few years, mortgage brokers have been presented with a seemingly non-stop barrage of new mortgage technology..... More »
Fixed mortgage rates may not follow Bank of Canada cuts, former TD economist warns
– canadianmortgagetrends.com
While plenty of consumers believe the Bank of Canada’s steady interest rate cuts will drop mortgage rates meaningfully across the board, economist Don Drummond isn’t so sure that prediction applies to fixed rate mortgages.
Pros and cons of a 10-year fixed mortgage: Is stability worth the cost?
– canadianmortgagetrends.com
The 10-year mortgage has long been a niche product in the Canadian mortgage market.
Buying a home in Canada hasn’t been easy in recent years, but thanks to recent changes to mortgage rules, falling interest rates and more cuts expected in the months ahead, many prospective home owners are feeling freshly optimistic. It all starts with a down payment, though—and the bigger, the better. If you’re thinking about buying your first home in the next few years, consider opening a first home savings account (FHSA) by December 31. Even if you don’t plan to start contributing this year, opening the account now gives you more room to save in 2025.
Here’s what you need to know about using this account, including the FHSA contribution limit and deadline, how to open an FHSA account online and why it might even make sense to open one if you’re undecided about home ownership and debating your decision.
What is a first home savings account (FHSA)?
The FHSA is a tax-free registered savings account that was introduced in April 2023. Designed to help first-time buyers save up for a down payment and get into the housing market sooner, the FHSA allows account holders to contribute up to $8,000 per year, up to a lifetime FHSA limit of $40,000 (or twice that amount if you’re part of a couple and you’re both first-time home buyers)…
