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
Popularity of variable-rate mortgages plummets to pre-pandemic levels + MORE Jun 21st
The popularity of variable-rate mortgages is continuing to fall and is now nearly at levels last seen prior to the pandemic in early 2020..... More »
Housing starts near 10-year high on Toronto condo boom + MORE Dec 9th
Canada Mortgage and Housing Corp. says the pace of housing starts picked up in November, with condo building in Toronto driving the trend..... More »
New Rule Targets HELOC Holders Seeking a Second Mortgage + MORE Nov 9th
The word is out on a little-known policy used to qualify anyone with a HELOC who is applying for additional financing. Several of the Big Six banks have already adopted the policy, which requires applicants to prove they can afford the theoretical monthly HELOC payment based on the limit of that HEL.... More »
Do you pay capital gains tax when separating or divorcing? + MORE Jan 25th
I just read your article on paying capital gains on a property inherited from a spouse when there was no official separation agreement in place. Interesting, and I have a related question. If spouses separate with an official separation agreement but keep the matrimonial home and mortgage in both na.... More »
Because not everyone fits into the same box Dec 11th
You might have seen the headline “HSBC crushes mortgage records with 0.99% variable rate”. No doubt about it, this is a great rate. However, it’s not for everybody. It is important to remember, like most deals, there are some restrictions. Among other things this offering is li.... More »
Canada’s Debt-to-Income Ratio Hits 164.4%
– ratesupermarket.ca
Canadians are racking up more debt than ever with no slowdown in sight, according to new data. A number of reports show Canadian debt levels are rising and the major culprit continues to be low rates and rising real estate costs. In his latest Household Credit Analysis, CIBC Economist Benjamin Tal says household credit is now rising at the fastest year/year pace since late 2012.
But those numbers don’t tell the whole story – here’s a breakdown of the current debt factors..
New Record Highs
The fact is Canadian debt levels have hit a new record high. Statistics Canada reported this month that the amount Canadians owe compared to their ability to pay is now at 164.6 per cent, up from 163 per cent at the end of March 2015. It marks the biggest jump in the ratio since 2011. Canadians owe just under $1.65 for every dollar of their disposable income.
Also read: Why is Canada’s Debt to Income Ratio So High?>
A Tale of Just Two Cities
So, what’s driving our need for debt? If you live in Vancouver or Toronto, it’s likely your mortgage…
You may think you’ll pay only three months’ interest to leave a five-year mortgage before the due date. Think again.
