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Latest News
Renewing your mortgage but planning to sell soon? Read this first May 12th
Why flexibility and penalties can matter more than rates if you plan to sell within the next 12 months.... More »
Mortgage interest rate hikes have stalled your home-buying dreams. Now what? + MORE Jun 12th
Being priced out of the market might just be a blessing in disguise, writes Lesley-Anne Scorgie. Bide your time by saving more and enjoying the freedom that renting brings..... More »
How the Bank of Canada’s interest rate works—and why it’s rising + MORE Apr 13th
The Bank of Canada has raised its policy interest rate by half a percentage point for the first time in decades, a move intended to slow runaway inflation. The rate hike brings the Bank’s policy interest rate, also known as the overnight rate, up to 1% from the previous 0.5%.
It’s the s.... More »
Mortgage Borrowing Set a New Record in 2021 + MORE Mar 17th
The amount of mortgage debt taken on by Canadians set a fresh record in 2021, eclipsing the previous record set the year before..... More »
Invest or pay off debt: A comprehensive guide for Canadians + MORE Jan 17th
Your net worth is calculated by taking your assets and subtracting your liabilities. Both investing and repaying debt can boost your net worth as a result. The question is: which is better? In our guide about paying off debt versus investing, we cover the options from a number of different perspecti.... More »
40% of Canadians say they’ll be in trouble if rates rise
– moneysense.ca
TORONTO — Four in 10 Canadians say that if interest rates rise any further they fear they will be in financial trouble, a new poll suggests.
The survey conducted for insolvency firm MNP Ltd. also found one in three Canadians say they are already feeling the effects of increasing interest rates.
“It’s clear that people are nowhere near prepared for a higher rate environment,” MNP president Grant Bazian said in a statement Monday.
READ: Why the Bank of Canada hiked interest rates
“The good news is that there seems to be at least the acknowledgment now that rates are going to climb which might make people reassess their spending habits — especially using credit.”
The results of the survey, conducted online by Ipsos for MNP between Sept. 18 and Sept. 21, comes after the Bank of Canada raised its key interest rate target twice this year. The moves by the central bank in turn prompted the big banks to raise their prime lending rate, pushing up the cost of variable-rate mortgages and other loans such as home equity lines of credit that are tied to the benchmark rate…
The survey conducted for insolvency firm MNP Ltd. also found one in three Canadians say they are already feeling the effects of increasing interest rates.
“It’s clear that people are nowhere near prepared for a higher rate environment,” MNP president Grant Bazian said in a statement Monday.
READ: Why the Bank of Canada hiked interest rates
“The good news is that there seems to be at least the acknowledgment now that rates are going to climb which might make people reassess their spending habits — especially using credit.”
The results of the survey, conducted online by Ipsos for MNP between Sept. 18 and Sept. 21, comes after the Bank of Canada raised its key interest rate target twice this year. The moves by the central bank in turn prompted the big banks to raise their prime lending rate, pushing up the cost of variable-rate mortgages and other loans such as home equity lines of credit that are tied to the benchmark rate…
Growing Trend: Buying Real Estate with Family and Friends
– canadianmortgagetrends.com
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’s becoming increasingly […]
