Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
What Does High Inflation Mean for Mortgage Rates? + MORE Aug 27th
Canada’s inflation rate came in above expectations last week, rising to its highest level in more than a decade. If above-target inflation persists, it could have ramifications for homeowners in the form of shifting rate-hike expectations. Canada’s inflation rate came in burning hot at 3.... More »
OSFI leaves mortgage stress test in place, reaffirms LTI limits for lenders + MORE Jan 29th
OSFI offered no new direction on the qualifying rate, but reiterated that loan-to-income caps for uninsured mortgages remain in place and opened a new six-month consultation tied to its broader guidance review..... More »
RBC bracing for renewal impact: three quarters of its mortgages to see higher rates by 2026 Dec 4th
Despite interest rates having been elevated for over a year, Canada's largest bank said the bulk of the impact is yet to be felt with nearly three quarters of its mortgage portfolio coming up for renewal over the next three years..... More »
Is it time to search for bond alternatives for your balanced portfolio? + MORE Oct 20th
I was recently warned by someone in the financial sector that it’s not a great time to invest in bond ETFs. My current asset allocation is 60% equities and 40% bonds, so I’m wondering what alternatives would you suggest for that 40% portion of my balanced portfolio?
At first I considered real.... More »
Canadians are turning to family—and credit—to stay afloat + MORE Jul 20th
Two new surveys reveal the growing financial strain that Canadians face amid rising costs and stagnant wages.
A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn’t have purchased their property without financial help. A separate survey by.... More »
Brookfield Business Partners LP acquires controlling stake in Genworth MI Canada Inc.
– canadianmortgagetrends.com
In a surprising but strategically sensible move, Brookfield has acquired a 57% stake in Genworth MI Canada, Canada’s largest private residential mortgage insurer. “Genworth is an industry-leading business that generates strong, consistent earnings and operates in a sector with high barriers to entry,” David Nowak, managing partner of Brookfield Business Partners, said in his statement. […]
Hacks to Slash Your Mortgage and Clear Your Debt Early
– ratesupermarket.ca
Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question: What mortgage hacks do you use to speed up your mortgage payments?
Here are their best tips for getting out of debt early:
Get a Head Start
The Down Payment
Find acceptable sacrifices to save a bigger down payment. If you have RRSP funds, leverage the RRSP homebuyers plan. If you can amass a 20 percent down payment, you’ll save thousands in mandatory mortgage insurance premiums. (Mortgage default insurance is required when your down payment is below 20 percent).
Compare Mortgage Rates
Make sure you are fully aware of all the mortgage options available to you, and compare mortgage rates at RateSupermarket.ca. Saving just 1/4 percent off your rate could save you thousands – and if you use those savings to make extra payments you’ll pay down principal even faster, compounding the interest you save…
