Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Is Rent to Own Housing Ever a Good Idea? Sep 17th
The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own.
Unders.... More »
Should you ever use an RRSP to pay tuition fees? + MORE Mar 16th
Q: I am a 55-year old with three kids who are in university. I have exhausted our RESP savings and am having a cash flow problem. My wife and I have about $250,000 in RRSPs and another $150,000 in LIRAs. We have had some money difficulties over the last couple of years and now have a $450,000 mo.... More »
Could a home-based business affect your mortgage? May 27th
Registering a business at your home may seem harmless, but it can raise questions for lenders, insurers and municipalities. Here’s what homeowners should know before using their home address for business purposes..... 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 »
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 »
Fewer Paying Extra on Their Mortgage
– canadianmortgagetrends.com
Compared to even six years ago, today’s interest rates are a steal. The discounted 5-year fixed has tumbled more than 2.25 percentage points in that time. That gives mortgagors a chance to pay up to 30% more principal in the first five years of a standard mortgage. But that savings potential isn’t motivating more people […]
TORONTO – A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago.
But the survey, conducted for CIBC (TSX:CM) by Angus Reid, found some big discrepancies across the country.
For example, homeowners in British Columbia thought they wouldn’t be able to pay off their mortgages until they hit 66, while those in Alberta expected to be mortgage-free more than a decade earlier at 55.
The survey also found that just over half of those polled were taking advantage of the current low interest rate environment to pay down their mortgages faster.
Fifty-five per cent said they were putting in extra effort into repaying their mortgages, although that was down from 68 per cent last year.
Of those paying off their mortgages quicker than necessary, 32 per cent said they were making payments more often, 28 per cent were increasing the amount they pay while 18 per cent said they had made either an additional prepayment or a lump sump payment…
But the survey, conducted for CIBC (TSX:CM) by Angus Reid, found some big discrepancies across the country.
For example, homeowners in British Columbia thought they wouldn’t be able to pay off their mortgages until they hit 66, while those in Alberta expected to be mortgage-free more than a decade earlier at 55.
The survey also found that just over half of those polled were taking advantage of the current low interest rate environment to pay down their mortgages faster.
Fifty-five per cent said they were putting in extra effort into repaying their mortgages, although that was down from 68 per cent last year.
Of those paying off their mortgages quicker than necessary, 32 per cent said they were making payments more often, 28 per cent were increasing the amount they pay while 18 per cent said they had made either an additional prepayment or a lump sump payment…
