Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada. They are responding to calls by several real estate boards in Canada to ease the new B-20 stres.... More »
This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals! For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage. In other words, if you owned.... More »
Note: This editorial piece was previously published on RateSpy.com. It is being reprinted with permission due to the important and timely issues raised. Rarely have the heads of Canada’s housing agency and largest mortgage broker association been at such odds publicly. It feels like CMHC bos.... More »
Q. I have just turned 40, am single, and earn $86,000 a year. I also have zero debt. I just finished paying off my house, worth $315,000, and I would like to continue to put away my mortgage payment of $1,000 every two weeks as savings. Because all money went to debt repayment, I’ve never really i.... More »
Are you interested in learning about the mortgage pre-approval process? Or, do you want to learn how to improve your credit score? One of the biggest steps you’ll take in life is buying a home. And, while you might want to go and pick out your dream home first, this is a mistake. You need to get .... More »
A recent RateSupermarket.ca survey revealed over half of Canadians would choose to renovate their current home, instead of moving to a new home, if they had a budget of $50,000.
With the current high-interest-rate environment and introduction of stricter mortgage regulations, there has been great focus in the media on potential Canadian homeowners struggling to break into the market. These factors also impact current Canadian homeowners and their ability to relocate, however the survey found that the main reasons Canadian’s would rather renovate their existing home than move are comfort and convenience – with a large number saying they simply like their current home and neighbourhood too much to move.
Less than a third of respondents cited affordability as the deciding factor in their choice of “renovate” over “move”.
Who would rather renovate than move?
The survey found a majority of Canadians in every age group would choose to renovate their home, but there was a clear difference among older Canadians…