Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Buying vs. Renting: Homeowners Come Out Ahead, Study Says Oct 2nd
Despite higher home prices and larger mortgages, monthly housing costs are currently lower for homeowners—on average—compared to renters..... More »
Rent is up, vacancy is down… rental properties make sense + MORE Feb 13th
Rental properties are a secure long-term investment. Note the emphasis on “long-term”.
Check out any seven-year period over the past 50 years (anyone who has read this news site knows that I always recommend buying and holding for at least seven years). Property values have almost alway.... More »
Home Capital sells up to $1.5-billion in mortgages; shares surge + MORE May 9th
Third-party extends a lifeline and opens the door for an outright sale of the embattled alternative lender
.... More »
How to Read Your Credit Report + MORE Jun 1st
Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply f.... More »
MoneySense has a new look Apr 25th
We have exciting news: MoneySense has made some upgrades. The core of what we do will stay the same—we’ll continue to bring you high-quality content from the best financial experts in Canada—but we have a fresh new look.
Why are we changing?
We want you to have the best possible expe.... More »
Higher Default Insurance Premiums on the Way?
– canadianmortgagetrends.com
Canada’s banking regulator wants mortgage default insurers to put more money between themselves and taxpayers, especially for mortgages they insure in riskier cities. The new rules, detailed today by OSFI, will force government-backed insurers to bolster their capital on mortgages in certain areas. Effective January 1, 2017, this could make mortgages more expensive for insurers and consumers alike. “When house prices are high relative to borrower incomes, the new framework will require that more capital be set aside,” said Superintendent Jeremy Rudin. In a report today, BMO Capital Markets referred to these changes as “modestly tougher capital requirements.” It said that READ MORE
Foreign buyer tax not enough to fix GTA problems
– moneysense.ca
A 15% foreign buyer’s sales tax in the Greater Toronto Area is an “obvious step” to take, explains CIBC Deputy Chief Economist Benjamin Tal, but it won’t solve the main barrier to the city’s affordable housing problem.
“It might be prudent [for Toronto] to take some sort of action,” said Tal during a recent interview. “I’m not predicting there will be a tax, nor am I suggesting there should be, but the implementation of a foreign buyer tax in Toronto is an obvious step to cooling the market.”
Read more: New tax could make B.C. foreign buyers flock to Toronto »
Tal’s comments come after a busy week where media stories were dominated with further problems in the way foreign buyers are able to obtain Canadian mortgage and shortly after data was released regarding the impact of Vancouver’s foreign buyer tax.
According to a report released by the B.C. Ministry of Finance, there was both a big rush to close deals before the new foreign buyers’ tax took effect on Aug…
“It might be prudent [for Toronto] to take some sort of action,” said Tal during a recent interview. “I’m not predicting there will be a tax, nor am I suggesting there should be, but the implementation of a foreign buyer tax in Toronto is an obvious step to cooling the market.”
Read more: New tax could make B.C. foreign buyers flock to Toronto »
Tal’s comments come after a busy week where media stories were dominated with further problems in the way foreign buyers are able to obtain Canadian mortgage and shortly after data was released regarding the impact of Vancouver’s foreign buyer tax.
According to a report released by the B.C. Ministry of Finance, there was both a big rush to close deals before the new foreign buyers’ tax took effect on Aug…
