How can an extra $100 boost your mortgage? + MORE Mar 28th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News

Average cost to rent condo in GTA hits $2,206, up by $214 in past year + MORE Apr 12th

The average cost to rent a condominium in the Greater Toronto Area has risen by almost 11 per cent in the past year, partly because tougher mortgage rules have shut out new buyers and flooded the market with renters, a new report by research firm Urbanation says..... More »

Packing Less Punch: Millennials’ Home Purchasing Power Drops by $40K due to New Stress Test Rules + MORE May 6th

Millennials looking to purchase new property across Canada this year are going to have to settle for less. The average peak millennial’s purchasing power in Canada is 16.5 per cent lower than it was at this time last year, meaning they qualify for a mortgage of about $40,000 less than before. The.... More »

Brokers: How to Stay in Touch with Your Clients Oct 13th

It’s a mortgage broker’s job to remain in touch with their clients. But because years can pass between dealing with these clients, and perhaps for a lack of organization skills, that doesn’t always happen. Unfortunately, when it’s time to refinance or renew the mortgage, these fo.... More »

Benefits of Homeownership Reaffirmed in New Study Sep 18th

Despite deteriorating housing affordability across the country, buying a home is still the more affordable option when compared to renting. A new report from Mortgage Professionals Canada has determined that, despite the rapid rise in home price, those who are able to invest in a home would end up .... More »

How to Improve Your Credit Score – Student Edition + MORE Sep 15th

The new school year is in full swing and if you’re a university or college student, then you’ve probably already settled comfortably into your new routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit. But.... More »
National Housing Update: Why Prices are Declining and What to Expect for 2018
Three months into 2018, it seems like the Canadian housing market is down again with sales volume dropping 16.9 per cent in February compared to this time last year. According to the Canadian Real Estate Association (CREA), there was also a 6.5 per cent drop compared to January, which is the biggest decline in nearly five years.
This shouldn’t be a huge surprise since the Office of the Superintendent of Financial Institutions (OSFI) introduced tighter mortgage rules effective January 2018. As a result, some homeowners rushed to make their purchase before the new rules took effect, which is why there was a lot of sales activity leading to the end of 2017.
National prices on the decline
When looking across the country, the average price of homes sold fell five per cent from one year ago to $494,000. If you remove the hot markets of the Greater Vancouver and Greater Toronto, then prices would fall another $112,000 – averaging at $382,000.
“Sales activity is down in many, but not all, housing markets compared to the end of last year, and varies depending on price range, location and property type…

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What to know if you’re considering a mortgage from an alternative lenderWhile alternative lenders can provide a lifeline for Canadians who have run out of other financing options, it’s important to read the fine print.

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How can an extra $100 boost your mortgage?
When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot of money these days, but it can add up to some solid savings over time.
Let’s look at a $300,000 mortgage with a 2.89% rate and a 25-year amortization. At the end of five years, you’ve paid off an extra $6,444. The balance owing is $249,435. And the remaining amortization is 17 years and 9 months instead of 20 years.  This also represents an interest savings of $11,423 over the life of the mortgage. Not bad!
Now let’s look at paying an extra $200 per month. At the end of five years, you’ve paid off an extra $12,888. The balance owing is $242,991. And the remaining amortization is 15 years and 11 months. This represents an interest savings of $20,708 over the life of the mortgage!
But what about higher interest rates? Today’s rates are extremely low and we all know they’re expected to increase gradually over the next couple of years (click here for more on rising rates)…

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