Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Canada’s best credit cards for people with bad credit 2021 Jan 10th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
What’s the TRUE Impact of Policy Changes on the Canadian Mortgage Market? Dec 15th
It’s certainly not what the Bank of Canada (BoC) is claiming!
The BoC recently released a document detailing what it believes to be a positive report on the Canadian Mortgage Market, but this article clearly shows how out of touch our government is.
The BoC is applauding their statistics̷.... More »
How new mortgage brokers are overcoming the challenges of today’s high-rate environment Jan 24th
It's no secret that the current high-rate environment has been challenging for mortgage borrowers and mortgage professionals alike..... More »
The Latest in Mortgage News: Ontario Teachers’ Pension Plan to Buy HomeEquity Bank Sep 26th
The Ontario Teachers' Pension Plan Board has taken a major investment stake in Canada's rapidly growing reverse mortgage market with its acquisition of HomeEquity Bank..... More »
The best 5-year fixed mortgage rates in Canada + MORE May 28th
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National Housing Update: Why Prices are Declining and What to Expect for 2018
– ratesupermarket.ca
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…
While alternative lenders can provide a lifeline for Canadians who have run out of other financing options, it’s important to read the fine print.How can an extra $100 boost your mortgage?
– canadamortgagenews.ca
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)…
