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
Home prices won’t revert to pre-pandemic levels, should start rising again in 2024: CMHC + MORE May 4th
The Canada Mortgage and Housing Corporation (CMHC) expects home prices to reach a bottom this year, but aren't expected to fall below pre-pandemic levels..... More »
Lauren van den Berg named new MPC CEO + MORE Aug 12th
Mortgage Professionals Canada announced today that Lauren van den Berg will take over as President and CEO of the association starting next month. Van den Berg will fill the position left vacant by former MPC CEO Paul Taylor. The change in leadership comes as the association recently achieved the mi.... More »
Understanding the Smith Manoeuvre: a Canadian mortgage strategy decoded Jan 6th
For nearly four decades, Canadians have turned to an investment strategy of writing off the interest from mortgage payments as tax-deductible. Known as the Smith Manoeuvre—after its creator, financial planner Fraser Smith—the strategy involves getting a readvanceable mortgage, which includes a l.... More »
The best 5-year fixed mortgage rates in Canada Mar 22nd
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
Borrowers to “feel the strain” of high interest rates for several quarters to come, says BoC Apr 13th
High mortgage rates are taking a bite out of borrower's budgets, and the Bank of Canada says they will continue to "feel the strain" for several more quarters to come..... More »
How Early Should You Get Pre-Approved for a Mortgage?
– ratesupermarket.ca
Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you.
Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiration date. If house shopping lasts longer than you anticipate, you may have to get another pre-approval. Here is what you need to know.
What Is a Mortgage Pre-approval?
During a mortgage pre-approval process, a lender reviews your financial status, including your income, assets, debts, expenses and credit score. Unlike a mortgage pre-qualification, which tells you how much financing a lender might extend, pre-approval is a commitment to loan the funds under certain conditions.
When Should You Apply for Pre-approval?
Typically, mortgage pre-approval is valid for a set term such as 60, 90 or 120 days. Because the house hunting process may take some time, it is a good idea to get a pre-approval as soon as possible…
The affordability of homeownership… Rent or Buy?
– canadamortgagenews.ca
After years of seeing countless articles and posts about interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, does it still make sense to buy a home?
Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.
And renting should scare the life out of you as rents are hitting ridiculous levels.
Here are some numbers for you to consider
Today, a household annual income of $70,000 will qualify you for a $300,000 mortgage. This will cost you between $1,278 and $1,520/month depending on product selection and rates.
Let’s look at Guelph, Ontario. A 1,500-square-foot townhouse will cost you over $2,000/month to rent. Or, you could buy that townhouse for around $458k. And with 20% down, your mortgage will carry for between $1,560 and $1,856/month.
In Ontario, we have a few problems. There is a limit as to how much a landlord can increase the annual rent. This has been between 1% and 2%, on average, during the last 25 years…
Latest in Mortgage News: Meridian Credit Union Raises $125 Million
– canadianmortgagetrends.com
Ontario’s largest credit union has confirmed the closing of $125 million in debt financing from the Caisse de dépôt et placement du Québec (CDPQ). The financing will provide Meridian with the capital needed to embark on its growth plans to diversify its products and services, according to a company press release. “Meridian is focused on ensuring that we can continue to grow and flourish as a leader in our industry,” Tara Daniel, Chief Financial Officer of Meridian, said in a […]
