Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Making an RRSP withdrawal to pay the mortgage + MORE Dec 5th
(Getty Images/Arda Guldogan)
Q: I just bought a new house. I have a $250,000 mortgage at 2.97%. We have a little over $2 million in investments, but they are all in RRSPs in fairly conservative investments. Last year we made 7% and this year made probably 5%. We are in our early 50s and still worki.... More »
Enforcement against mortgage professionals jumps as FSRA flexes new powers Apr 3rd
With higher fine limits now in place, regulators say recent penalties may only reflect the early stages of a stricter regime.... More »
Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit + MORE Jan 17th
Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order..... More »
Renting out your home can bring cash—and complications + MORE May 21st
If you search “Airbnb how to get started” you’ll reach their splash page with a big number. As of May in Toronto, Airbnb says you can make more than $4,000 per month during the FIFA World Cup. It’s a powerful lure for someone who needs help with their rent or mortgage, and has a spare room t.... More »
Latest in Mortgage News: New Immigrants Driving Housing Demand Oct 28th
The growing demand for real estate in Canada is being driven largely by newcomers, who are making one out of every five home purchases in the country, according to a new survey. New immigrants to Canada (defined as those who have arrived within the last 10 years) represent 21% of homebuyers and are .... More »
CUs: A Lower Bar on Qualification Rates
– canadianmortgagetrends.com
Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages…
How The Great Canadian Shrinking Family Will Affect The 2014 Housing Market
– ratesupermarket.ca
Canadian homes are shrinking – but not in square footage! Rather, the number of people occupying the average home is dwindling.
According to the Canadian Housing Observer released by Canada Mortgage and Housing Corporation (CMHC) the average Canadian household has a population of 2.5. That’s down from 3.5 40 years ago. The report, which outlines what’s to come for the 2014 housing market, also points out a sharp rise in single-family residences. CMHC is predicting 2014 will be a good year for the Canadian housing market – here’s how the new home reality fits in.
Your Typical Home Buyer
The majority of Canadians are still buying single-detached houses, according to CMHC. Fifty five percent of homes purchased in 2011 fit these criteria. Now, though, there are more single people and couples with one or no children occupying these dwellings.
However, just because families are shrinking doesn’t mean the demand for size has. States the report, “In 2011, 72 per cent of couples with children lived in single-detached houses compared to just 33 per cent of one-person households…
