Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Latest in Mortgage News: Industry Announcements + MORE Jan 17th
Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The.... More »
How much credit card debt does the average Canadian have? + MORE Jan 18th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
Can I afford to buy a second home? + MORE Sep 26th
There are plenty of reasons you may want to buy a second home. Maybe you’d like a second property for a family member to live in (e.g., your daughter while she attends university) or a condo to stay in during the week when you’re working downtown. But can you afford it?
“Before you buy.... More »
Planning to use your home equity in retirement + MORE Jun 2nd
How much of your net worth is wrapped up in your home? According to Statistics Canada, the median net worth for senior families in 2023 was $1,109,700. The most common type of asset for Canadians was a family home, with a median value of $500,000.
Since home equity makes up such a significant all.... More »
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
Following up with Home Capital’s Yousry Bissada
– canadianmortgagetrends.com
The most important company in Canada’s non-prime mortgage market today is Home Capital. Not because it’s the #1 lender by volume (that honour goes to Equitable Bank), but because its fate drives sentiment and liquidity in the non-prime space. And that sentiment is on the upswing. Check out Home Capital’s stock price over the past […]
I lost my home in a fire. Can I tap my LIRA to cover costs?
– moneysense.ca
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have a significant amount locked up in a LIRA and it seems ridiculous for our mortgage to go to foreclosure (as it will be soon enough) before we have a chance to sell it and get our money out when it’s finally rebuilt next year. Are there any LIRA loopholes for people who lost their homes in these fires? Can we take money out of the LIRA to help us out financially now?
—Karen
A: Karen, the Fort McMurray fire is a disaster in many ways. There was huge property damage, displacement, disruption of infrastructure, and disruption of employment. The biggest strain has to be the pace at which all of this gets solved. How do you get by financially when you have continuous living expenses while employment opportunities are suddenly limited?
I’m so sorry this has happened to you, Karen…
