Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Honouring the latest Mortgage Hall of Fame inductees Oct 20th
After a pandemic-induced hiatus, hundreds of mortgage professionals gathered at the Vancouver Convention Centre Monday night to honour the latest inductees into the Canadian Mortgage Hall of Fame..... More »
You Lawyer May Be Overcharging You Jun 13th
Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one of the big six banks, like hundreds of thousands of Canadians do every year. Suddenly, you get a call from your lawyer. They wa.... More »
Death, Taxes, and Interest Payments: Part 2 + MORE Jul 1st
There are some things in life you can’t avoid, but only two things you can’t avoid paying for: taxes and interest payments. In Part 1 of this series, we looked at owning a rental property as a great way to build your net worth while reducing your taxes. Now, in Part 2, we’ll be turning to inte.... More »
Fixed Mortgage Rates Are Rising. Are Variable Rates Next? + MORE Jan 22nd
Numerous banks and other mortgage lenders have been raising fixed mortgage rates in recent weeks, following the lead of rising bond yields that are now at a two-year high. And next week, all eyes will be on the Bank of Canada to see if it raises its overnight target rate earlier than expected, which.... More »
Tools to calculate your mortgage payments and costs in Canada Nov 1st
Owning real estate is a goal for many Canadians, and while it can be a rewarding investment, it comes with financial responsibilities that you must carefully manage. First and foremost, you need to be able to calculate your mortgage payments, down payment, penalty fees and other costs. Onli.... More »
Interest Rates to Stay As-is for Now. But When Will They Rise Again?
– canadamortgagenews.ca
The Bank of Canada governor, Till Macklem, made no change to interest rates on April 21st, the 3rd of 8 annual meetings dates. This comes as no surprise, though, There wasn’t a chance of an interest rate hike anyway. You can read more on this here .
When Might We See Interest Rates Rise?
The governor publicly stated in October 2020 that interest rates would remain as is until we get out of the covid crisis. He did hint that we could see the economy improve enough in late 2022 enough so that he may increase the interest rates then.
Many economists believe this is very possible. However, many also think this may not last long given how fragile the economic recovery will be. We’ve seen the Bank of Canada rush to raise rates in the past only to backtrack and reverse that decision.
With record high home prices and equally as high average mortgage balances, the governor will need to be very careful not to push too hard too fast or we could see a domino effect…
