Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Exclusive: 76% of mortgage holders are anxious about their upcoming renewal: MPC survey + MORE Jun 14th
Growing financial anxiety is affecting both Canadian mortgage holders and non-owners alike, according to the latest consumer survey from Mortgage Professionals Canada..... More »
When You Might Need an Alternative Lender Mortgage + MORE Sep 21st
The majority of homeowners are blissfully unaware of alternative mortgages. They presume everyone is entitled to sub-3% mortgage interest rates, with no fees of any kind. But there is a growing, significant percentage of borrowers who need a different type of mortgage financing solution. Sometimes t.... More »
The Latest in Mortgage News – Economic Growth & Housing Affordability Dec 3rd
The latest data released over the past couple of weeks are helping to provide a reading on how different jurisdictions in the country are faring when it comes to economic growth and housing affordability. The Conference Board of Canada’s latest Metropolitan Outlook, for example, breaks down re.... More »
The State of Mortgage Consumers + MORE Apr 27th
Mortgage consumer debt reached a record level in the second quarter of 2017, yet mortgage holders have proven capable of managing their increasing monthly obligations. That’s according to CMHC’s recently released Mortgage and Consumer Credit Trends report, which said Canadian households&.... More »
Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable? + MORE Mar 16th
A couple in their 30s contacts me for a mortgage. They want to buy a new home. She’s a high school teacher and he’s a computer firm manager. Incomes are good. I check their credit.
Let’s stop here for a minute… If they have good credit, an approval is simple and we can provi.... More »
Canadian home sales gain ground in September, but down from year ago mark
– canadianbusiness.com
OTTAWA _ The number of homes sold in September climbed for the second month in a row after a slowdown earlier this year that was led by a cooling in the Toronto market.
Canadian Real Estate Association said Friday sales through its Multiple Listing Service in September were up 2.1 per cent compared with the previous month. The increase followed a 1.3 per cent increase in August.
TD Bank senior economist Michael Dolega said unlike the gain in August, that was driven by Toronto, the increase for September was more widespread.
But he noted rising interest rates and coming regulatory changes, including a potential new stress test for borrowers with uninsured mortgages, could impinge on the housing market.
“Having said that, after some near-term weakness, likely to last into mid-2018, activity should begin to rebound thereafter given the fundamentally supported demand related to strong job growth and strengthening wage dynamics,” Dolega wrote in a note to clients.
Home sales in Canada had been slowing this year following changes by the Ontario government aimed at cooling the Toronto market…
Canadian Real Estate Association said Friday sales through its Multiple Listing Service in September were up 2.1 per cent compared with the previous month. The increase followed a 1.3 per cent increase in August.
TD Bank senior economist Michael Dolega said unlike the gain in August, that was driven by Toronto, the increase for September was more widespread.
But he noted rising interest rates and coming regulatory changes, including a potential new stress test for borrowers with uninsured mortgages, could impinge on the housing market.
“Having said that, after some near-term weakness, likely to last into mid-2018, activity should begin to rebound thereafter given the fundamentally supported demand related to strong job growth and strengthening wage dynamics,” Dolega wrote in a note to clients.
Home sales in Canada had been slowing this year following changes by the Ontario government aimed at cooling the Toronto market…
Is it safe to have $600,000 in savings invested in GICs?
– moneysense.ca
Q. I live in Manitoba and have about $600,000 invested in GICs at a local credit union. I am 63 years old, retired with a pension, no debt and no mortgage. However, I still worry about this money and it has been hard for me to find an unbiased view on its safety. Can you help?
—Glenda W.
A. I think you can relax, Glenda. Your money is safe. Credit unions in your province have the Deposit Guarantee Corporation of Manitoba which provides unlimited guarantee of all deposits. GIC’s are covered, but not stocks or mutual funds. If you were with a Canadian bank, your deposits would be covered by CDIC insurance, which protects accounts up to $100,000.
Your investment personality is risk-averse, which is totally fine. But there is one risk that you may not be factoring into your assessment: Inflation risk. Prices for food, gas and almost everything else are on the rise, but your GIC probably isn’t earning much to account for that.
RELATED: The safe, unloved, amazing GIC
You are in the enviable position of no debt, no mortgage and a pension, mitigating your risk significantly…
3 Reasons Canadian Mortgage Rates Will Never Hit 5%
– canadianmortgagetrends.com
High borrowing rates are a relic. Canadian regulators may soon force borrowers to qualify at interest rates two percentage points above the contract rate. With many posted mortgage rates now approaching and even surpassing 3.00% (depending on the term), this means borrowers will soon need to show they can afford payments based on rates of […]
