Is the family responsible to pay the mortgage for a loved one who has passed away? + MORE Aug 18th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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How To Navigate Today’s Economy Oct 17th

Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I .... More »

Is Canada’s mortgage stress test still relevant? Aug 24th

Earlier this month, the Bank of England scrapped its mortgage affordability stress test. With mortgage rates presumably approaching their peak for this rate-hike cycle, some are wondering if changes to Canada's stress test are overdue. .... More »

How to prepare for a 2023 recession + MORE Nov 19th

The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
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NBC says rising rates will lead to mortgage market “normalization” + MORE Aug 30th

National Bank of Canada, the smallest of the Big 6 banks, reported third-quarter earnings in-line with market expectations..... More »

Over half of mortgage borrowers concerned about renewals Nov 1st

A new survey has found that 53% of Canadian mortgage borrowers are concerned about the prospect of higher monthly payments at renewal time..... More »

When Will Variable Rates Stop Climbing?

– canadamortgagenews.ca

When Will Variable Rates Stop Climbing?For millions of Canadians, the Bank of Canada meetings are a major cause of anxiety. Will rates go up? By how much? Will I continue to be able to meet my monthly mortgage payments? It’s only natural to ask these questions. Recent hikes have been dramatic to say the least. And to make matters worse, the media has a way of making everyone feel like these hikes are in a perpetual uphill climb. 

But in my opinion, a plateau is coming sooner than expected. 

A Refresher on Rate Hikes

To understand why rates might start to level out, it’s important to remember why they’ve been skyrocketing in the first place. Prior to the pandemic, Canadians were used to the Bank of Canada rate going up or down by 0.25%, or not at all. Now we’re seeing drastic increases at every single announcement – some up to a full percentage point.

The idea here is to battle inflation caused by – you guessed it – the pandemic. Rate hikes are a surefire way to cool down red hot inflation, and given the out-of-control inflation we’re seeing, hikes of this magnitude are a necessary evil…

Continue Reading On canadamortgagenews.ca »

When someone dies and owes money on a mortgage, is their common-law spouse responsible for paying it off? The house was in the name of the deceased only—the common-law spouse wasn’t a co-signer on the mortgage, and her name is not listed on the deed.  —Louine

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When a family member dies, who pays for the mortgage?

Thanks for writing in, Louine; your question is something that we hear often from family members who are dealing with a property in an estate after the death of a loved one. Let’s review how properties can be owned, who is responsible for the mortgage payments, and the impacts for the executor of the estate.

When someone dies, the executor (the person who manages the estate’s administration) must create a list of everything the deceased owned and owed at time of death…

Continue Reading On moneysense.ca »

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