Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
44 Percent of Canadians Overspend on Rent Jun 11th
Canadians are overspending on housing in alarming numbers, according to a recent RateSupermarket.ca survey. Among those who rent, 44 percent of Canadians are spending more than a third of their income on housing. Not only that, but 20 percent of homeowners are spending more than a third of their in.... More »
Should you break your mortgage? + MORE Dec 20th
Joakim Tjernell was pretty proud of himself—he’d done a damn good job of shopping for a mortgage. It was back in June of 2009 and Tjernell, a translator in his 30s, had been eyeing units in a slick modern condo building on Toronto’s Bathurst Street for a while. There was a lot of paperwork—T.... More »
A guide to five-year fixed mortgage rates + MORE Mar 2nd
After consecutive years of record-low interest rates in Canada, many experts predict we are entering a period of rising rates—which would make the cost of borrowing money, be it for a mortgage or a student loan, more expensive. The possibility of these rate hikes can make the stability of a f.... More »
How Canada’s Small Businesses Can Create Resilient Futures Oct 14th
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Created by
Adam Kirsh, AVP Salesforce Canada
Instead of ‘doomscrolling’ — otherwise known as obsessively checking social media for negative stories about the pandemic and .... 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 »
Bridging the Gap Between MICs and Brokers
– canadianmortgagetrends.com
They’ve been around since the early 70s, but for many—the public and brokers alike—Mortgage Investment Corporations remain relatively unknown. But work is underway to change that. There’s no denying Mortgage Investment Corporations, or MICs, have come a long way since their inception by the federal government in 1973 through the Residential Mortgage Financing Act. And […]
Your Doctor Uses a Mortgage Broker!
– canadamortgagenews.ca
Would it surprise you to learn that your doctor uses a mortgage broker? Well, it’s true – doctors use mortgage brokers all the time.
In fact, I personally have an extensive list of medical professionals as clients, including family doctors, specialists, dentists, veterinarians… and the list goes on.
So, why would these high-income earners use a mortgage broker?
The answer is simple. They want to get, not only the best rate, but also the best advice. They’re seeking market neutral advice from someone who doesn’t work for a single financial institution. They want someone who can guide them into the most appropriate mortgage product that will keep the greatest amount of money in their pockets!
This is something that only a mortgage broker can do. No banker can offer products from other financial institutions. Your doctor can easily qualify for a mortgage in most circumstances, but not all the time. It’s not just about qualifying for a mortgage – it’s also about ensuring that they’re being matched with the right mortgage product to fit their unique needs…
Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it!
– canadamortgagenews.ca
Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone!
I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every time I called the Canada Revenue Agency (CRA), they either told me it was coming, they were working on it, or they reminded me they have up to four months to complete the return (FOUR MONTHS!?)!
Well, four months passed… and still nothing!
I begged CRA to complete my return because I needed it for mortgage financing purposes. But, of course, I got the standard answer that they can’t push mine ahead of others. GRRRR!
And we all know that, in 2018, if you don’t have proof that you’ve filed your latest tax return, you won’t get a mortgage. That’s our reality!
There are many business owners in this predicament!
I did some research and spoke with other accounting professionals for advice…
U.S. central bank chief issues warning on Canadian housing without even realizing it: Don Pittis
– cbc.ca
U.S. Federal Reserve Chair Jerome Powell says the strong U.S. economy needs more rate hikes, but in explaining why, he unintentionally offered a warning for Canadians with big mortgages.
