Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Is your mortgage up for renewal during the pandemic? Here’s what you need to know Sep 8th
First things first: If you’re staying with your existing lender, then you typically don’t have to requalify..... More »
Reverse mortgages are booming amid Canada’s turbulent rate environment + MORE Jan 31st
High rates haven't stopped Canadians from tapping their home equity by way of reverse mortgages..... More »
Borrowers to “feel the strain” of high interest rates for several quarters to come, says BoC Apr 13th
High mortgage rates are taking a bite out of borrower's budgets, and the Bank of Canada says they will continue to "feel the strain" for several more quarters to come..... More »
Surprise, Surprise: No Rate Hike From Bank of Canada Dec 11th
For months we’ve been warned by “experts” that rates are sure to shoot up. That the Bank of Canada will change their tune based on the state of the economy. That by year’s end, we’ll be well on our way to pre-pandemic rates that will make anyone with a variable rate mortgage regret eve.... More »
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
Knowing Your Debts and Planning for Payments Post-Relief Efforts
– ratesupermarket.ca
The COVID-19 pandemic has changed many Canadians’ way of life. Unfortunately, some have lost their jobs or are working on reduced hours and, in turn, have had to rely on government support or their savings to help make ends meet.
According to the federal government’s 2019 Canadian Financial Capability Survey, 64% of Canadians have an emergency fund to cover expenses for three months. However, that means 36% don’t have as much saved. That will make it difficult when the time comes to pay bills over the next few months.
Managing debt
Several financial institutions have allowed customers in need to defer payments on mortgages, credit card balances, and loans for up to six months. On top of this, there are many other payments due in the near future, and you should be planning for when those financial relief measures end.
If you’re a homeowner, your property taxes may already be past due, depending on where you live. In Toronto, for example, the 60-day grace period has already expired…
Latest in Mortgage News: 4 in 10 Buyers Open to Purchasing a Home “Virtually”
– canadianmortgagetrends.com
Social distancing restrictions in place for the past few months have transformed the way homes are bought and sold, with many showings now taking place “virtually.” And many homebuyers—42%, to be exact—are just fine with that, according to a recent survey by the Ontario Real Estate Association (OREA). Four out of 10 Ontario homeowners said they were “open” or “somewhat open” to buying a home while only being able to view it through electronic means. A third (33%) said they […]
