Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals + MORE Sep 2nd

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Rates are at all time lows Sep 20th

Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs in perspective.  Here is what MORTGAGE PAYMENTS on a $400,000 mortgage look like with a 30 year amortization: .... More »
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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 »
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Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th

I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation.   It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »

Q3 2020 Bank Earnings – An Update on Big Bank Deferrals Sep 11th

The country’s Big Six banks provided an update on the state of their mortgage deferrals, with each reporting varying results in terms of getting those borrowers back to making regular payments. Both RBC and National Bank of Canada saw their mortgages under deferral drop substantially from Q2 t.... More »
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Latest in Mortgage News: CMHC to Get New Name, Maybe “Housing Canada” + MORE Sep 23rd

What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall .... More »
My husband and I are not high-income earners. In our mid-40s with an 11-year-old only child, we make less than $101,900—the amount StatsCan says is the median household income for a family with kids.
But we’ve been smart with our money—choosing to live near public transportation, and walking and using the subway as much as possible, saving $350 a month in parking fees at my husband’s workplace, not to mention gas, and also forgoing a second car altogether. 
Top-priced peak-season resort vacations were off the table for us. To travel on a budget, we limit ourselves to road trips in the summer, and opt to get away during shoulder season anytime airfare is involved. For instance, we would visit my husband’s family in Ireland in April instead of August, and typically we’d also go for winter vacations either in February or April to miss the high prices at March Break or Christmas.
The payoff? Over the past 14 years, we’ve covered mortgage payments on our modest Toronto house with biweekly accelerated mortgage payments, dropping lump-sum prepayments once or twice per year to reduce the principal faster…

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OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions. The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to three months as opposed to six. After September 30, any deferrals will be treated according to OSFI’s normal rules. At the height of the pandemic and […]

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