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Latest News
RBC says it’s ready for competitive spring mortgage market and upcoming renewal wave Mar 4th
As the spring mortgage market approaches, Canada's largest bank says it's getting ready for a busy season of mortgage renewals..... More »
You need long-term disability insurance. Now what? + MORE Apr 1st
Long-term disability insurance likely isn’t something you ever want to be in a position to need, but if ever you do need it, you’ll be grateful it’s there. Like short term-disability insurance, it provides financial assistance to an employee who is unable to work because of an accident.... More »
CMHC-Backed Report Calls for Annual Surtax on Homes Valued at $1M+ + MORE Jan 7th
A new report backed by Canada's national housing agency is calling for a home equity tax on houses valued at $1 million and more..... More »
Fixed mortgage rates may not follow Bank of Canada cuts, former TD economist warns + MORE Nov 12th
While plenty of consumers believe the Bank of Canada’s steady interest rate cuts will drop mortgage rates meaningfully across the board, economist Don Drummond isn't so sure that prediction applies to fixed rate mortgages..... More »
Q4 Earnings Mortgage Morsels: Scotiabank & RBC + MORE Dec 5th
A reduction in provisions set aside for potential credit losses boosted fourth-quarter earnings results for both Scotiabank and RBC this week..... More »
“We paid off our mortgage early. What now?”
– moneysense.ca
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…
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…
Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals
– canadianmortgagetrends.com
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 […]
