Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
50+ with little or no Mortgage? You Need a Line of Credit! + MORE May 15th
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend.... More »
Mortgage rule changes are expanding insured market activity, insurers say Mar 4th
Mortgage insurers say recent federal policy changes are giving first-time buyers more purchasing power, even as broader housing market conditions remain uneven..... More »
What is the “Best” Mortgage Rate? + MORE Sep 19th
Six in 10 mortgage consumers choose brokers, in large part because they think brokers will get them the best rate. All too many of those people associate the “best” rate with the “lowest” rate. Mortgage professionals know that’s not generally true, but convincing clients of this isn’t al.... More »
You bought a home—should life insurance be next? + MORE May 9th
Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable.
That reality is driving more homeowners to buy life .... More »
Canadians Ill-Prepared for a Rate Hike; Unprecedented Debt Imminent + MORE Jun 29th
A new report finds Canadians are facing a future where an unprecedented amount of household income will go towards debt servicing.
The Household Indebtedness and Financial Vulnerability report by the Parliamentary Budget Officer is raising concerns on the level of household debt amongst Canadians. .... More »
Fisgard Asset Management Corporation
– canadianmortgagetrends.com
Company: Fisgard Asset Management Corporation Position: Mortgage Portfolio Manager Location: Victoria, BC Mortgage Portfolio Manager Licences or registrations required: Mortgage Brokers License Interested candidates may contact: careers@fisgard.com or visit our website www.fisgard.com Closing date: November 1, 2015 Employment type: Full-time Fisgard started in 1994 and has grown to become one of Canada’s most respected Mortgage Investment Corporations. Our company was named after Fisgard Lighthouse which was built in 1860 in Esquimalt Harbour in Victoria. Fisgard Lighthouse symbolizes security, stability and vision – qualities we believe in and feel are important to our investors. We are proud to have READ MORE
The Liberal Effect
– canadianmortgagetrends.com
The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be effected. Here’s some of what the mortgage market can expect from Mr. Trudeau’s new government: Higher bond yields: Balancing the budget is not a priority for the Liberals until 2019. Trudeau is expected to go on a spending spree and bond traders aren’t keen about it. It suggests a greater supply of government debt and potentially higher long-term yields to come. That, of course, could mean at least slightly higher fixed mortgage rates than READ MORE
Economists at some of Canada’s big banks are upgrading the country’s economic forecast in the wake of the Liberal Party’s sweeping victory in the election Monday.
But they warn that the Liberals’ planned deficit spending could result in interest rates rising sooner than expected, which could put pressure on mortgage-holders. And the party’s tax plan will put some economic pressure on the country’s highest earners.
With the Liberals in command of a majority of seats in Parliament, the way is clear for the party to enact its platform, which includes boosting the economy through $10 billion in deficit spending.
TD Bank economists Derek Burleton and Brian DePratto estimate this will boost GDP by a modest 0.1 per cent in 2016 and 0.3 per cent in 2017.
The Bank of Montreal has a more optimistic forecast: It sees a 0.5 percentage point boost to GDP next year alone. The bank now sees Canada’s economy growing at 2.5 per cent next year, compared to an earlier forecast of around 2 per cent…
Cancellation Fees in B.C.
– canadianmortgagetrends.com
On October 2, B.C.’s mortgage broker regulator put the industry on notice that charging advanced fees for mortgages will not be tolerated. The Financial Institutions Commission (FICOM) issued a bulletin on the practice, quoting sections 4(3)(b)(ix) and 5 of the Business Practices and Consumer Protection Act (BPCPA), which it says: “…Prohibit mortgage brokers from charging any fees for arranging a consumer mortgage in British Columbia, unless those fees are deducted from the mortgage advance at time of funding.” With all the anti-fee sentiment in the financial services industry, it’s easy to deem FICOM’s well-intentioned stance as pro-consumer. Unfortunately, this interpretation READ MORE
The crunch years: Where the money goes
– moneysense.ca
Where does the money go? It’s a question MoneySense hears from readers in all walks and stages of life. Even relatively high income earners are often puzzled to discover there’s little or nothing left over for savings once they’re finished paying the mortgage and utility bills and enjoying an occasional evening at a nice restaurant. The question is particularly pressing for couples in their 30s or 40s with children, who routinely find themselves in a mid-life financial crunch. And while it’s fundamentally important, it’s deceptively difficult to answer.I would know. That’s because I have an unusual habit: I’ve tracked virtually every cent I’ve earned and spent over the last dozen years. I’m not kidding. I’ve diligently recorded every cup of coffee, every subway token, every library fine. I’ve tracked every stinking mortgage and auto loan payment, broken down into principal and interest. I’ve even logged every transaction between my children and the tooth fairy. I’ve done this using personal accounting software that displays my financial life as a series of line charts and bar graphs…
