Interested in learning more about property mortgages in Canada? Look no further!
It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opi.... More »
When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack.... More »
The housing agency said Friday the annual pace of housing starts slowed in February as higher mortgage rates and other economic conditions soften demand. Economists had expected an annual pace of 205,000 for the month but instead fell to 173,153 units..... More »
The Canadian Real Estate Association reported today that national home sales plunged 9% from January to February, with 75% of local markets, including all major cities, recording fewer transactions. It’s not the first time CREA has reported such a steep month-over-month decline—home sales also d.... More »
When it comes to your mortgage, there’s no need to settle for the most obvious options. When the time comes to buy a house, most Canadians rely on only the ‘big six’ banks to find a competitive interest rate. An HSBC study from last year shows Canadians are among the least likely to say they’ve looked around for a better mortgage. But just as you wouldn’t buy the first house you saw, you shouldn’t stick with your family-legacy bank at mortgage time ‘just because.’
Our research at Ratesupermarket.ca shows that alternatives to Canada’s ‘big six’ banks often offer much lower mortgage rates. These alternatives can include brokers and small lenders, many of whom are often more competitive.
For example, looking at a five-year fixed mortgage in the Toronto market and using Ratesupermarket’s online mortgage comparison tool, Sigma Mortgage (a team of mortgage brokers) is offering a 3.29 per cent interest rate, while an alternative bank, such as Tangerine, offers 3…