Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
How not to overspend on your next car Apr 19th
Car-buying case study: Melissa and Dave
A car is the second-largest purchase you’ll ever make in your life, and you’re likely to make it many times over. Yet, unlike the home-buying process where you might have the professional assistance of a Realtor, mortgage broker, lawyer, and Certified Fina.... More »
Information vs advice. Why is it free? Oct 19th
The internet is great for researching infomation, ratings and even advice. With so much available data, it’s hard to decide which is accurate, reliable or even truthful.
Take this site for example. If this is your first visit then you may not be aware of all my credentials nor how accurate .... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
B.C. Regulator Shuts Down Unlicensed Broker with $500M in Volume Jun 5th
An unlicensed B.C. mortgage broker accused of arranging half a billion in mortgages for hundreds of clients has been issued a cease-and-desist order by the province’s mortgage regulator. The Financial Institutions Commission of British Columbia (FICOM) announced last week that its Registrar of.... More »
The Mortgage Stress Test: What It Means If You’re Buying a Home Nov 3rd
It’s been almost a couple of years since the mortgage stress test came into effect. So, we thought it was the perfect time to revisit it and clear up any confusion. The mortgage stress test took effect January 1, 2018, affecting how much mortgage money Canadians are able to borrow towards.... More »
Mortgage growth has slowed… so why are BANKS winning & CONSUMERS losing?
– canadamortgagenews.ca
I reviewed some recent stats that explain how overall mortgage growth has fallen to its lowest level in the past 17 years!
Overall, mortgages outstanding across Canada total more than $1.5 trillion. And, while this total continues to increase year over year, the rate of growth has decreased. We should pay attention to this!
Typically, when we experience lower mortgage growth or no growth at all, house prices will follow suit and come down.
But, why aren’t the banks up in arms over this given that they make huge profits by lending money? (More on this below.)
MAYBE IT STARTS OUT WEST?
Vancouver could be the first major casualty. January 2019 sales were down 39% over January 2018, while listings were up 55% in January 2019 vs January 2018.
Sale prices are down more than 7% in the past six months.
The Canadian Real Estate Association (CREA) is putting some of the blame (I’ll say a lot!) on the Trudeau government’s infamous ‘stress test’. Next at fault are the interest rate hikes of around 1…
The challenge of estate planning with blended families
– moneysense.ca
Q. My husband and I are senior citizens, have both been married before, and each has adult children from a previous marriage. We each have investments we accumulated during our working years, which we have kept strictly separate (about $200,000 each). We purchased and own a home together, which is mortgage free, worth about $250,000. Seems simple, right?
Recently we made a will together, but now I am questioning that will. Here’s what was done: My husband wants to leave his investments to me. They are all in RSP’s and a LLIF. The plan is to pass these on to his children once I pass away. They are already his beneficiaries should I go first. I wish he would just leave these to his children directly but he won’t hear of it.
My own investments of about $80,000 are in a Registered Retirement Income Fund (RRIF), a TFSA and a margin account and the three total $200,000. My RRIF goes to my husband if I die first, with my children as beneficiaries in case my husband dies first. My TFSA goes to my children immediately upon my death, and my margin account will be part of my/our estate, as I cannot designate a beneficiary…
Meridian Ushers in New Way for Canadians to Bank with Motusbank
– ratesupermarket.ca
Meridian holds the position as the biggest credit union in Ontario, and the third biggest country-wide. The company recently created a new subsidiary named Motusbank, a full-service digital bank that’s set to change the way Canadians handle their finances.
What’s Different About Motusbank
Motusbank, much like its parent credit union, has a member-centric approach to banking. Members enjoy access to the full retail product line and receive favourable pricing since shareholders are not a part of the credit union banking model. The competitive rates and fees provide plenty of incentive to take a look at this digital bank.
Online and mobile banking are included, which provides access to all of the bank’s services. One area that stands out is the digital mortgage platform. Savings and checking accounts do not have any fees, and Motusbank includes access to the no-fee ATM network The Exchange. David Baldarelli, Motusbank’s COO says “We’ve responded to what Canadians want by developing a simple and intuitive digital platform that makes banking feel good, and an experience that makes people feel valued and secure…
