Mortgage Lenders Provide COVID-19 Update – Part 2 + MORE Apr 16th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Technology’s Role in Canada’s Evolving Mortgage Industry May 29th

COVID-19 has dramatically changed the course of many industries and threatened the physical, mental and financial wellness of millions of Canadians. In the housing sector, real estate sales volumes have dropped significantly and rapid increases in unemployment have added uncertainty to many transact.... More »

Deferring Your Mortgage Could Cost You More Down the Road + MORE Jun 4th

Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders. It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... More »

How the coronavirus pandemic could change the way we think about retirement in Canada Apr 28th

Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and mor.... More »

How do credit card payment deferrals work during COVID-19? Apr 19th

If you’re dreading your credit card bill, you’re not alone. According to the Bank of Canada, 30% of us carry a balance from month to month, accruing interest, on average, at an eye-watering 19.99%. Simply put, we’re in the red, with an average of $23,800 per Canadian owing on credit cards, lin.... More »
How Deferring Mortgage Payments Could Affect Your Credit Score
For the past few weeks, we’ve become accustomed to Prime Minister Trudeau’s daily update from Rideau Cottage in Ottawa. To help ease the economic impact of the COVID-19 pandemic, the government has put forward several measures intended to support those who have lost their jobs due to the outbreak.
With tens of thousands of Canadians suddenly and unexpectedly facing unemployment, the country’s banks also stepped up to provide short-term relief for those now unable to make their upcoming mortgage payments. This relief comes in the form of a mortgage payment deferral plan to help unemployed workers get through the next few months.
Mortgage Deferral Program Highlights
The Canadian Bankers Association recently provided updated information regarding the program on the CBA website. The plan allows for mortgage holders impacted by the COVID-19 crisis, and who are not currently in arrears, to apply for a deferment of their mortgage payments. Some financial institutions are also offering a similar arrangement for other loan payments, including credit card debt…

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Mortgage refinancing in Canada is the latest domino to topple in the wake of the COVID-19 pandemic’s impact on our economy. In fact, all forms of mortgage financing have been increasingly more challenging the past several weeks. Fortunately, most purchase transactions already committed to during these early transition stages are still going through. Refinances are another matter though. They are uninsurable, so the lending risk sits squarely with the lenders; whereas purchase transactions facilitate changes of ownership, and the associated […]

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In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their outlook. Similar to the previous sessions, the overwhelming message continued to be one of empathy towards struggling borrowers, as well as resilience and positivity for the future. Here are some of the key takeaways from the additional panel discussions… Adapting to the New […]

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Financial Outlook with Jean-Francois Perrault, Chief Economist Scotiabank

Following are the highlights from a telephone conversation with Jean-Francois Perrault, Chief Economist Scotiabank and John Webster, President and CEO Scotia Mortgage Corporation which took place on Thursday, April 9, 2020 at 4:30 p.m.

First, it’s not all bad news. While I’ll have to include some unpleasant information in order to provide a complete picture, that is not the focus.

We are in the early stages of a deep recession. A deep global recession.  How deep will it be? How long will it last? It all depends on the virus and how quickly we can get back to work.

A decline of 30% to 40% in economic activity in the second quarter is forecasted. This is a huge number; one we have not seen before. 

Although social distancing will continue, to some extent, well beyond the end of the second quarter, it is assumed that the lockdown will begin to unwind during the second half of the year. 

That’s the bad news… On the other hand, we will start to reverse this economic slowdown in the third quarter if we see a flattening of the pandemic curve…

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Nearly 600,000 Canadians have so far taken advantage of some form of mortgage deferral assistance due to the COVID-19 crisis, according to the Canadian Bankers Association (CBA). With the average mortgage payment amounting to $1,326, this has freed up roughly $778 million per month, according to the Canada Mortgage and Housing Corporation. “This keeps money in the pockets of people who need it now,” the CBA noted. “Banks have publicly reported that more than 90% of those seeking a deferral […]

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