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Latest News
60% of Canadian mortgage renewals to face higher rates by 2026: BoC Jan 14th
Despite interest rates having fallen materially in 2024, recent data show that many Canadian homeowners could still face payment shocks when their mortgages renew..... More »
Is this part-time teacher on track to retire in 9 years? + MORE Dec 18th
Sarah Press is 41 years old and working as a part-time teacher in Toronto. She also has what she calls some “side gigs” cleaning houses so that she can earn additional income that she hopes will allow her to retire at 50 on a reduced pension. “My true retirement age with the school board is 5.... More »
Latest in Mortgage News – More Research on Stress Test Impacts May 6th
The stress test continues to be the focus of much research, with new data released recently on the full extent of its impacts on the housing market. We’ve summarized the latest findings, which look at the stress test’s impacts on home sales and prices over the past year, as well as the c.... More »
Bloom unveils new home equity prepaid Mastercard as novel way for seniors to fund retirement + MORE Mar 16th
A first-of-its-kind product by Toronto-based Bloom Financial is offering an innovative solution for seniors struggling to fund their retirement in the face of rising costs..... More »
No New Rules Coming. Well, Maybe One Jan 14th
Minister of Finance Bill Morneau is suggesting that no new mortgage rules are on the drawing board. After meeting with economists on Friday, he told reporters: “We, as you know, were quite careful in considering the…situation around the housing markets across the country as we considered measure.... More »
Mortgage Market & MBS Nuggets
– canadianmortgagetrends.com
Bank of America Merrill Lynch put out a fantastic primer on mortgage-backed securities (MBS) last week. Here’s a small sampling of its notable factoids: ******* Securitization versus the U.S. Risky mortgage securitization was blamed for feeding the U.S. housing crisis. In comparison, not only is Canadian MBS regulated far more rigidly than that toxic American MBS of old, but our overall securitization share of mortgage finance remains well below U.S. levels (although the gap is narrowing). MBS Outstanding There are $440 billion of outstanding NHA MBS in Canada, all fully guaranteed by our government. NHA MBS benefits from Canada being one of only 10 countries in READ MORE
How to Improve Your Credit Score – Student Edition
– ratesupermarket.ca
Welcome to our brand new monthly MoneyWise series, “How to Improve your Credit Score”. Over the next year, Amanda Reaume is sharing her tips and tricks to bump up your credit score and adopt life long solid credit habits. To begin, we’re discussing how to achieve a higher credit rating as a student.
September is in full swing and if you’re a university or college student, then you’re probably comfortably settling into your routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit.
But even at this stage of life, it’s critical that you start planning for your future. That means making smart credit decisions now that will pay off later in life, saving you up to tens of thousands of dollars. Adopting solid habits while you’re a student can lead to lower interest rates when borrowing money for large purchases such as car loans or mortgages. You might even be able to refinance your student loans after you graduate and pay a much lower interest rate…
Canadian Household Debt Hits New Record High
– ratesupermarket.ca
Canadian debt-to-disposal income ratios are at an all-time high, according to the latest numbers released by Statistics Canada. The ratio was 167.2 per cent in the second quarter of this year, up from 165.2 per cent in the first three months of the year – and we can thank our housing prices for that. With interest rates remaining at record lows, Canadians continue to feel comfortable borrowing more to get into their dream house.
But are we seeing the full story when it comes to debt in Canada? At first glance, it may seem Canadian debt levels are out of control, but when this debt is compared to the value of assets that Canadians are holding, the numbers aren’t as scary. Yes, we are borrowing more, but our real estate values are also rising. This means our debt-to-asset ratios have remained virtually the same – sitting at about 16.9 per cent – since the early 1990s.
Here is what we’re hearing from Statistics Canada:
We are Borrowing More
There is no doubt that mortgage loans make up the lion’s share of Canadians’ debt…
