Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Refinancing your mortgage? Here’s why a professional home appraisal is step one + MORE Mar 28th
Before you refinance your mortgage, it’s important to know your home’s true value. A professional home appraisal gives you an accurate picture of the value of your property, helping you make smarter financial decisions from lowering your monthly payments to accessing equity to evaluating your re.... More »
How much credit card debt does the average Canadian have? + MORE Jan 18th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
How much income do I need to qualify for a mortgage in Canada? + MORE May 18th
After several years of sky-high borrowing costs, mortgage rates are (finally!) starting to ease up. That’s great news for cash-strapped Canadians currently shopping for the best mortgage rate—but it unfortunately hasn’t translated into improved affordability when buying a home.
The national.... More »
The best credit cards for newcomers to Canada for 2024 + MORE Jan 3rd
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Mortgage Digest: Arrears rise to highest level since 2020, but remain low overall + MORE Jan 23rd
Canada’s mortgage arrears rate edged higher again in October, rising to 0.25% of all residential mortgages, the highest level since 2020, according to the Canadian Bankers Association..... More »
Big banks and lenders slash mortgage rates in time for the holidays
– canadianmortgagetrends.com
Several of Canada’s big banks and numerous other lenders are offering a practical gift for borrowers this holiday season: lower mortgage rates.
Will GIC rates keep going up in 2024?
– moneysense.ca
As Canadians are painfully aware, Canada’s inflation has stubbornly persisted above the Bank of Canada’s (BoC) target rate of 2%. In response, the BoC has repeatedly raised the benchmark interest rate—which sets the pace for banks’ prime rates—since early 2022. While no one can predict with certainty where interest rates are going, the BoC seems in no hurry to reduce rates just yet, having kept the benchmark rate stable at 5% since July 2023.
As a result of these rate hikes, the interest rates available on guaranteed investment certificates (GICs) have risen as well—leading to renewed interest from savers and investors. In fact, over the past 12 months, the average one-year Canadian GIC rate has shot up from 2% to 4.90%. As a result of this move-up in rates, even market-linked GICs—which offer a lower guaranteed interest rate because of higher potential gains linked to the stock market—are offering a minimum guaranteed rate over 2%, as of mid-December 2023.
How high will GIC interest rates go?
The interest rates you pay on various types of debt, like a mortgage or a line of credit, depends mainly on the benchmark rate set by the BoC…
HSBC sale to RBC 'a sad day for Canadian mortgage consumers,' expert says – CBC News
– news.google.ca
HSBC sale to RBC ‘a sad day for Canadian mortgage consumers,’ expert says CBC NewsRBC-HSBC deal approval – Video – BNN BNN BloombergOttawa approves RBC’s $13.5-billion takeover of HSBC Canada The Globe and MailFeds approve RBC’s purchase of HSBC Canada iPolitics.caRBC will benefit from HSBC deal amid competition concerns: portfolio manager BNN Bloomberg
Latest in mortgage news: Freeland approves RBC takeover of HSBC, with conditions
– canadianmortgagetrends.com
RBC’s $13.5-billion acquisition of HSBC’s Canadian unit cleared its final hurdle after receiving approval from Chrystia Freeland, Deputy Prime Minister and Minister of Finance.
Most mortgage borrowers to see payments rise 34% to 54% vs. early 2022: Bank of Canada
– canadianmortgagetrends.com
If you had a mortgage as of February 2022, chances are you will be facing a payment increase before the end of 2025.
