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
The wrong way to pay off debt + MORE Sep 10th
I’ve always believed that anyone substantially mired in debt has no business fantasizing about retirement. For me, this extends even to a home mortgage, which is why I often say “the foundation of financial independence is a paid-for home.”
Sadly, however, it’s a fact that many Canadian sen.... More »
Finding help in this crazy housing market + MORE Nov 21st
For many Canadians, the dream of owning a home while earning a modest income just keeps getting harder and harder to achieve. But various governments as well as some non-profits and some private developers offer options to help struggling first-time home buyers get into the market. Here are three p.... More »
Home Sales Fall Sharply From January + MORE Mar 15th
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 »
Mortgage renewal calculator + MORE Jan 25th
Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal.
You.... More »
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
Mortgage Career: Nunavut Housing Corporation
– canadianmortgagetrends.com
Company: Nunavut Housing Corporation Position: Mortgage & Collections Officer Location: Iqaluit, NU Send resume to: www.gov.nu.ca/public-jobs Mortgage & Collections Officer Is your knowledge of collections and mortgages backed by experience in a financial setting such as a bank? Then, consider this term position (to March 31, 2018) with the Government of Nunavut. As a Mortgage and Collections Officer, you will be based in the Finance Division of the Nunavut Housing Corporation (NHC) Directorate in Iqaluit, NU. Reporting to the Manager, Mortgages and Collections, you will carry out a variety of duties that will have an impact on the Corporation’s district READ MORE
New Capital Regs Coming This November
– canadianmortgagetrends.com
The cost of funding a mortgage is going up again, thanks to new federal regulations due this fall. Canada’s banking regulator (OSFI) announced Friday that it will “change” (read increase) regulatory capital requirements on mortgages. The rule change takes effect November 1, 2016, after a public comment period. “These updates will ensure that capital requirements remain prudent in periods where house prices are high relative to household income and/or house prices are increasing rapidly in nominal terms,” OSFI said in its announcement. The rules will force seven large banks to put aside more capital for mortgages in potentially overvalued cities. READ MORE
Will shopping for mortgage rates hurt our credit score?
– moneysense.ca
Sammu (left) and Mandy Dhaliwall (far right) (Photo by Jennifer Roberts)In our April 2016 issue of MoneySense, we introduced you to Sammu and Mandy Dhaliwall, a young married couple with three kids from Brampton, Ont. They are trying to juggle RRSPs, TFSAs, paying down their $350,000 mortgage as well as their $90,000 home equity line of credit. Throughout the year we’ll be giving them a financial challenge every four weeks to help them get their finances in tip top shape. Make sure to follow along! Let’s start.
Challenge No. 1
The Dhaliwalls’ first challenge was to go shopping for mortgage rates and find out what new rate and terms they’d be eligible for this July when their mortgage comes up for renewal. Most institutions offer a three-month interest rate guarantee. The couple was asked to check out RateSpy.com, a website that keeps track of mortgage rates offered by financial institutions, and then use this information as a bargaining chip with their own mortgage provider to potentially get a lower rate…
