Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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How to avoid the underwater mortgage + MORE Mar 19th
(John Lund/Getty Images)
Q: I’ve read a lot about the possibility of first time home buyers ending up with an underwater mortgage? I’m not sure what this is, but it doesn’t sound good. Can you explain what an underwater mortgage is and how to avoid it?
— Trying to be responsible, Calgary.... More »
BoC’s Macklem Lays Out Plan to Wind Down Bond-Buying Sep 11th
Since the start of the pandemic, the Bank of Canada has been buying up billions of dollars worth of bonds each week, which has helped keep borrowing costs, including fixed mortgage rates, low. On Thursday, BoC Governor Tiff Macklem outlined the roadmap for ending the Bank’s bond-buying program.... More »
Part 1: Beating the Math: Why Politicians Are Failing Homebuyers and What you can do. Apr 21st
If you are trying to buy a house in Canada right now, the math is completely broken. Instead of treating the root causes of the housing crisis, politicians are serving up PR stunts that do very little to actually put keys in the hands of hardworking Canadians. Let’s look at the reality of the .... More »
Have Questions About the New Stress Test Rate? Here Are Some Answers… Feb 22nd
The Department of Finance created shockwaves this week with its announcement that it will be revamping how insured mortgages are stress tested. Now that the dust has settled, here’s a more in-depth look at the implications, as well as some industry reaction. But first, a quick recap of what’s ch.... More »
Laurentian Bank slips to loss as mortgage book shrinks + MORE Mar 10th
Residential book declines amid softer housing activity while commercial lending expands as the bank pushes ahead with its transformation strategy.... More »
A Mortgage Resolution to Keep
– canadianmortgagetrends.com
It scares the #*!@ out of me to think about retiring with a mortgage. And if you’re making minimum payments on a long-term mortgage, it should scare you too. The…
Mortgage brokers offer different options than banks
– canequity.com
When considering financing options for home buying, borrowers have two options: a bank or a mortgage broker.
According to the Eastern Morning Herald, Canadians are looking for the best possible mortgage rates. The statistics show that as Canada's housing market continues to recover from the global recession in 2008, mortgage brokers are favored for helping people with financing needs for their homes.
In one year, the National Bank Composite House Price Index was up 2 percent in April 2013. That's the smallest increase in 15 years. With the slow growth, tighter requirements and low interest rates, the mortgage market in Canada is becoming competitive.
The May 2013 Canadian Mortgage Market Report found that 25 percent of existing mortgages were through brokers and 57 percent were through banks, regardless of when loans were obtained. Since 2012, the use of brokers has been increasing with 31 percent of buyers obtaining a mortgage or renewal through a broker as opposed to 51 percent through a bank…
With a $495,000 mortgage, divorced man is house rich and cash poor.New Info For Cardholders In The TD CIBC Aimia Deal
– ratesupermarket.ca
The clock is ticking down on CIBC’s current agreement with Aimia, and a last minute deal has been finalized for Aeroplan Visa cardholders. After months of being left in the dark, we can finally shed some light on what this blockbuster deal will mean for millions of cardholders, as details became available on Friday.
TD, the New Home of Aeroplan
TD has long been criticized for lagging in the credit card reward space. This will change in 2014 – that’s when TD will become the primary issuer for new Aeroplan Visa reward cards in a deal that will carry through the next decade. That’s fine and dandy for new cardholders, but what about the millions of existing CIBC cardholders affected by this deal? The lack of communication has been frustrating to say the least!
The Details On The Move
Let’s recap the situation. Aimia’s original plan was to move all CIBC Aeroplan Visa cardholders to TD Bank at the end of its current 10-year deal with CIBC. That didn’t sit well with CIBC, who didn’t the idea of giving up cardholders with CIBC accounts like chequing, lines of credit and mortgages…
Will The Canadian Condo Market Keep Booming In 2014?
– ratesupermarket.ca
Every year, the Canada Mortgage and Housing Corporation (CMHC) releases an annual review of the state of housing in Canada called the Canadian Housing Observer. The 2013 edition, released on December 18, 2013, includes a detailed look at the Canadian condo market. Here are some of the key highlights.
Taking Stock Of The Condo Market
While the word “condominium” generally elicits the image of a high-rise tower in an urban centre, the largest number of condos by type in Canada are actually low-rise buildings (36 percent), followed closely by high-rises (31 percent), then row-house condos (23 percent). Detached homes and other building types make up only 10 percent of the nation’s condo stock.
An Undeniable Boom
Regardless of building type, the explosive growth in condos is undeniable. In 1981, there were only about 171,000 owner-occupied condos in Canada. Twenty years later (in 2011), that number had ballooned to 1,154,000, with a further 461,000 rental condos on the market. Still, to put those figures in context, there are more than seven times as many owner-occupied homes in Canada that are not condos (8 million) and four million rental dwellings…
