CMHC reports annual pace of housing starts in April up from March May 18th
TD launches agentic AI for mortgage and HELOC applications + MORE May 24th
Inflation holds steady at 1.7% in May Jun 26th
Beyond home prices: What the new CMHC affordability index reveals about Canada + MORE Apr 24th
Ask the Expert: Steve Garganis – How Trump’s tariffs will affect your Canadian mortgage + MORE Feb 1st
Is breaking your mortgage for a lower rate worth the prepayment penalty?
– canadianmortgagetrends.com
Canada’s inflation rate—and what it means for your investments
– moneysense.ca
Canada’s annual rate of inflation, as measured by the Consumer Price Index (CPI), fell to 2% in August, down from 2.7% in July. It’s the first time since February 2021 that Canada’s inflation rate returned to the Bank of Canada’s (BoC) target of 2%. A drop in the prices of gasoline, telephone services and clothing and footwear contributed to the easing of price pressures, while mortgage interest costs and rent remained the largest contributors to the increase in the CPI.
The latest data paves the way for a fourth consecutive BoC cut to the benchmark interest rate on Oct. 23. Since June, the central bank has lowered the benchmark rate by 75 basis points, from 5% to 4.25%.
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“It is going to put the dream of home ownership in reach for more young Canadians,” Freeland told reporters Monday, announcing changes she said will come into force in December.
How much do Canadians need for a down payment?
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20% down payment.
“That is going to have a real impact for thousands, even millions of Canadians,” Freeland said.
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What can you buy with a 30-year mortgage?
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home…
New $1.5 million price cap, 30 year extended amortization.. Is it enough?
– canadamortgagenews.ca
The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years. ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded.
I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!
They also announced they would increase the price cap on home purchases for insured mortgages from $1million to $1.5million. This is not limited to first time buyers. I like this move as it will help out many buyers looking to buy in the larger markets, where the housing shortages are more evident, where home prices are regularly over $1million. Of course, I’m talking about Vancouver ($1.2million) and Toronto ($1.02million).
These changes aren’t enough but they aren’t a nothing sandwich either.
The government’s move is coming at a time when home prices have remained stubbornly high in most markets across the country…
As Wealthsimple marks a decade in operation, the financial platform is disclosing for the first time that it’s profitable as its revenue and assets jump.
The company that started as a robo-advisor has been steadily adding investment capabilities over the years as well as more bank-like features as it tries to lure customers away from the established players.
Wealthsimple’s suite of offerings, which include everything from no-commission trading to the recent addition of mortgages, has helped it amass more than $50 billion in assets, roughly double what it had a year earlier.
“We benefit from that as a business because it means a more diversified, resilient set of revenues, a deeper relationship with our clients,” said chief executive Michael Katchen in an interview.
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