New Year, New Mortgage Rules: Why You’ll Soon Have a Harder Time Qualifying for a Mortgage + MORE Dec 21st

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The Latest in Mortgage News: New Data on Financial Distress in Canada + MORE Jun 29th

A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skip.... More »

Mortgage Rates Keep Setting New Record Lows Jul 1st

While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available for under 2.00% from discount brokers. Concerns over a second wave of COVID-19 have caused Canada’s 5-year bond yield t.... More »

CMHC’s Evan Siddall Addresses B-20 at National Mortgage Conference Oct 31st

In what must have felt like walking into the lion’s den, CMHC head Evan Siddall addressed concerns about recent regulatory changes in front of a crowd of over 1,000 mortgage professionals on Monday. Siddall attended Mortgage Professionals Canada’s annual conference in Montreal, answering questio.... More »
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How to Use a Mortgage Calculator + MORE Apr 18th

  Looking at mortgage rates for a new house? Need a mortgage calculator? Canada residents know it’s easy to fall in love with your dream home. But, it helps to factor in the mortgage loan amount and interest rate beforehand. You want to determine how much house you can afford  -  p.... More »

Combatting Mortgage Fraud: Scrap The Status Quo + MORE Oct 6th

Canada’s conservative nature means that we have a tendency to abide by the status quo, remaining committed to tradition and the processes that have historically worked in our favour. Fortunately this approach has, in many ways, proven valuable, cushioning us from the damaging effects of variou.... More »
In November, Toronto police said a woman used fake ID to get a $300,000 mortgage.  The unsuspecting homeowner only discovered a mortgage had been fraudulently registered on their home when … Continue Reading Recent mortgage fraud in Toronto.. you can prevent it easily.. Read on.

Continue Reading On canadamortgagenews.ca »

OTTAWA _ Canada’s housing agency is getting a makeover as the Liberals look to cement the Canada Mortgage and Housing Corp. as a vehicle to deliver more affordable housing to millions of Canadians.
The federal Liberals have named seven new members to the CMHC board of directors this week as they look to leave their stamp on the organization that has for decades been largely out of the social housing business.
A one-time head of Toronto’s social housing agency will become chairman of the board, two more appointments come from the world of co-operative financial institutions, and another member will be the current chancellor of Simon Fraser University.
All will take their place on the board between now and the end of April, when Derek Ballantyne officially takes over as chairman.
Ballantyne said the makeup of the board means that different parts of the housing sector will have a voice in implementing the national housing strategy that has CMHC as a key player.
The CMHC was at one time a focus of federal efforts in the social housing sector, but saw its role shift as the federal government scaled back its involvement and funding for affordable units…

Continue Reading On canadianbusiness.com »

Do I need to retire my debt, before I retire myself?
Q: So, I’m retiring (single male 65) with $850,000 total in RRSPs and a DCP where I currently work.
I have no debt. I owe $50,000 on a $500,000 home. I pay $730/month. Mortgage is due May 2019. Penalty would be minimal. Should I pay it out in 2018, my first year ‘unemployed’? What are my options?
—Art
A: Retiring debt-free should be a goal for Canadians in their 50s and 60s, but it’s not always possible. And it’s not always bad to retire with debt either. I think yours is a good case study, Art, to illustrate this concept.
With a mortgage that is only 10% of your home value and a net worth of $1.3 million, a $50,000 mortgage doesn’t seem like much, but I understand your dilemma. You’d like to get rid of it and you have this money sitting in your RRSP and your employer defined contribution (DC) pension plan that you could use.
Ask a Planner: Leave your question for Jason Heath »
The problem is, to pay off $50,000 of mortgage debt, you would likely need to take a withdrawal of $65,000 from your investments to be left with $50,000 pre-tax…

Continue Reading On moneysense.ca »

New Year, New Mortgage Rules: Why You’ll Soon Have a Harder Time Qualifying for a Mortgage
Come January 2018, new Ontario mortgage applicants likely won’t be able to afford the same home they’ve set their eyes on this year, as they will be subject to new and stricter mortgage rules, posed by the Office of the Superintendent of Financial Institutions Canada (OSFI) and published in the Residential Mortgage Underwriting Practices and Procedures document.
The new rules will decrease affordability, as federally regulated financial institutions will be required to put all new applicants through a “stress test.”
The test is being used to determine if applicants can still afford mortgage payments if rates were to ever increase. Under the stress test, applicants must be able to afford the greater of two options: either the conventional mortgage rate (the five-year rate published by the Bank of Canada – which is currently 4.99 per cent), or the contractual mortgage rate plus two percentage points.
Currently, stress tests only apply to those applying for high-ratio mortgages, meaning those with less than a 20 per cent down payment…

Continue Reading On ratesupermarket.ca »

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