No signs of distress among borrowers yet, First National says + MORE Nov 10th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The Latest in Mortgage News: Recent hikes are “painful” for variable-rate mortgage borrowers, says BoC Nov 25th

Homebuyers with a variable mortgage rate are facing a "painful" adjustment as interest rates continue to rise, the Bank of Canada's Senior Deputy Governor Carolyn Rogers said this week..... More »

How to prepare for a 2023 recession + MORE Nov 19th

The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
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Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd

More and more Canadians are having trouble making payments as rates continue to rise. Here’s how to get back on track and make sure you don’t put your home in jeopardy..... More »

Your mortgage interest payments are likely going up. Is there a way to reduce them? Nov 28th

A lump-sum payment would go directly to the principle of your mortgage, meaning you’re immediately paying less interest..... More »
Canada’s largest non-bank lender says it is keeping a close eye on its mortgage borrowers, but hasn’t seen any “measurable issues” related to higher payments so far.

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If you carry a mortgage on your home, you’re legally obligated to have home insurance—but that doesn’t necessarily mean you’re covered against everything life may throw at you. Notably, home insurance typically doesn’t include coverage of water damage from floods and leaks, nor does it cover sudden water damage due to water seeping into your home through your roof or above-ground walls. This is true even for insurance policies that offer the most extensive coverage.

Here’s why that matters: In recent years, climate change has led to more frequent damaging rainfall events (such as severe downpours and thunderstorms), and certain regions are naturally prone to flooding. A flooded basement isn’t cheap to fix—in fact, the average cost to repair that type of damage is over $40,000.

The Insurance Bureau of Canada (IBC) notes that extreme weather events result in an average of $2 billion in annual losses across the country—mostly due to water-related damage. This number was slightly higher than average in 2021 after significant flooding in British Columbia, and water damage recently overtook forest fires as the biggest cause of property damage in Canada…

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