Not just new buyers: Mortgage stress test rules putting the squeeze on renewals, too + MORE May 15th

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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Banks cutting variable mortgage rates to drum up business even as fixed rates rise + MORE May 18th

A number of Canadian lenders have slashed their variable mortgage rates in recent days, even as some of those same lenders are raising their fixed-rate mortgages..... More »

CIBC kicks off bank earnings week with 25% profit rise May 24th

The Canadian Imperial Bank of Commerce's latest quarterly earnings beat market expectations with a double-digit profit bump on strong earnings south of the border and at home, despite slowing domestic mortgage growth..... More »

Stress Test Causing National Housing Slump: CREA May 21st

The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000,.... More »

The Latest in Mortgage News – House Prices Under the Microscope May 27th

For homebuyers and homeowners alike, all eyes have been on the housing market in recent months waiting to see where house prices are eventually headed. With house prices already cooling on average across the country, particularly in and around the Greater Toronto Area, some are speculating that the .... More »
TD Survey Finds First Time Home-Buying Anxieties; Tips on How to Overcome Them
As many already know, purchasing real estate isn’t as simple as purchasing milk from the corner store. Naturally, buying any home – let alone your first home – is a process that involves a substantial amount of decisions, paperwork, and money.
The results of a recent survey conducted by TD found that 56 per cent of its 1,001 respondents aged 18 to 69 have reservations when it comes to purchasing their first home. According to the survey, respondents cited their biggest concern as the fear of missing an important aspect that is necessary in the home-buying process. Over 70 per cent are concerned they will endure expenses they do not foresee, while 24 per cent find it outright stressful, and 21 per cent view buying real estate as understandably overwhelming.
But there are some ways to help offset these worries. You can make your real estate investment much more manageable by ensuring you owe little-to-no money elsewhere, understanding all of the expenses – big and small – that you may incur during the process, and, finally, selecting the right mortgage loan on your property to make payments as easy as possible…

Continue Reading On ratesupermarket.ca »

It’s not just new homeowners who are feeling the impact of higher interest rates and tougher lending standards: even those who’ve already bought are feeling the heat.

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