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.
Latest News
What does the new Canadian Mortgage Charter mean for home owners? + MORE Dec 10th
In its 2023 Fall Economic Statement, the federal government announced the Canadian Mortgage Charter. It’s a new initiative intended to address the housing affordability issues caused by rising interest rates, low housing supply and more. The charter, which sets out expectations for lenders, is the.... More »
Why are mortgages so expensive in Canada? + MORE Nov 21st
Canada’s mortgage market has now absorbed four Bank of Canada (BoC) rate cuts, and house hunters are feeling the effects. The latest housing affordability data compiled by Ratehub.ca finds that lower mortgage rates made it easier to purchase a property in nearly every major Canadian housing marke.... More »
Q2 Lender Earnings: Strong Results and a Positive Outlook for H2 + MORE Aug 21st
Some of the country’s key mortgage lenders benefited from strong housing activity seen over the first half of the year, according to second-quarter earnings. While results were strong across the board, part of that was a function of weak Q2 2020 comparisons, which magnified gains this quarter..... More »
Ottawa will continue to monitor housing market: Morneau + MORE Oct 31st
TORONTO – Ottawa will continue to monitor the real estate market and take the necessary actions to ensure that an uptick in interest rates or a decline in home prices don’t threaten the country’s financial stability, Federal Finance Minister Bill Morneau said Friday.
“I will continue to act .... More »
Latest in Mortgage News – Industry Announcements Nov 26th
There’s been a number of big mortgage industry announcements in recent weeks, ranging from reverse mortgage offerings to a new broker tech partnership and a key appointment at one of the country’s top brokerages. Here’s a look at each… Equitable Raises Allowable Equity Takeou.... More »
Spotlight On Mortgages: November 15, 2013
– ratesupermarket.ca
Up, down – where are rates going next? And why can’t our policy makers seem to agree on whether they can (and should) rise?
Canada’s mortgage market is heavily influenced by two main factors: the monetary policy set by our central bank (the Bank of Canada), and our government’s Department of Finance. It is the former who has kept the cost of borrowing at record lows since September 2010 – and it’s the DoF who steps in with occasional tweaks to the market to tame the spiking prices and consumer debt levels that result from such low rates.
Now, opposing messages have been released by the two institutions regarding the potential for rising interest rates.
They’re Going Up, No Matter What – Flaherty
It has long been DoF Minister Jim Flaherty’s spiel that rates will, and must, eventually rise. He has repeatedly stated that consumers shouldn’t get too comfortable with the Bank’s current one per cent Overnight Lending Rate, and that an increase is inevitable as economic conditions improve, with mortgage rates along for the ride…
Activist investor Bill Ackman’s company has disclosed stakes in government-controlled mortgage giants Fannie Mae and Freddie Mac, the U.S. federal housing agencies that had to be bailed out by the government in 2008.
Paying off the mortgage in 10 years
– moneysense.ca
Photograph by Hubert KangThe current situation
Derek and Julia Cheng, both 43, would love to pay off their $342,000 mortgage by age 55. “Our kids are 12 and 8,” says Derek, a police officer in Greater Vancouver. “We’d like to be mortgage-free by the time they’re in college.” Derek says he has two choices. He can work until 45, then retire from the force with an early but reduced annual pension around $22,000. Then he would take a job with a different police force and still earn $81,000 annually. Along with the $21,000 the Chengs now pay annually on the mortgage, Derek plans to put the entire $22,000 annual pension toward paying down the principal. “I’m just not sure if 10 years of extra payments will be enough to have the mortgage paid off by 55,” he says.
The second option is for Derek to retire from the force at 51. At that time, he thinks he would get an annual pension of $42,000. Again, he would get a job with a different police force and put the entire $42,000 annual pension towards the mortgage…
Low-Profile Mortgage Rules
– canadianmortgagetrends.com
The national average home price just broke another record, hitting $391,820 according to CREA. That will not go unnoticed in Ottawa. Speculation could now build as to whether the Department…
JPMorgan reaches $4.5-billion settlement with investors over mortgage-backed securities
– theglobeandmail.com
Deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis
