CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year + MORE Sep 14th
OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages
Multigenerational households—those composed of three or more generations under one roof—are Canada’s fastest-growing type of household. From 2001 to 2021, they increased by 50%, according to numbers from the 2021 census. Factors contributing to this remarkable spike include bloated housing costs, a tight real estate market, rising interest rates and an aging population. For Canadians with aging parents or other relatives who require care, establishing a multigenerational home can make a lot of sense, practically and financially. However, there are substantial costs associated with creating a secondary unit, and that’s where the new Multigenerational Home Renovation Tax Credit (MHRTC) comes in.
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With 10 interest rate hikes since March 2022 and most mortgages facing renewal by 2026, a lot of Canadian home owners are staring down steep increases in their mortgage payments. At a time when household finances are already stretched thin, many could see their mortgage payments go up 20% to 40%. But, “in many cases, the news isn’t as bad as people think,” says David Larock, a mortgage broker with Integrated Mortgage Planners in Toronto. Instead, he says, there are a number of strategies that can be employed to manage mortgage payments. The key is to talk to a mortgage expert to ensure every avenue is explored—and not to panic.
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Who’s facing higher mortgage payments?
The impact of higher rates depends on the type of mortgage borrowers have…