OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages + MORE Sep 8th

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.
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What mortgage professionals can expect at the upcoming MIC trade show Apr 30th

ONMICA is hosting its latest annual MIC Trade Show and Seminar in Toronto on May 8..... More »

CIBC reports rising mortgage delinquencies, but doesn’t expect “material” losses + MORE Mar 4th

CIBC reported a rise in mortgage delinquencies in the first quarter, though they still remain below pre-pandemic levels and aren't expected to translate into "material" losses, the bank said..... More »

The real costs of buying a car Mar 31st

The thrill of driving a new car off a dealer’s lot is appealing, but experts warn not to let the new car smell go to your head when it comes to borrowing money to make it happen. Mark Kalinowski, a credit counsellor and financial educator at the Credit Counselling Society, says you need to know.... More »

Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians + MORE Oct 29th

On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new affordability measures related to mortgages and banking, prepared in consultation with the Financial Consumer Agency of Canada (FCAC), a consumer watchdog organization that focuses on financial services..... More »
mortgage

2024 housing market and interest rate forecasts + MORE Dec 28th

2023 was a year that tested the resilience of Canadian mortgage holders. And as we look forward, there's optimism that 2024 will be the year of rate relief..... More »
The Bank of Canada opted to leave interest rates unchanged today but maintained its hawkish bias, confirming it won’t hesitate to hike rates further if inflation doesn’t continue to trend downward.

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It’s no secret that Canada’s banking regulator has its sights set on fixed-payment variable-rate mortgage products. And OSFI chief Peter Routledge reiterated that point during a speech today.

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Thinking about asking a senior-age parent to move in with you? If this involves renovating your home to create a secondary unit for them, you may qualify for a new federal tax credit: the Multigenerational Home Renovation Tax Credit (MHRTC).

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.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

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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.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

Who’s facing higher mortgage payments? 

The impact of higher rates depends on the type of mortgage borrowers have…

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