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
Changes to Canada’s CMB program could have unintended consequences, experts say + MORE May 31st
As the federal government considers streamlining its process for funding mortgages, some worry that changes to the Canadian Mortgage Bond (CMB) program could have unintended consequences..... More »
How your rent payments can help build your credit history + MORE Oct 4th
Paying rent, much like a mortgage, can often be a person’s biggest monthly expense. Yet, there hasn’t historically been a way for renters to get credit for making these large payments on-time like homeowners. New rent-reporting platforms are aiming to change that. These platforms act as.... More »
Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th
The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »
Canada’s best credit cards for people with bad credit 2021 + MORE Oct 14th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
Toronto and Vancouver mortgage arrears set to hit highest levels in 10 years, CMHC warns + MORE Nov 15th
Mortgage arrears in Toronto and Vancouver are on track to rise to levels not seen in over a decade, according to a new forecast from Canada's housing agency..... More »
OSFI Facing Growing Pressure to Tweak Stress Test
– canadianmortgagetrends.com
Canada’s financial regulator is facing growing pressure to tweak its mortgage stress test, and no longer just from the mortgage industry. On Monday, Calgary city councillor George Chahal filed a motion asking for the mayor to call on the federal government to amend the stress test implemented by OSFI (the Office of the Superintendent of […]
Should I invest my money or buy a life insurance policy instead?
– moneysense.ca
Q: My wife and I are both 40 and have two kids—ages 5 and 7. We are considering buying a joint last-to-die life insurance policy that would cost a fixed $7,105 per year for ten years. That’s a total of $71,050 and the policy would pay $500,000 when the last of us dies. This is a proposition from our advisor after we have made our retirement plan. We have concluded that we have enough savings to retire at 55 with a very comfortable nest egg made up of TFSAs, RRSPs, and defined benefit pension plans, as well as money in non-registered investments.
We do not have any debts except a remaining mortgage of $95,734. We also have life insurance and disability insurance with our employer that would cover our needs if one of us were to die or could not work anymore. The goal of this joint last-to-die policy would be to transfer money tax- free in the future as all other needs are covered either by our savings or our employee benefits.
I am wondering if buying this policy is really a good move and if the cost of this product is reasonable? We can afford the cost without changing our lifestyle but our advisor is not independent so the policy would be sold by its institution and that’s what makes me wary…
We do not have any debts except a remaining mortgage of $95,734. We also have life insurance and disability insurance with our employer that would cover our needs if one of us were to die or could not work anymore. The goal of this joint last-to-die policy would be to transfer money tax- free in the future as all other needs are covered either by our savings or our employee benefits.
I am wondering if buying this policy is really a good move and if the cost of this product is reasonable? We can afford the cost without changing our lifestyle but our advisor is not independent so the policy would be sold by its institution and that’s what makes me wary…
Q. I recently got a call from my Kia dealer saying that my 2015 Optima is a popular secondhand car. They want to meet to offer me a great price for the car and a discount on the purchase of a new one with 0% financing. My car has just 32,000 kilometres and it’s fully paid.
I wasn’t looking to change, but I thought that if I could get enough money for it, I would buy a new Optima, and then I would have some money handy. (We are renovating our house and cash is tight.) I intend to go and see what they will offer me. Is this something you recommend or not?
— Thanks, Jack in Montreal
A. You would be better off using a line of credit or some sort of equity loan if you have any borrowing ability left instead of taking on additional auto debt—even if you will be able to pay it off slowly at zero interest. Selling a new car after four years, especially Kia, Hyundai or Fiat-Chrysler models that depreciate quickly, is an expensive proposition. You will lose about 60% of what you paid originally…
I wasn’t looking to change, but I thought that if I could get enough money for it, I would buy a new Optima, and then I would have some money handy. (We are renovating our house and cash is tight.) I intend to go and see what they will offer me. Is this something you recommend or not?
— Thanks, Jack in Montreal
A. You would be better off using a line of credit or some sort of equity loan if you have any borrowing ability left instead of taking on additional auto debt—even if you will be able to pay it off slowly at zero interest. Selling a new car after four years, especially Kia, Hyundai or Fiat-Chrysler models that depreciate quickly, is an expensive proposition. You will lose about 60% of what you paid originally…
