OSFI leaves mortgage stress test in place, reaffirms LTI limits for lenders + MORE Jan 29th

Interested in learning more about property mortgages in Canada? Look no further!

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What happens when your landlord misses mortgage payments? + MORE Jun 11th

You held up your end of the bargain and paid your rent on time—only to learn your landlord failed to keep up with mortgage payments and the home may need to be sold. Panic sets in, as you don’t know if you can continue to call this place your home. Experts say there are a number of ways thi.... More »

Mortgage payments can now earn Aeroplan points, at a cost + MORE Aug 10th

Chexy’s new mortgage rewards program offers one Aeroplan point per dollar paid, but borrowers must consistently redeem those points above the program’s 1.75% fee to come out ahead..... More »

Nearly 60% of new CMHC-insured mortgage volume has longer amortizations Sep 3rd

Mortgages amortized over more than 25 years accounted for 58.6% of new insured homeowner volume in Q2, down slightly from Q1 but well above year-ago levels..... More »

Beyond home prices: What the new CMHC affordability index reveals about Canada + MORE Apr 24th

Take a look at just about any housing affordability index in the country and you’ll notice something pretty quickly: they almost always focus exclusively on home prices and mortgages. Rental units simply aren’t included. The Canada Mortgage and Housing Corporation (CMHC) has acknowledged this.... More »

For many homeowners 55+, the goal is no longer downsizing, but aging in place + MORE Jul 23rd

Here’s how mortgage brokers can support their needs..... More »

How does rent from a family member or common-law partner get taxed?

– moneysense.ca

A client of mine told me (Ontario) that his girlfriend moved in and is paying $1,000 per month towards household costs. They won’t be common-law for 3 years in Ontario. Would this count as tax free?—Hans

There are a few considerations here for your client, Hans. I will break them down.

Rental income

When you earn rental income, you report it on your personal tax return on Form T776 Statement of Real Estate Rentals. You can claim rental expenses to reduce your taxable rental income. Common expenses include:

Advertising

Insurance

Mortgage interest

Legal and accounting fees

Management fees

Condo fees

Repairs and maintenance

Property taxes

Utilities

This list is not exhaustive, and repairs and maintenance can be complicated because some expenses that are more lasting in nature—like a renovation—may be capital expenses that must be depreciated over time.

Rental losses

If you have more expenses than income, you can have a rental loss…

Continue Reading On moneysense.ca »

Will OSFI signal changes to the mortgage stress test this week?

– canadianmortgagetrends.com

OSFI releases its quarterly update Thursday, with some analysts expecting at least some direction on the future of the stress test.

Continue Reading On canadianmortgagetrends.com »

U.S. mortgage rates increase for first time in four weeks

– canadianmortgagetrends.com

U.S. mortgage rates climbed for the first time in four weeks, halting an early-year upswing in home purchase and refinancing activity.

Continue Reading On canadianmortgagetrends.com »

OSFI leaves mortgage stress test in place, reaffirms LTI limits for lenders

– canadianmortgagetrends.com

OSFI offered no new direction on the qualifying rate, but reiterated that loan-to-income caps for uninsured mortgages remain in place and opened a new six-month consultation tied to its broader guidance review.