Home / Mortgages / OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches + MORE Oct 23rd

OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches + MORE Oct 23rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week.

Continue Reading On canadianmortgagetrends.com »

Ask MoneySense
I currently own a house in Edmonton that is mortgaged, and I’m looking to purchase a property in Vernon, BC, that I will eventually retire to. Until then, I am liking the idea of renting out that property to help support the additional mortgage. 

I am wondering if it’s possible to transfer my existing mortgage into my RRSP and access the cash there by reducing the amount of additional mortgage I would need to purchase the Vernon property? Otherwise, is there a way to purchase the Vernon property using my RRSP funds?

–Yvonne

Holding a mortgage inside an RRSP

I am sometimes asked about buying a home to retire to eventually, and renting it out in the meantime. I question the approach because a home you want to live in is not necessarily a good property to rent out to a tenant. A property that is easily rentable to tenants may be close to transit and jobs for example, whereas a property you may want to retire to could be more rural or have different attributes…

Continue Reading On moneysense.ca »

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