Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Should You Borrow Money to Make a Down Payment on a New Home? + MORE Mar 26th
Saving for a mortgage down payment can be a long and tedious process. According to the Canadian Real Estate Association, the average price of a Canadian home was $540,000 in February, a 15.2% increase compared to a year earlier. You would need to save $108,000 just to make a standard 20% down payme.... More »
U.S. mortgage rates dip slightly, sending 30-year loans to 6.23% + MORE Nov 30th
Mortgage rates fell after three weeks of increases, giving prospective buyers some relief from price pressures. .... More »
Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th
High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »
Mortgage payment calculator Oct 11th
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. According to a National Bank of Canada report, the majority of variable-rate-fixed-payment mortgage borrowers who signed onto between 2020.... More »
How Canada’s Mortgage Lenders Adapted to the ‘New Normal’ Dec 14th
The COVID-19 pandemic and the resulting nationwide lockdown forced the country’s mortgage lenders—like many businesses across the country—to adjust their operations in this unprecedented and brave new world of conducting business. They were faced with keeping the country’s mortgage de.... More »
From high-flying social media companies to an innovative new way of typing for the future, it was a busy week in business news. The CBC’s Jacqueline Hansen gets you caught up in our business week in review.
Payment Procrastination: Why Canadians Aren’t Worried About Their Mortgages
– ratesupermarket.ca
Despite repeated warnings from the Bank of Canada, Canadians seem to be in no particular hurry when it comes to clearing away their mortgages, according to recent research from CIBC.
Historically low interest rates are driving this trend, and so is the idea of ‘good’ debt – a notion that didn’t really exist 25 years ago.
While slightly more than half of homeowners with mortgages (55 per cent) say they’re doing something to pay their mortgages down sooner, a similar poll last year found that more than two-thirds (68 per cent) were taking steps to accelerate their repayments.
Pro Tip: See how you could save over $100,000 on your mortgage by using your prepayment options>
Paying the Mortgage is No Longer Priority
In fact, CIBC reports, rather than try to work off their mortgage debt, Canadians are spending more this year on other items such as home renovations (up 30 per cent from a year ago), and summer vacations (up 20 per cent from last year).
So why isn’t everyone whittling away at their mortgage whenever they can?
Well, they could be tackling even more expensive debt…
It’s a MoneyWise Makeover!
– ratesupermarket.ca
Dear Money Wise Readers,
We’ve had a makeover! We at RateSupermarket.ca are so proud to unveil the new MoneyWise – a one-stop information centre for all things personal finance! Whether you’re looking for credit card basics, mortgage tips, or everyday budget know-how, you’ll find it here – plus the latest finance headlines, of course.
Be sure to check it out – and let us know what you think! Shoot me an email, Facebook us, or Tweet – we can’t wait to hear how you like our new look.
Why Canadians Aren’t Worried About Their Mortgages
Despite repeated warnings from the Bank of Canada, Canadians seem to be in no particular hurry when it comes to clearing away their mortgages, according to recent research from CIBC. This is despite the fact that paying your mortgage down faster can result in thousands of dollars in savings. So what’s the holdup? Turns out, high-interest debt is getting in the way.
Read Gordon’s Blog | Why Canadians Aren’t Worried About Their Mortgages
Can’t Afford a Summer Vacation? 4 Ways to Make it Happen
According to a survey conducted for the couponing site RetailMeNot…
We’ve had a makeover! We at RateSupermarket.ca are so proud to unveil the new MoneyWise – a one-stop information centre for all things personal finance! Whether you’re looking for credit card basics, mortgage tips, or everyday budget know-how, you’ll find it here – plus the latest finance headlines, of course.
Be sure to check it out – and let us know what you think! Shoot me an email, Facebook us, or Tweet – we can’t wait to hear how you like our new look.
Why Canadians Aren’t Worried About Their Mortgages
Despite repeated warnings from the Bank of Canada, Canadians seem to be in no particular hurry when it comes to clearing away their mortgages, according to recent research from CIBC. This is despite the fact that paying your mortgage down faster can result in thousands of dollars in savings. So what’s the holdup? Turns out, high-interest debt is getting in the way.
Read Gordon’s Blog | Why Canadians Aren’t Worried About Their Mortgages
Can’t Afford a Summer Vacation? 4 Ways to Make it Happen
According to a survey conducted for the couponing site RetailMeNot…
