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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The best 5-year fixed mortgage rates in Canada + MORE Oct 8th
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The best 5-year fixed mortgage rates in Canada
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3.4 million Canadians will renew their mortgages by 2025: Royal LePage - Financial Post + MORE Oct 26th
3.4 million Canadians will renew their mortgages by 2025: Royal LePage Financial PostSurvey finds Canadian homeowners fret over mortgage renewals Toronto StarMortgage renewal: New survey says many concerned about rising interest rates CTV News OttawaInterest rates: H.... More »
Why the real estate market is slowing down in 2017 + MORE Jan 8th
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Top Risks and Trends in Canada’s Mortgage Market Sep 14th
From rising inflation and falling consumer confidence to changing real estate preferences, Canada’s mortgage market impacts from multiple fronts. Ben Rabidoux, a real estate analyst and founder of Edge Realty Analytics, recently participated in a webinar hosted by Mortgage Professionals Canada.... More »
Interest Rates to Stay As-is for Now. But When Will They Rise Again? May 4th
The Bank of Canada governor, Till Macklem, made no change to interest rates on April 21st, the 3rd of 8 annual meetings dates. This comes as no surprise, though, There wasn’t a chance of an interest rate hike anyway. You can read more on this here .
When Might We See Interest .... More »
Prepare for a 10% minimum down payment
– moneysense.ca
The federal Department of Finance is seriously considering weighing in on Canada’s housing market by raising the minimum down payment on a home purchase from 5% to up to 10%. Their recommendation to the Minister of Finance could come as early as January 2016.
According to RateSpy.com founder and independent mortgage broker Robert McLister, government policy-makers are considering a graduated minimum down payment threshold based on either the home value or the mortgage amount. Homes/mortgages under $500,000 would only require a 5% down payment, while those between $500,000 and $700,000 would require 7% down and anything over $700,000 would require 10% down.
Apparently, the rationale for this new graduated scale is two-fold:
→ Tougher lending requirements should help cool the housing market, particularly in red-hot Toronto and Vancouver.
→ It would also help minimize the exposure taxpayers have to insured mortgage default losses.
Currently, if a person buys a home with less than 20% down the lender is legally required to take out mortgage default loan insurance…
According to RateSpy.com founder and independent mortgage broker Robert McLister, government policy-makers are considering a graduated minimum down payment threshold based on either the home value or the mortgage amount. Homes/mortgages under $500,000 would only require a 5% down payment, while those between $500,000 and $700,000 would require 7% down and anything over $700,000 would require 10% down.
Apparently, the rationale for this new graduated scale is two-fold:
→ Tougher lending requirements should help cool the housing market, particularly in red-hot Toronto and Vancouver.
→ It would also help minimize the exposure taxpayers have to insured mortgage default losses.
Currently, if a person buys a home with less than 20% down the lender is legally required to take out mortgage default loan insurance…
Mortgage rates are rising
– moneysense.ca
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
