Interested in learning more about property mortgages in Canada? Look no further!
The head of the Canada Mortgage and Housing Corporation delivered a particularly gloomy forecast while testifying remotely before the House of Commons Finance Committee on Tuesday. Among those predictions, CMHC CEO Evan Siddall said: Home prices could fall from their peak by 9% to 18% over the next .... More »
If you’re dreading your credit card bill, you’re not alone. According to the Bank of Canada, 30% of us carry a balance from month to month, accruing interest, on average, at an eye-watering 19.99%. Simply put, we’re in the red, with an average of $23,800 per Canadian owing on credit cards, lin.... More »
There’s no doubt that Canada’s mortgage and real estate industries will suffer in the short term due to the impacts of the coronavirus pandemic. But how long will the pain last and how far out might the recovery be? Those are questions being asked by many in the industry, and some have p.... More »
COVID-19 has dramatically changed the course of many industries and threatened the physical, mental and financial wellness of millions of Canadians. In the housing sector, real estate sales volumes have dropped significantly and rapid increases in unemployment have added uncertainty to many transact.... More »
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders. It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... More »
It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday. RBC once again led the way by confirming it would match the BoC’s 50-bps rate cut by dropping its prime rate to 2.45%. Scotiabank, TD, BMO and CIBC then followed in quick succession, announcing that the rate changes would come into effect on Monday. The change will again affect all existing floating mortgage rates, as well as lines of credit and […]
As average home prices in Canada top $500,000 (and rise above $1 million in cities like Toronto and Vancouver), some Canadians may wonder if they’ll ever be able to buy the place of their dreams. One option for some is to find another person—a parent, sibling or another close relative—to co-sign their mortgage.
Why Would Someone Ask You to Co-Sign?
Co-signing a mortgage is a way to help someone else get a mortgage for a home. If your loved one has poor credit, low savings or isn’t employed, agreeing to co-sign may help lenders look past your family member’s circumstances. If your relative is looking for a house that’s slightly out of their price range, agreeing to co-sign may help them get a bigger loan than they would otherwise be able to qualify for on their own.
Risks of Co-signing Someone Else’s Mortgage
If a family member asks you to co-sign their loan, should you agree? Co-signing is a big commitment. By signing, you agree to buy the home with the primary borrower…