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
Mortgage arrears have yet to peak, but unlikely to reach long-term norm: BMO + MORE Aug 1st
Despite a gradual rise, Canadian mortgage arrears are expected to remain manageable due to the economic recovery and the mortgage stress test.... More »
1.4 million Canadians missed a credit payment in second quarter + MORE Aug 20th
There’s a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows.
It shows 1.4 million Canadians missed a credit payment in the second quarter. While that’s up by 118,000 compared with the same time last year, it’s down sligh.... More »
We made money on the Toronto housing market. Now what? Nov 4th
We had a plan. We considered the bank’s low interest rates, the rising real estate prices and record low inventory and thought it was the perfect time to cash in on the Toronto real estate market by moving out of the city. My husband and I were going to move from Ontario to Manitoba, selling our E.... More »
National Bank says its consumers remain “resilient” with $1 billion worth of excess liquidity Oct 2nd
National Bank reports that its mortgage clients have been resilient in the face of sharply higher interest rates, thanks in part to high levels of liquidity..... More »
Housing starts up 3% in January, but trade risks add ‘significant uncertainty’: CMHC Feb 20th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in January rose three per cent compared with December, helped by strength in multi-unit starts in Quebec and B.C..... More »
Q2 2021 Bank Earnings – Profits Soar as Loss Provisions Plunge
– canadianmortgagetrends.com
The Big 6 banks saw profits soar in the second quarter thanks to strong mortgage growth and massive loan-loss provision reductions.
Rethinking Your Career? Here’s How It Could Affect Your Mortgage
– canadamortgagenews.ca
The pandemic has forced a lot of people to look at their careers more critically. Is my job fulfilling? Does it afford me work/life balance? Flexible hours? Decent time off? Now, with so much uncertainty behind us, people are finding the courage to make a change as part of a trend that many are calling “The Great Resignation.”
You might just want to start working at another company. Or start a business. Or, just take some time off. Whichever direction you decide to take, it’s important to understand how it could affect your mortgage.
If You’re Looking For a New Job
Banks love certainty. For that reason, salaried employees are their ideal borrower. Typically, banks prefer candidates who have been with their company for at least a year. But as long as you’re not within a standard job probation prior to your mortgage closing date, you should be good to go. If the company you’re going to work for isn’t well known, banks might have to do a little more due diligence to assess the risk…
