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Latest News
CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year + MORE Sep 14th
CIBC reports that its mortgage clients are so far managing to absorb the payment shocks as their mortgages come up for renewal at higher rates..... More »
CMLS introduces Aveo Flex 40, Canada’s newest 40-year mortgage + MORE Jan 29th
After its recent acquisition by Nesto, CMLS Group is signalling to brokers that they’re ready to do business, introducing a new partnership program and a 40-year amortization mortgage product..... More »
Mortgage brokers: Are you asking the right questions when choosing a mortgage brokerage? + MORE Aug 7th
As a mortgage broker, you negotiate tirelessly to secure the best rates and terms for your clients. But have you applied the same diligence to selecting your brokerage?.... More »
The Broker Channel Gets Another Prime Lender: Strive Capital + MORE Sep 23rd
Strive is live. It’s Canada’s latest prime lender in the mortgage broker market..... More »
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 3rd
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
Mortgage Borrowing Grew at its Fastest Monthly Pace Ever in June
– canadianmortgagetrends.com
Mortgage debt in Canada soared above $1.7 trillion in June, growing at a monthly pace never before seen, according to Statistics Canada. The new figures show mortgage debt grew 9.2% compared to the same time last year, a pace not seen since 2008, and jumped 1.37% since May, which StatCan noted is the largest monthly increase on record. In the first half of 2021, households have added $81.6 billion in mortgage debt, compared with $108.6 billion over all 12 months […]
Q2 Lender Earnings: Strong Results and a Positive Outlook for H2
– canadianmortgagetrends.com
Some of the country’s key mortgage lenders benefited from strong housing activity seen over the first half of the year, according to second-quarter earnings. While results were strong across the board, part of that was a function of weak Q2 2020 comparisons, which magnified gains this quarter. As First National President and COO Jason Ellis noted, growth rates in the first six months of 2021 “reflected a 2020 comparative period highlighted by significant economic uncertainty and financial disruption. In the […]
The MoneySense Guide to Debt Management: How to get out of debt
– moneysense.ca
Being in debt doesn’t mean you are terrible with money or bad at budgeting. Debt is affecting most Canadians right now, with many regularly paying less than the full balance on their credit card statements, perhaps deferring mortgage payments, or putting off home repairs, and more. If that sounds like you—how can you pay off debt fast? This guide will help you get started.
How much debt is Canada in?
You don’t need to be a finance expert to understand that the COVID-19 pandemic has changed how we use money (have you noticed how much more often you’re tapping your card instead of touching the keypad to enter your PIN?). It’s affected our borrowing, spending, debt repayment and saving habits, too.
Statistics Canada reports the average household’s debt-to-income ratio rose in 2020. This measures the household debt, in relation to disposable income. In the first three months of the year, the ratio stood at 175.4%, which, according to MoneySense contributor Alexandra Macqueen, “means that, across all Canadian households, in the first three months of 2020 we collectively owed $1…
How much debt is Canada in?
You don’t need to be a finance expert to understand that the COVID-19 pandemic has changed how we use money (have you noticed how much more often you’re tapping your card instead of touching the keypad to enter your PIN?). It’s affected our borrowing, spending, debt repayment and saving habits, too.
Statistics Canada reports the average household’s debt-to-income ratio rose in 2020. This measures the household debt, in relation to disposable income. In the first three months of the year, the ratio stood at 175.4%, which, according to MoneySense contributor Alexandra Macqueen, “means that, across all Canadian households, in the first three months of 2020 we collectively owed $1…
