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
Ask the Expert: Steve Garganis – How Trump’s tariffs will affect your Canadian mortgage + MORE Feb 1st
I will start with a quote from Trump’s book, The Art of the Deal
“I aim very high and then I just keep pushing and pushing and pushing to get what I’m after. Sometimes I settle for less than I thought but I still end up with what I want.“
In the summer of 2016, ahead of .... More »
BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th
The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable..... More »
Manulife’s Natasha Duric: A 30-year mortgage career built on leadership and innovation Oct 13th
Natasha Duric describes her entry into the mortgage industry as “a fluke.”.... More »
CMHC reports September pace for housing starts up from August + MORE Oct 19th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in September was up 5% compared with August..... More »
How to improve your credit score with rent payments in Canada + MORE Feb 8th
If you’re renting in Canada, you might not think that your monthly rent payments have anything to do with building your credit score. While home owners can strengthen their credit profile through mortgage payments, renters traditionally haven’t had the same opportunity. After all, paying rent is.... More »
Mortgage industry braces for FINTRAC’s new AML rules starting tomorrow
– canadianmortgagetrends.com
New FINTRAC regulations set to impact mortgage professionals nationwide.
Weeks of cuts give way to mortgage rate hikes as U.S. job numbers soar
– canadianmortgagetrends.com
While everyone has been enjoying some amazing fall weather, the temperature isn’t the only thing heating up.
Feds launch mortgage refinancing program to boost secondary suites and ease housing crunch
– canadianmortgagetrends.com
The federal government is rolling out another set of mortgage changes aimed at addressing the housing shortage, this time focusing on supporting the construction of secondary suites.
Renewing your mortgage? A guide for Canadians
– moneysense.ca
More than two years have passed since interest rates took off in 2022, and though the Bank of Canada (BoC) has started backing down that ladder, holders on five-year fixed mortgages continue to face significantly higher rates and payments as their home loans come up for renewal. Even those currently in variable-rate mortgages may find their lenders insisting on higher monthly or biweekly payments henceforward.
For those in that position, as well as those whose mortgages expire in the next 12 months, it’s best to go into the renewal process armed with knowledge of the kind of terms you’ll face and your options. Knowing in advance what you’re in for can take some of the sting out of “rate shock.” Depending on what your current lender and others have to offer, it may even make sense to renew before your old mortgage expires.
Calculating your mortgage renewal
Use the MoneySense Mortgage Renewal Calculator to get a sense of what you’ll be paying once you renew…
