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
The mortgage pro’s guide to AI: What to use, when, and why it matters + MORE Jul 8th
From writing emails and analyzing client data to brainstorming marketing ideas, mortgage professionals are embracing AI to work more efficiently. But knowing which tools to use—and how to use them wisely—can make all the difference..... More »
Paying down your mortgage faster comes with trade-offs + MORE Apr 18th
While extra payments can reduce long-term interest costs, they may also limit liquidity, trigger penalties and crowd out other financial priorities.... More »
Housing and interest rate forecasts for 2025 Dec 30th
As we reflect on 2024, it was a year of resilience and adjustment for Canada’s housing and mortgage market, marked by the Bank of Canada’s pivot to rate cuts after two years of relentless hikes, offering long-awaited relief to borrowers..... More »
Managing debt to build wealth + MORE Aug 23rd
It’s an eyebrow-raising trend: non-mortgage delinquencies have reached levels not seen since 2009, according to a report by Equifax, one of the three largest consumer credit reporting agencies. Specifically, 1.4 million people in Canada have recently missed a credit payment.
But it’s no.... More »
Higher renewal costs test household budgets in Ontario and B.C., says Equifax Sep 13th
Equifax reports that rising renewal costs are testing household budgets, with Ontario and B.C. most exposed, while mortgage growth remains muted..... 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…
