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
EQB mortgage book grows as credit recovery pushed into 2027 Jun 2nd
The bank reported continued growth in uninsured personal mortgages and insured multi-unit lending, but higher credit provisions and a softer housing market weighed on second-quarter earnings..... More »
The $90-million lesson: Why relationships, not tech, drive mortgage success + MORE Mar 19th
A lender friend of mine, Shane Lapointe, retired last week and I could not be happier for him. Forty-nine years in the industry, 36 of them in the brokering space. I can only imagine the rule changes and lender switch-ups that he has seen since 1989. .... More »
CMHC reports annual pace of housing starts in April up from March May 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts for April rose 17% compared with March..... More »
2024 mortgage market: A year in review Jan 2nd
The past year marked a turning point for Canada’s housing and mortgage market, with rate hikes giving way to rate cuts, alongside numerous regulatory changes and new government program announcements..... More »
Where to find a home under $1 million in Canada + MORE Sep 4th
If you figured you’d never be able to buy a home in Canada, we have some good news: home prices have been stalled or falling in most of the country’s major markets over the past two years. Mortgage rates are higher than they were five years ago, which affects the size of monthly payments, but th.... 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…
