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
Recognizing leaders in Canadian mortgages: New inductees join the Hall of Fame + MORE Nov 3rd
This week, Canada’s mortgage industry gathered to celebrate the remarkable achievements of this year’s Mortgage Hall of Fame inductees..... More »
Why Everyone Should Choose The Longest Amortization Possible + MORE Oct 16th
One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible. I get it! And then I hit them with an unexpected recommendation. I tell them to take the .... More »
Mortgage Digest: MPC National Conference edition + MORE Oct 31st
Highlights from this week’s MPC National Conference in Montreal, including key insights from the panel discussions, keynote speakers and concurrent sessions..... More »
Mortgage reforms alone won’t solve housing crisis, says Mortgage Professionals Canada CEO + MORE Oct 25th
Recent mortgage reforms introduced by the federal government, while a step in the right direction, aren’t enough to fully address Canada’s growing housing affordability crisis, according to Lauren van den Berg, CEO of Mortgage Professionals Canada..... 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…