Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Mindful Spending and Saving Through COVID-19 Apr 10th
People are finding new ways to run errands and complete daily tasks while the COVID-19 emergency orders are in place. Although these are challenging times, quite a few services can be ordered straight to your doorstep. Shopping is still at our fingertips and seemingly more accessible than ever.
For.... More »
Understanding mortgage affordability Feb 18th
Let’s talk about mortgage affordability. We know that housing affordability is getting further out of reach for many Canadians. But, what determines mortgage affordability? How is it calculated by financial institutions and lenders? And what hidden costs should potential home buyers fact.... More »
How do mortgage brokers get paid? Feb 18th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
Q2 2020 Bank Earnings – All About Provisions and Mortgage Deferrals + MORE Jun 19th
For the second-quarter earnings season, all eyes were on the Big 6 banks’ credit loss provisions and mortgage payment deferral programs. With the onslaught of COVID-19, the banks granted payment deferrals to more than 700,000 Canadians to help prevent a wave of defaults. In their second-quarte.... More »
Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th
The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
Rent is up, vacancy is down… rental properties make sense
– canadamortgagenews.ca
Rental properties are a secure long-term investment. Note the emphasis on “long-term”.
Check out any seven-year period over the past 50 years (anyone who has read this news site knows that I always recommend buying and holding for at least seven years). Property values have almost always risen.
Sure, the last five or 10 years have seen fantastic appreciation in almost every part of Canada. But, let’s leave capital appreciation out of the equation for now.
Why aren’t we talking about rental income? Or, how about the equity growth through your mortgage being paid down each year?
RENTAL INCOME IS UP, UP, UP!
Rents have definitely gone up with inflation (or even higher, in many cases, as we have seen in urban markets like Toronto and Vancouver). This is part of what makes rental properties attractive – rent rises with inflation and, in many cases, even higher. This is how you create your own pension or retirement income!
Here we are, it’s February 2018. Click on any newsfeed about real estate and you’ll surely hear about rising mortgage rates and the anticipated falling house prices (yes, they could be declining)…
Are Brittany and Wayne on track to retire at age 59?
– moneysense.ca
Brittany and Wayne Hart are a young couple living in Pickering, Ont. Brittany, 28, earns $80,000 annually with an annual increase of about 3% as an Ontario government employee while Wayne, 33, works in sales earning $45,000 a year with 2% increases in salary annually. The couple has an 18-month-old daughter. Two years ago, they bought their home in Pickering so that both could have easy commutes to their jobs.
“Wayne works in Markham, Ont., and I work in downtown Toronto, so it was a good option for us,” says Brittany. “We really wanted to be close to work but also have a nice environment to raise our daughter.”
The couple loves to travel and is motivated to retire when Brittany is 59 and Wayne is 63. “I would love to retire at 50 but I know my husband and I will not,” says Brittany. “But retiring a little before I turn 60 is something we’d like to aim for. I just don’t know if we can do it because mortgage payments, daycare and debt repayment, we have a hard time saving much money…
