Interested in learning more about property mortgages in Canada? Look no further!
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Canada’s best credit cards for people with bad credit 2021 + MORE Oct 14th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
CMHC reports annual pace of housing starts in January down 10% from December + MORE Feb 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in January fell 10 per cent compared with December..... More »
CMHC reports annual pace of housing starts down in May compared with April Jun 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in May fell 6% compared with April..... More »
Canada faces $400 mortgage payment spike: How banks are preparing for the renewal storm + MORE Oct 31st
With nearly half of mortgages set to reset by 2026, Canada’s banks say strong borrower equity and falling rates will cushion households, even as arrears edge higher and affordability remains strained..... More »
Canadian Business: Five Things To Watch For This Week + MORE Aug 24th
TORONTO — Five things to watch in Canadian business this week:
Stock Market: Traders will be keeping an even closer eye than usual on economic events at home and abroad after major indexes in Canada and the U.S. officially moved into correction territory last week, largely on fears of a greater .... More »
Restricted Mortgages. The Rate Sells.
– canadianmortgagetrends.com
One basis point (“bps”) equals one one-hundredth of a percentage point (0.01%). On a $300,000 mortgage, a rate that is one bps higher boosts the payment by a scant $1.49 a month. From the way some folks select a mortgage, however, it might as well be $149 a month. Many consumers simply have the blinders on to anything other than the interest rate. That’s leading more and more lenders and brokers to undercut each other by as little as one bps. This is often all it takes to get their phones to ring. According to this author’s mortgage comparison website data, the lowest rate for a given READ MORE
CMHC Reports $14 Billion Mortgage Insurance Decline
– ratesupermarket.ca
In Canada, anyone who pays less than 20 per cent down on their home purchase is required to take out mortgage default insurance. The biggest provider of this insurance is the Canada Mortgage and Housing Corporation (better know as the CMHC). As the CMHC is a Crown corporation, it’s backed by government funds – and that means taxpayers are ultimately on the hook should any of those mortgage insurance policies go belly up.
It has been a mandated goal for the CMHC to reduce the risk of these defaults on Canadian taxpayers – and their 2014 annual report shows they’ve been successful. One of the biggest revelations was that the organization had lowered “the aggregate exposure of…mortgage loan insurance activity” by $14 billion last year. Sounds like great news – but some mortgage borrowers have felt the squeeze as a result. Here, we explain the biggest report highlights, and how they’ll affect your ability to borrow.
Mortgage Restrictions Have Been Effective
Anyone who’s paid even passing attention to the mortgage market over the past couple of years knows that the federal government has been very actively trying to avoid a mortgage-related financial crisis such as the subprime crash in the U…
