Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit + MORE Jan 17th

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The Latest in Mortgage News + MORE Jan 26th

As we do each month, we’ve rounded up some of the latest real estate and mortgage-related news from the past few weeks: Vancouver’s Housing Market Earns Dubious Honour Vancouver home prices may be falling now, but their record-high levels throughout 2018 have earned Vancouver the distinc.... More »

Morneau not considering extending mortgage stress test to cover more lenders + MORE Jan 29th

Federal Finance Minister Bill Morneau says he is not considering imposing stress tests on private mortgage lenders..... More »
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Mortgage growth has slowed… so why are BANKS winning & CONSUMERS losing? + MORE Feb 13th

I reviewed some recent stats that explain how overall mortgage growth has fallen to its lowest level in the past 17 years! Overall, mortgages outstanding across Canada total more than $1.5 trillion. And, while this total continues to increase year over year, the rate of growth has decreased. We sho.... More »

OSFI Facing Growing Pressure to Tweak Stress Test + MORE Feb 7th

Canada’s financial regulator is facing growing pressure to tweak its mortgage stress test, and no longer just from the mortgage industry. On Monday, Calgary city councillor George Chahal filed a motion asking for the mayor to call on the federal government to amend the stress test implemented .... More »

The State of the Mortgage Market Feb 1st

Mortgage Professionals Canada released its marquis State of the Mortgage Market report last week. While much of the media focus was on the report’s assessment of the mortgage stress test and its ramifications, the annual report was once again chock-full of enlightening statistics that help pai.... More »
The Best Credit Cards for Students in 2019
If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1.
This is where a good rewards credit card can come in handy. Not only can you earn points, merchandise or cash-back for you purchases, but you’re also given the opportunity to start building your credit. And this is important if you’re a young adult who doesn’t have any credit to your name. If used responsibly, having a credit card will start you off on the right foot so you are eligible for other types of credit in the future, like personal loans or a mortgage. And there’s a great chance you’ll need one of these things eventually.
Rewards cards generally offer different amounts of points or cash-back for particular spending categories (gas, grocery, pharmacy purchases, etc.). Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save, and if you’re a student, you’re likely looking for a card with little-to-no annual fee…

Continue Reading On ratesupermarket.ca »

Remember when I said rates could go down, not up?!
If you’re a regular reader of this site, you’ll know I’ve been very skeptical and critical of the Bank of Canada (BoC) for continuing to increase interest rates. It just hasn’t made sense.
The BoC raised rates FIVE TIMES between July 2017 and October 2018. That’s a 1.25% increase. For anyone with a $300,000 mortgage, your payment increased by $189 per month. Or, to put it another way, for every $100,000 of mortgage, your payment went up by around $63 per month.
Yet, we kept hearing that the BoC wanted to raise rates further. Economists and other experts were saying we should expect more rate increases by the end of 2018! Wow!

Well, I just couldn’t believe it. It didn’t make sense to me. How could anyone believe the average person could absorb a mortgage payment increase to this extent? If the forecasts were correct, we could have seen mortgage payments increase by $300-500 per month… and maybe more if you had a larger mortgage!
No, this didn’t make sense…

Continue Reading On canadamortgagenews.ca »

Canada’s biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order.

Continue Reading On cbc.ca »

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