Interested in learning more about property mortgages in Canada? Look no further!
Latest News
CREA May 2014 Report: A 4-Year Record for Sales + MORE Jun 19th
Bad weather may have delayed the busy spring real estate season but it didn’t completely sour homebuyers’ shopping moods. According to the Canadian Real Estate Association (CREA), home sales were up 5.9 per cent from April to May this year. That’s the strongest month-over-month increase i.... More »
Develop your own plan + MORE Dec 24th
Steward Kinmond, 70, and Barbara Sibbald, 58, in front of their mortgage-free new-build, close to Parliament Hill. (Photography by Jessica Deeks)
Every morning, Barbara Sibbald and her husband Stewart Kinmond gaze out across their big backyard and watch the sunrise. Directly behind them is part of t.... More »
Should I sell and rent or get a reverse mortgage? + MORE Jul 7th
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.
I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting.... More »
Taking on a “Fraction” of the Cost; Vancouver Start-Up Promises a Better Incentive for Home Buyers than CMHC + MORE Apr 2nd
An incentive for first-time home buyers offered through the Canadian Mortgage Housing Corporation (CMHC) was only announced a week ago, promising to provide $1.25 billion over three years to help lower mortgage costs for eligible Canadians.
However, a new company is now also promising to provide an.... More »
Canadians continue to pile up non-mortgage debt + MORE Nov 12th
TORONTO – Canadians continued to pile up non-mortgage debt compared with a year ago but delinquency rates remained low, according to credit monitoring agency TransUnion.
Average consumer non-mortgage debt balances rose to $21,686 at the end of the third quarter, up from $21,195 in the same quarter.... More »
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: B2B Bank Position Title: Business Development Manager – Mortgages (Ottawa) Years of Experience Required: 4-10 years Licences or Registrations Required: NA Location of Position: Ottawa, Ontario Applicants may apply:…
Conditional Financing: Why It’s Important When Buying a Home
– ratesupermarket.ca
One of the side stories to the seemingly never-ending real estate boom in Canada’s major urban centres is the new records being set in multiple-offer bidding wars. Earlier this year, a five-bedroom “fixer upper” in the northern end of Toronto went on the market listed for $699,000. On offer night there were 72 bidders. In the end, the house sold for $1.366 million, nearly double the asking price.
With market conditions like these, would-be buyers often consider leaving out any conditions on their offers to make their bid seem more attractive. But there are some risks to leaving out the “offer conditional upon financing” clause. Here we look at some of the dangers of that strategy, and how you can buy your dream house without getting burned.
Financing 101
One of the first steps in the search for a home is to consult your bank or mortgage broker to find out how large of a mortgage you would qualify for. Typically, you’ll get that figure and a locked-in interest rate that’s guaranteed for three months, giving you time to shop around knowing your spending parameters…
CMHC Q2 2014 Housing Market Outlook Highlights
– ratesupermarket.ca
Most homeowners know the Canada Mortgage and Housing Corporation (CMHC) as the government entity that they purchased their Mortgage Loan Insurance from. (Lenders require buyers to buy this insurance if their down payment is less than 20 per cent of the purchase price.) But one of the Crown corporation’s other roles is to conduct research and market analysis on the Canadian housing market.
In late May, the CMHC released its Housing Market Outlook for the second quarter of 2014. Here are some of the key highlights.
Starts to Stop?
This year, the total number of housing starts (i.e. the number of new detached, semi-detached, row house, and apartment/condo units under construction) is projected to decline in eight of the 10 provinces. The only two provinces expected to see growth in housing stock are, not surprisingly, Alberta and British Columbia where robust economic conditions continue to fuel demand and a supply of money to both build and buy new developments.
Nationally, the final tally of starts for 2014 is projected to be 181,100…
Scotiabank Cuts 5-Year Fixed Mortgage Rates to 2.97%
– ratesupermarket.ca
Scotiabank has jumped into the summer mortgage rate-cutting frenzy, unveiling a limited-time five-year fixed rate of 2.97 per cent. Available until June 7th, this discounted rate is an aggressive play by Scotia to capture the interest of seasonal home buyers. It also usurps the status of lowest-priced big bank rate from BMO, who has made headlines with their 2.99 per cent offering three years running.
A Full-Service Mortgage Product
Unlike BMO’s last 2.99 foray (the lender last offered the discount in March – their five-year fixed is currently 3.29 per cent), which limited buyers’ renewal options and offered little in prepayment flexibility, Scotia’s product is a full-service product, complete with the following features:
Available to both high-ratio and conventional buyers
Minimum purchase of $100,000 is required
Purchases must be closed within 90 days of pre-approval
15 per cent prepayment privileges – buyers can either pay 15 per cent of their original total principal, or amp up their regular payments by that amount…
Scotiabank has lowered its five-year mortgage rate to 2.97 per cent, beginning a new sally in the war to win business.
