Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Mortgage debt rising fastest among Canadians nearing retirement, data show Apr 27th
Older homeowners are increasingly leveraging equity to help younger buyers, raising long-term financial risks as retirement approaches.... More »
Making sense of the markets this week: September 24, 2023 + MORE Sep 23rd
Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, shares financial headlines and offers context for Canadian investors.
No surprise: Canada’s inflation rate ticked up in August
Canada’s annual inflation rate jumped to 4% in August, up from 3..... More »
Mortgage rate outlook: Why experts say the next move could be lower + MORE Feb 19th
After a volatile 2025, mortgage rates have steadied, but experts say the next move could be lower, and that has implications for borrowers..... 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 »
RBC bracing for renewal impact: three quarters of its mortgages to see higher rates by 2026 Dec 4th
Despite interest rates having been elevated for over a year, Canada's largest bank said the bulk of the impact is yet to be felt with nearly three quarters of its mortgage portfolio coming up for renewal over the next three years..... More »
Nearly three-quarters of CIBC’s variable-rate clients have reached their trigger rate
– canadianmortgagetrends.com
Over 70% of CIBC’s variable-rate customers are seeing all of their mortgage payments go towards servicing interest costs.
Reverse mortgages: A financial solution made for today
– canadianmortgagetrends.com
The CHIP Reverse Mortgage from HomeEquity Bank allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell.
Fixed mortgage rates back on the rise
– canadianmortgagetrends.com
Fixed mortgage rates in Canada surged last week thanks to a fresh run-up in bond yields.
Scotiabank “intentionally slowing” its mortgage portfolio
– canadianmortgagetrends.com
With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book.
Problem & Solution: I Bought A New Home, But Haven’t Sold My Old One
– canadamortgagenews.ca
Higher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.
It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.
Background
The borrower, our client, owned a condo worth about $500k and had an outstanding mortgage balance of roughly $200k. He bought a new condo for $550k with the expectation that he could use the equity in his existing condo towards the down payment. Sounds like a reasonable expectation, right?
Very few people can afford to carry two mortgages at once…
