Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Pros and cons of the new federal secondary suite programs Oct 28th
Comparing two federal programs to help Canadians build rental suites: a $40,000 loan or a mortgage refinance option.... More »
CMHC moves to make it easier for self-employed to get a mortgage Jul 23rd
Self-employed Canadians seeking to buy a home may soon find it easier to secure a mortgage in the wake of changes announced by Canada Mortgage and Housing Corp..... More »
TD Bank raises rate for variable-rate mortgages + MORE Nov 3rd
TORONTO – TD Bank (TSX:TD) is raising the interest rate it charges customers with variable-rate mortgages.
The bank is increasing its TD Mortgage Prime rate to 2.85 per cent from 2.7 per cent, effective Tuesday.
Customers with fixed-rate mortgages are unaffected by the change.
TD’s prime rate fo.... More »
MoneySense Toolkit: The mortgage affordability calculator Mar 14th
Mortgage Affordability Calculator
Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a variety of factors. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, yo.... More »
The Mortgage Stress Test: What It Means If You’re Buying a Home Nov 3rd
It’s been almost a couple of years since the mortgage stress test came into effect. So, we thought it was the perfect time to revisit it and clear up any confusion. The mortgage stress test took effect January 1, 2018, affecting how much mortgage money Canadians are able to borrow towards.... More »
Should you buy or rent in retirement?
– moneysense.ca
(Pexels)Q: I’m 57 and hoping to retire this fall. I will receive an OMERS defined benefit pension of $44,000 plus a $10,000 bridge until I turn 65. I have a $75,000 RRSP and $300,000 in cash. I have no debts and am a lifelong renter.
I would love some tax-efficient and potentially income producing advice.
Also am I financially ready to retire?
Any thoughts on buying retirement property so late in life?
—Cathy
A: 68% of Canadians are homeowners according to Statistics Canada. Home ownership rates generally rise with age and peak at around age 65 at 75%, where rates plateau until around age 75 and decline thereafter.
As a lifelong renter, you have bucked the trend, Cathy, but it sounds like you’ve done well for yourself. Statistically, stocks have performed better than real estate over the long-term in Canada, so on a dollar-for-dollar basis, stocks may be a better investment than real estate anyway.
That said, most renters wouldn’t invest 100% in stocks and homebuyers benefit from the leverage that a mortgage allows (a 20% down payment means a 20% increase in your home’s overall value, which is a 100% return on your down payment)…
Top Performers: Mark Goode
– canadianmortgagetrends.com
By Vanessa Chris, Special to CMT Mark Goode understands first-hand the impact an individual can have on a community. It’s a lesson he couldn’t help but learn, living and working in a small market like Orillia, Ontario (population: 31,000). For the past 15 years, Goode has embraced the power-of-one to make his community stronger—both as the broker/owner of Mortgage Man DLC and through a variety of volunteer efforts. An eight-time finalist on the CMP Top 50 Brokers list, and the number one broker in the CMP Small Market Top 20, Goode has come a long way since 2004. That’s when he READ MORE
Unregulated Canadian mortgage lenders see market share surge: memo
– theglobeandmail.com
The federal government and various regulators are looking for ways to cool the housing market without skewering an important source of economic activity
Mortgage Career: FSCO
– canadianmortgagetrends.com
Company: Financial Services Commission of Ontario Position: Senior Compliance Officer Location: North York, Ontario Apply to: www.ontario.ca/careers Senior Compliance Officer The Financial Services Commission of Ontario (FSCO) is seeking individuals with exceptional operational experience, analytical skills, and sound knowledge of market conduct and financial analysis principles and methodologies to lead and participate in market conduct field examinations (audits), financial assessment and reviews of financial institutions and licensed intermediaries in order to assess consumer protection and legislative compliance in all sectors regulated by FSCO. What can I expect to do in this role? As a Senior Compliance Officer, you will: READ MORE
