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Latest News
Why can’t I deduct mortgage interest? + MORE Jun 26th
Q: Why is the mortgage interest on a home or condo not deductible when it’s our principal residence?
— Brendan A., St. Albert, Alta.
Answer from Steve Garganis, mortgage broker and editor of CanadaMortgageNews.ca:
In the United States, homeowners can deduct the mortgage interest from their .... More »
How Does the Home Capital Crisis Affect Me? + MORE May 12th
As of late, Home Capital Group is dominating the headlines. To quickly summarize, on April 19, the Ontario Securities Commission (OSC) claimed that brokers had falsified information on mortgage applications submitted to Home Trust. As a result, shares in the company dropped while customers withdrew.... More »
CMHC again moves to tighten mortgage insurance rules as housing market cools + MORE Apr 25th
OTTAWA – CMHC is moving yet again to tighten the home mortgage market with changes that would make it more difficult for certain Canadians to obtain government-secured financing for real estate purchases.
The Canadian Mortgage and Housing Corporation says that as of May 30 it will no longer in.... More »
“Should we refinance our mortgage?” + MORE Dec 23rd
We’re thinking about breaking our existing home mortgage to take advantage of low interest rates and would appreciate some guidance. This is our scenario:
Mortgage principal: $572,000Weekly payments: $746.00Interest rate: 3.78% fixed and locked in until December 2024Penalty fee for breaking mor.... More »
Most Canadian Homeowners Unprepared for Financial Shocks + MORE May 27th
It’s common knowledge—or at least it should be by now—that Canadians are carrying worrying levels of debt. The latest reminder of how fragile the situation is comes from Manulife Bank’s Homeowner Debt Survey, which found that 72 per cent of mortgage holders wouldn’t be able to manage a 10%.... More »
Dominon Lending Centres Main Quebec – 5 year Closed : 3.39% (0.25%)
– ratesupermarket.ca
Dominon Lending Centres Main Quebec 5 year Closed mortgage rate was changed on June 28, 2013
Bank of Nova Scotia – 2 year Closed : 2.89% (0.2%)
– ratesupermarket.ca
Bank of Nova Scotia 2 year Closed mortgage rate was changed on June 27, 2013
Spotlight On Mortgages: June 28, 2013
– ratesupermarket.ca
Genworth Canada Calls For Mortgage Market Stability
“Slow and steady wins the race” seems to be the mantra of the Canadian housing market these days, as the latest set of data points to moderate, though consistent, growth this year and next.
Genworth Canada, a private residential mortgage insurer that provides default mortgage coverage to high ratio buyers, has released their twice-annual Metropolitan Housing Outlook. Their findings state our market will stabilize in 2013 after three years of unsustained growth and correction, though this growth will be modest for at least the next five years.
Supply And Demand Finds New Balance
The report found that while the economy is gathering strength from improved employment levels and recovering domestic industries, housing demand has tapered as a result of last summer’s CMHC mortgage regulation tightening. As fewer home buyers enter the market, supply is beginning to take cues from reduced demand. As we’ve previously reported, the cooldown is notable in very active urban markets, as condo developers put future development plans on hold, and current projects reach completion…
Mortgage Market Share — Top 10 Lenders
– canadianmortgagetrends.com
We haven’t run a lender market share story in a while, so no better time than the present. For share data, we like to call on David McVay of McVay…
