Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Home prices could hit peak levels by next year, set new highs in 2026: CMHC report + MORE Apr 6th
The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026..... More »
Do you pay capital gains tax when separating or divorcing? + MORE Jan 25th
I just read your article on paying capital gains on a property inherited from a spouse when there was no official separation agreement in place. Interesting, and I have a related question. If spouses separate with an official separation agreement but keep the matrimonial home and mortgage in both na.... More »
Mortgage renewal calculator + MORE Jan 25th
Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal.
You.... More »
Latest in Mortgage News: Housing Affordability Back on the Decline + MORE Aug 15th
Following improvements in 2020, housing affordability worsened in the second quarter of this year by its widest margin in 27 years. The main culprit was rising home prices, according to National Bank of Canada’s latest Housing Affordability report. “Income growth and lower interest rates.... More »
Read this before applying for the First-Time Home Buyer Incentive + MORE Jun 19th
In a red-hot real estate market, a little help with the down payment on a home can go a long way—especially when you’re a first-time buyer without the advantage of equity in an existing property. So when the Canadian federal government decided, in 2019, to begin offering first-time home buyers d.... More »
Tapping into Lower Interest Rates: Does Renewing Your Mortgage Early Save You Money?
– ratesupermarket.ca
Late last year, many had forecasted that the Bank of Canada might cut interest rates in 2020. However, no one could have foreseen just how low-interest rates were about to plummet in the coming months.
Canada’s COVID-19 lockdown led to a sharp rise in unemployment, causing the Bank of Canada to slash its key lending rate from 1.75% to 0.25% in just the span of one month.
The silver lining for those still employed and with a mortgage is that mortgage rates have also fallen to historic lows—which means for some, it may be the right time for an early renewal.
How the pandemic may affect a renewal
As the pandemic was taking hold of the economy, a rush of homeowners inundated lenders with requests for mortgage payment deferrals, which led to delays for other services, such as mortgage renewals. Fortunately, things have normalized once again, and processing times are back to where they were.
When your mortgage comes up for renewal, your lender doesn’t always re-verify your employment situation…
