Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
70% of Scotiabank’s mortgage originations in Q1 were multi-product deals + MORE Mar 1st
Scotiabank is reporting success in its efforts to grow its deposits and increase profitability by doing more cross-selling to new mortgage clients..... More »
Why Everyone Should Choose The Longest Amortization Possible + MORE Oct 16th
One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible. I get it! And then I hit them with an unexpected recommendation. I tell them to take the .... More »
1.4 million Canadians missed a credit payment in second quarter + MORE Aug 20th
There’s a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows.
It shows 1.4 million Canadians missed a credit payment in the second quarter. While that’s up by 118,000 compared with the same time last year, it’s down sligh.... More »
Are interest payments tax deductible? Aug 12th
Taxpayers may be eligible to claim a tax deduction for interest paid on a loan or mortgage. According to Canada Revenue Agency (CRA), “most interest you pay on money you borrow for investment purposes [can be deducted] but generally only if you use it to try to earn investment income.”
One commo.... More »
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37%
– canadianmortgagetrends.com
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada’s real estate market. “The market has definitely hit the brakes,” John Pasalis, president of Realosophy Realty, told BNN Bloomberg. While home prices are expected to remain stable in the near-term as […]
People deferring their mortgage payments are making an unpleasant discovery: it can wreck your credit rating
– thestar.com
Deferring payment on your mortgage buys you time to deal with COVID-19’s economic havoc, but the people behind your credit score might just see bad news.
