Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
One quarter of TD mortgages now have an amortization of 35+ years + MORE Dec 4th
Over a quarter of TD Bank's residential mortgage portfolio now has an effective amortization of 35 years or longer..... More »
Q2 2019 Bank Earnings – Mortgage Morsels Jun 26th
Canada’s big banks felt the effects of a sharply slowing economy and cooling housing market in the second quarter. Most reported net income growth in the low-to-mid single digits. Several saw 90+ day delinquencies rise slightly in the quarter, and all of the banks, with the exception of Nation.... More »
How to save on home insurance Jul 10th
Affordable home insurance: Does it even exist? While home insurance is not mandatory by law, like auto insurance is, most mortgage lenders require it—and for good reason. Home insurance protects your home and personal possessions from damage or loss. Your home is collateral for your mortgage loa.... More »
How Canada’s Small Businesses Can Create Resilient Futures Oct 14th
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Created by
Adam Kirsh, AVP Salesforce Canada
Instead of ‘doomscrolling’ — otherwise known as obsessively checking social media for negative stories about the pandemic and .... 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 Latest in Mortgage News
– canadianmortgagetrends.com
As we do each month, we’ve rounded up some of the latest real estate and mortgage-related news from the past few weeks: Vancouver’s Housing Market Earns Dubious Honour Vancouver home prices may be falling now, but their record-high levels throughout 2018 have earned Vancouver the distinction of being ranked the world’s second-least affordable city. The […]
National Bank of Canada Returning to the Broker Channel
– canadianmortgagetrends.com
Rarely do banks leave the mortgage broker direct channel and return. This is one of those times. National Bank will once again be distributing the bank’s branded mortgage products directly through mortgage brokers in a new partnership with M3 Group. It is easily the best news story brokers have had in months. The partnership will […]
Should I Get a Variable or Fixed Mortgage? RBC Cuts Rates and the Answer is No Longer Clear
– ratesupermarket.ca
Last week, Canada’s biggest bank, RBC, cut its five-year fixed rate by 15 basis points. This gave customers the option to lock in their mortgage rate at 3.74 per cent, for a five-year term. And surely enough, TD Bank and BMO Bank of Montreal followed suit and cut their five-year fixed rates to the same level. Currently, CIBC is asking all customers to call in for more details on its five-year fixed rate, and Scotiabank is not showing the same 15-basis-point cut.
The move by some of Canada’s commercial banks is overdue. Unlike variable-rate loans that are affected by the Bank of Canada’s benchmark rate, fixed rates are tied to the bond market, and bond yields have been sinking over the last two months.
The yield for the Government of Canada benchmark five-year bond fell from a high of 2.48 per cent last October to a low of 1.76 per cent on January 3. At the time of writing this article, the bond yield has recovered slightly but still remains lower than two per cent. This means it’s cheaper for commercial banks to borrow money at a fixed rate and, therefore, they can pass down those interest rate savings to their mortgage customers…
Mortgage Professionals Canada Renews Calls to Tweak Stress Tests
– canadianmortgagetrends.com
Mortgage Professionals Canada has renewed calls for changes to the federal government’s stress tests, arguing they pose serious risk to the housing market and overall economy. The association’s annual report on the state of the mortgage market, authored by its Chief Economist Will Dunning, followed up on previously published concerns over the federal government’s mortgage […]
