The Latest in Mortgage News: New Data on Financial Distress in Canada + MORE Jun 29th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Mortgage Pre-Approval: How to Improve Your Credit Score + MORE Jul 5th

Are you interested in learning about the mortgage pre-approval process? Or, do you want to learn how to improve your credit score? One of the biggest steps you’ll take in life is buying a home. And, while you might want to go and pick out your dream home first, this is a mistake. You need to get .... More »
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Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th

Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, sho.... More »

Mortgage Growth Slows, Alt-Lender Share Grows: CMHC Jul 17th

Canada’s mortgage market grew by its slowest pace in more than 25 years in 2018, according to new data released by the Canada Mortgage and Housing Corporation. At the same time, the share of the market controlled by alternative lenders—which typically lend to riskier clients and charge higher in.... More »

Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th

The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
What You Need to Know About Ending Your Mortgage Early
According to mortgage industry experts, more than half of Canadians end their mortgages before maturity. The reasons they may choose to break their mortgage vary: finding better interest rates, needing home renovations, changing family composition, moving for work, or kids going off to university. If you choose to break your mortgage outside of your renewal period, you will pay a penalty. So, when does it make sense to end your mortgage early and how does the process work?
How are mortgage penalties assessed?
Mortgage penalties are intended to compensate lenders for the money they’ll lose if you break a mortgage contract. The majority of mortgages can be broken, including fixed and variable rate mortgages. Penalties are usually less if you’re breaking a variable mortgage. The penalties for breaking a fixed-rate mortgage can be high enough that it won’t be a good financial choice to break a fixed-rate mortgage simply to refinance.
Variable rate mortgage penalties are straightforward…

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A Rate War on Canada Day?


A Rate War on Canada Day?
I’ve never seen more competition with mortgage rates in my 30-year career than I have in the first five months of 2019!
Rates are under 3%!
On May 10th, a new jobs report was released by the federal government showing 106,000 new jobs created in the month of April. This blew away all expectations. And, the reaction was immediate, including higher mortgages being imminent and a bull stock market on the horizon… and yet, this didn’t happen.
Even this unexpected positive economic news could not stop the more common belief that our economy and the economies of the world were not on fire. This was most likely a one-time thing.
The following week, we didn’t see the normal rate spikes that would typically follow this positive economic news. Instead, we saw wholesale mortgage rates drop a little further. This is due to lower bond yields, which lead to lower fixed-mortgage rates. Lower yields reflect reduced investor confidence in Canada. Bad news for Canada, but good news for mortgage consumers…

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A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skipping or making a late non-mortgage payment. […]

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