Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
How financially viable is your rental property? Apr 13th
After rising steadily in many cities across Canada for many years, real estate has been on a particular tear over the past year—and rental property investing has become an area of interest for plenty of people as a result.
But a soaring market isn’t a guarantee of success. If you’re thinking.... More »
What home buyers should know about the Canadian mortgage stress test + MORE May 28th
In late 2017, the federal government introduced a mortgage stress test for anyone applying for or renewing a home loan. But, if you’re like nearly half of Canadians polled by TD Bank in 2019, you may not understand what the test is—or who it affects.
And with the recent announcement that the s.... More »
The Latest in Mortgage News: Ontario Teachers’ Pension Plan to Buy HomeEquity Bank Sep 26th
The Ontario Teachers' Pension Plan Board has taken a major investment stake in Canada's rapidly growing reverse mortgage market with its acquisition of HomeEquity Bank..... More »
Latest in Mortgage News: Despite Challenges, Majority of Canadians Plan to Buy a Home Jan 22nd
Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment.... More »
Latest in Mortgage News: Are fixed mortgage rates about to take another leg higher? Aug 6th
There's speculation that fixed mortgage rates, which have continued to trend higher over the past several weeks, are set to rise even further..... More »
What You Need to Know About Ending Your Mortgage Early
– ratesupermarket.ca
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…
A Rate War on Canada Day?
– canadamortgagenews.ca
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…
The Latest in Mortgage News: New Data on Financial Distress in Canada
– canadianmortgagetrends.com
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. […]
