The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Reverse mortgages are on the rise, but are they the right choice? Feb 21st

The number of reverse mortgages has surged recently. Experts caution it’s worth exploring all other options first, like lines of credit and downsizing..... More »
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How much credit card debt does the average Canadian have? + MORE Jan 18th

As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »

OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages + MORE Sep 8th

It's no secret that Canada's banking regulator has its sights set on fixed-payment variable-rate mortgage products. And OSFI chief Peter Routledge reiterated that point during a speech today..... More »
 Canada mortgage

Mortgage interest rate hikes have stalled your home-buying dreams. Now what? + MORE Jun 12th

Being priced out of the market might just be a blessing in disguise, writes Lesley-Anne Scorgie. Bide your time by saving more and enjoying the freedom that renting brings..... More »

Mortgage renewal strategies in today’s high interest rate environment + MORE May 10th

The current interest rate climate for mortgage brokers and their clients is dramatically different compared to just a year ago, requiring a whole new strategy when it comes to renewals..... More »
In Canada, the appetite for buying a second home is strong, especially over the last few years. Prior to the COVID-19 pandemic, the proportion of home owners with more than one property ranged from 15% in British Columbia to about 22% in Nova Scotia, according to a recent Statistics Canada report. By June 2021, real estate investor purchases had grown to account for slightly more than one-fifth of all home purchases in Canada—a high not seen since the real estate boom of 2017.  

What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and more. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

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In this two-part series, economist Will Dunning explores the premise of the mortgage stress tests and their current relevance in the context of today’s sharply higher interest rates and worsening economic conditions.

Continue Reading On canadianmortgagetrends.com »

Canada’s federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages.

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This is the second in a two-part series exploring the impact the mortgage stress tests had on borrowers and some additional and unintended risks they have brought about.

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