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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How To Navigate Today’s Economy Oct 17th

Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I .... More »

Honouring the latest Mortgage Hall of Fame inductees Oct 20th

After a pandemic-induced hiatus, hundreds of mortgage professionals gathered at the Vancouver Convention Centre Monday night to honour the latest inductees into the Canadian Mortgage Hall of Fame..... More »
 property

Your mortgage interest payments are likely going up. Is there a way to reduce them? Nov 28th

A lump-sum payment would go directly to the principle of your mortgage, meaning you’re immediately paying less interest..... More »

Would You Buy a Home with Strangers? These Canadian Companies Are Betting On It + MORE Oct 2nd

Lesli Gaynor was tired of renting a home for herself and her two-year-old son. The Toronto resident wanted more space and a more stable living environment, where a landlord couldn’t kick her out. So, in the early 1990s she got together with two friends and bought a house in the city’s Parkdale n.... More »
 secure line of credit

My mortgage payments are approaching my trigger rate. How will this affect my mortgage and what should I do? Nov 7th

Experts say the key is to be proactive and prepare your finances well before your entire mortgage payment is going towards paying just the interest..... 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.

Continue Reading On canadianmortgagetrends.com »

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