The State of the Mortgage Market: 2020 + MORE Mar 14th

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CMHC’s Gloomy Outlook: Up to 18% Drop in Home Prices, 20% Arrears Rate + MORE May 23rd

The head of the Canada Mortgage and Housing Corporation delivered a particularly gloomy forecast while testifying remotely before the House of Commons Finance Committee on Tuesday. Among those predictions, CMHC CEO Evan Siddall said: Home prices could fall from their peak by 9% to 18% over the next .... More »
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Deferring Your Mortgage Could Cost You More Down the Road + MORE Jun 4th

Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders. It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... More »
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Should You Borrow Money to Make a Down Payment on a New Home? + MORE Mar 26th

Saving for a mortgage down payment can be a long and tedious process. According to the Canadian Real Estate Association, the average price of a Canadian home was $540,000 in February, a 15.2% increase compared to a year earlier. You would need to save $108,000 just to make a standard 20% down payme.... More »
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What to do with a rental property when you owe more than it’s worth + MORE Apr 22nd

Q. I bought a home in Fort McMurray, Alta., for $413,000 in 2007. Five years later, in 2012, I moved out and started renting the property, and it has remained an income property since then. With the decline in oil prices, the town of Fort McMurray has seen real estate losing value like crazy. After .... More »
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Oaken Financial review 2020  + MORE Apr 25th

Table of contents Who is Oaken Financial? Oaken Financial review Oaken Financial GICs Oaken Financial’s High-Interest Savings Account Is Oaken Financial right for me? There are plenty of options for saving and investing in Canada, whether it’s via high-interest savings accounts, TFSAs, RR.... More »

The State of the Mortgage Market: 2020

– canadianmortgagetrends.com

Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Despite regular headlines about rising home prices and overvaluation in the country’s largest centres, the report finds that Canadians continue to see homeownership as an important element of their long-term financial plans. “Canadians have also remained prudent with their spending habits on housing, which is evidenced in today’s report,” notes author Will […]

Continue Reading On canadianmortgagetrends.com »

Canadians Are Picking Price Over Personalized Mortgage Advice
Canadian homebuyers are seeking the best mortgage price, even if that means sacrificing personalized mortgage advice, according to a recent survey conducted by Rates.ca. Of those mortgage shoppers, 63% admit they are open to using online lenders if the price is right.

How Low Can You Go?
Nearly half (45%) of mortgage shoppers say they would need to save at least 0.05 to 0.20 percentage points on the rate to use an online lender. While 18% of shoppers say they wouldn’t need any incentive. Only 16% of Canadians say they won’t use an online lender.
A further breakdown reveals just how much Canadians are hoping to save.

The Interest Rate Savings Needed to Sway Canadians to Use an Online Lender
Percentage of Canadians

0.05%-points
11%

0.10%-points
8%

0.15%-points
7%

0.20%-points or more
19%

Compare mortgage rates from Canada’s most-trusted lenders at RateSupermarket.ca.
Mortgage Shopping Key Considerations
When it comes to shopping for everyday items, brand names can play an important factor…

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