Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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What is a line of credit and what is it best used for? We make it make sense Oct 5th
If people are interested in opening a line of credit, money expert Jessica Moorhouse emphasizes the importance of gaining a full understanding of what you are signing on to before having it set up.... More »
How to prepare for a 2023 recession + MORE Nov 19th
The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
National Housing Market Shows Signs of “Moderate” Vulnerability, CMHC Says Sep 26th
At the national level, Canada’s housing market showed “moderate evidence of overvaluation” in the second quarter, according to the Canada Mortgage and Housing Corporation. “The evidence of rising imbalances in some local housing markets coupled with the general weakening of h.... More »
How to protect your identity + MORE Sep 7th
We’re all on guard to protect our hard-earned money. What you might not notice, though, is when criminals seek something else that’s really valuable: your identity.
It happens every day. People who would never dream of giving out their credit card number after receiving a random call, t.... More »
How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th
Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you.
Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
No Sudden Spring Growth Expected For March Mortgage Rates
– ratesupermarket.ca
RateSupemarket.ca Panel Says Rates To Remain Stable As Buying Season Heats Up
Canadians may be waiting with baited breath for a spring thaw, but don’t expect mortgage rates to rise – or drop – along with temperatures. RateSupermarket.ca’s expert Mortgage Rate Outlook Panel says a lack of influential economic factors will leave both fixed and variable rates untouched for the month of March.
Fixed Mortgage Rates: Unchanged
While the Canadian economy has experienced some positive gains, current conditions such as Canadian household debt levels, are too fragile to absorb a significant rate increase. Bond yields remain consistent, setting the tone for mortgage rates this spring.
Variable Mortgage Rates: Unchanged
While a low Canadian dollar could give our lagging inflation levels a much needed boost, it’s not likely that the Bank of Canada will seize the opportunity to hike central interest rates in this month’s announcement. It’s also not anticipated that they will lower them, as Canadian household debt remains an area of vulnerability for the overall Canadian economy…
MONTREAL – Two-thirds of Canadians polled would like to have put more money into their RRSPs for the 2013 tax year, according to a new survey that found average contributions were down slightly this time around.
The Bank of Montreal’s (TSX:BMO) RRSP deadline survey, conducted last week, said that Canadians were contributing an average of $3,518 to their RRSPs, down $26 from an average of $3,544 for the 2012 tax year.
“It looks like from one year to the next, we’re consistent,” said Chris Buttigieg, senior manager of wealth planning strategy at BMO Financial Group.
“If it was down $1,000, I’d be concerned,” Buttigieg said from Toronto.
Buttigieg noted that Canadians are also juggling other priorities such as mortgages, car payments and month-to-month living expenses.
Meanwhile, more than two-thirds of Canadians were making contributions to their Registered Retirement Savings Plan before the deadline, which expired at midnight Monday night, up from the year-earlier’s 63 per cent…
The Bank of Montreal’s (TSX:BMO) RRSP deadline survey, conducted last week, said that Canadians were contributing an average of $3,518 to their RRSPs, down $26 from an average of $3,544 for the 2012 tax year.
“It looks like from one year to the next, we’re consistent,” said Chris Buttigieg, senior manager of wealth planning strategy at BMO Financial Group.
“If it was down $1,000, I’d be concerned,” Buttigieg said from Toronto.
Buttigieg noted that Canadians are also juggling other priorities such as mortgages, car payments and month-to-month living expenses.
Meanwhile, more than two-thirds of Canadians were making contributions to their Registered Retirement Savings Plan before the deadline, which expired at midnight Monday night, up from the year-earlier’s 63 per cent…
Mortgage loan premiums going up
– canoe.ca
The Canada Mortgage and Housing Corporation is hiking its mortgage loan insurance premiums.
Bank of Canada Announcement: Inflation And Debt Still Top Concerns
– ratesupermarket.ca
In its latest announcement, the Bank of Canada has maintained its overnight lending rate, which sets the cost of borrowing in Canada, at one per cent. The lack of movement isn’t much of a shocker – the rate hasn’t budged since September 2010, and there’s little doubt the Bank is sticking to its commitment to seeing stronger economic growth before hiking interest rates.
The real news is written between the lines of the overall statement, where the BoC reveals its largest concerns for economic threats and the overall sentiment for Canada’s economy. Here’s a look at how this can affect you.
1: Your Variable Mortgage Rate Isn’t Going Anywhere… This Year
The Bank of Canada’s Overnight Lending Rate sets the benchmark for borrowing money in Canada; keeping it at one per cent means the banks can borrow from each other with ease, and that discount is passed down to the consumer. It’s why the best variable rate currently sits as low as 2.35 per cent on our Best Mortgage Rates Table, while the best fixed rates still hover around the three per cent mark…
