Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Planning to use your home equity in retirement + MORE Jun 2nd
How much of your net worth is wrapped up in your home? According to Statistics Canada, the median net worth for senior families in 2023 was $1,109,700. The most common type of asset for Canadians was a family home, with a median value of $500,000.
Since home equity makes up such a significant all.... More »
This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? Dec 23rd
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »
Latest in Mortgage News: Financial experts see less risk of an imminent recession + MORE Apr 27th
A recent survey of financial experts reveals a shift in recession expectations, showing a decrease in the likelihood of an imminent economic downturn. However, there is growing uncertainty regarding the timing and degree of anticipated Bank of Canada interest rate cuts..... More »
How much income do you need to buy a home in Canada? A look at housing affordability in November 2025 + MORE Dec 24th
For a while there, it appeared Canada’s housing market was seeing shoots of improvement – but buyers retreated back to the sidelines in November, further dousing price growth and leading to overall improved affordability conditions. As reported by the Canadian Real Estate Association, home sales.... More »
New mortgage rules take effect today; more may be coming on Monday, economist says + MORE Dec 15th
Two sweeping mortgage reforms take effect today, December 15, targeting housing affordability and easing financial pressures—changes that may be followed by more announcements this week..... More »
Considering a Second Mortgage? It can save you money!
– canadamortgagenews.ca
Quick, what’s the first thing that comes to mind when you think of “second mortgages”? For some it could be that shady-looking character in a smoke-filled pool hall… guys with gold chains and a baseball bat nearby. Maybe you’re thinking of someone in financial trouble? Or, perhaps it’s just someone who doesn’t want to pay outrageous costs and penalties to refinance their existing mortgage.
The mere mention of second mortgages conjures up all sort of images. Most of them, negative. For many, a second mortgage can be a last-resort solution during a financial crisis. For several others, it can be an opportunity to save money. That’s right, to save money.
Sure, second mortgages carry a higher interest rate than first mortgages, but they can also serve a purpose. One of those purposes can be to save you money. Yup, I said it again. There are some new trends emerging with today’s new mortgage products that are forcing consumers to seek other options…
Vancouver Feb. home sales fall amid mortgage, interest rate changes
– canadianbusiness.com
VANCOUVER _ Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday.
The Real Estate Board of Greater Vancouver’s data showed that 2,207 homes sold last month. That’s down nine per cent from the same time last year and 14.4 per cent from the 10-year February average.
Detached homes experienced the biggest drop, down 39.4 per cent compared to the average. Townhomes fell 6.8 per cent, while condos rose 5.5 per cent.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, president of the Real Estate Board of Greater Vancouver, said in a statement.
The Office of the Superintendent of Financial Institutions implemented new lending guidelines in January that require borrowers who don’t need mortgage insurance to show they would still be able to make payments if interest rates rise…
The Real Estate Board of Greater Vancouver’s data showed that 2,207 homes sold last month. That’s down nine per cent from the same time last year and 14.4 per cent from the 10-year February average.
Detached homes experienced the biggest drop, down 39.4 per cent compared to the average. Townhomes fell 6.8 per cent, while condos rose 5.5 per cent.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, president of the Real Estate Board of Greater Vancouver, said in a statement.
The Office of the Superintendent of Financial Institutions implemented new lending guidelines in January that require borrowers who don’t need mortgage insurance to show they would still be able to make payments if interest rates rise…
