Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Long-term mortgage rates are falling. Is it time to lock in? + MORE Apr 4th
Locking in or not depends on many factors, experts say, including whether the penalties for breaking a current mortgage make sense and if you think rates are going up or down..... More »
Home Sales Fall Sharply From January + MORE Mar 15th
The Canadian Real Estate Association reported today that national home sales plunged 9% from January to February, with 75% of local markets, including all major cities, recording fewer transactions. It’s not the first time CREA has reported such a steep month-over-month decline—home sales also d.... More »
Can Mortgage Brokers Compete with Low Online Rates? Oct 23rd
As mortgage brokers, we should assume our clients and prospects have access to much of the same information we do. But sometimes they don’t, and in such cases we can focus on finding the best lender solution..... More »
Canadian banks set for strong results as trade, housing risks loom Feb 19th
As Big Six prepare to release earnings, rising household debt, slowing mortgage growth could weigh on outlook
.... More »
Making sense of the markets this week: June 23, 2024 + MORE Jun 23rd
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
We’re building more houses—and prices are down!
On Monday, the Canada Mortgage and Housing Corporation announce.... More »
A tax deduction to make more off that rental property
– moneysense.ca
(Getty Images)Unlike Americans, Canadians can’t deduct mortgage interest on their primary residences. However, you can deduct interest paid on an income property—and it’s not just on the mortgage either, says CPA Allan Madan. Rental owners can make deductions against a line of credit used to fund renovations, and even against money borrowed for a down payment. With such low rates, Madan says borrowing to buy or fix up a rental is smart. “You’re increasing your rent and the value of your property, and you can deduct those borrowing costs.” Just remember: You have to be collecting rent for the deduction to count.
The bottom line: Reduce your taxable income dollar for dollar on what you’ve spent. So if you paid $30,000 in interest on an income property-related loan, you can reduce your income by that exact amount.
More tax tips here.
The post A tax deduction to make more off that rental property appeared first on MoneySense.
Variable rate is out, Fixed rates are in…. But, which term…?
– canadamortgagenews.ca
For more than a decade, I’ve been recommending Variable rate mortgages, as the product of choice. My clients have saved $thousands. It’s been a great 11 year run.. But now, the strategy has changed slightly. Read on, to see my newest recommendations.. QUICK VARIABLE RATE HISTORY. First, you need to understand the history.. […]
FICOM: Disclosure Plan a Go
– canadianmortgagetrends.com
B.C.’s mortgage regulator confirmed today that it is moving forward with its proposal to require brokers there to publicly disclose compensation details, possibly as early as this summer. “My office is proceeding with plans to implement improved disclosure measures for mortgage brokers in British Columbia,” Carolyn Rogers, Registrar of Mortgage Brokers and CEO at FICOM, said in an email sent to media. “We have reviewed feedback received from industry in response to the open letter sent in January and appreciate all the comments. I have asked the staff to begin work on the implementation details, and that work is underway.” READ MORE
