Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud Apr 15th
The federal government today confirmed plans to consult with the mortgage industry on developing income verification tools through the Canada Revenue Agency..... More »
OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages + MORE Sep 8th
It's no secret that Canada's banking regulator has its sights set on fixed-payment variable-rate mortgage products. And OSFI chief Peter Routledge reiterated that point during a speech today..... More »
“Should we refinance our mortgage?” + MORE Dec 23rd
We’re thinking about breaking our existing home mortgage to take advantage of low interest rates and would appreciate some guidance. This is our scenario:
Mortgage principal: $572,000Weekly payments: $746.00Interest rate: 3.78% fixed and locked in until December 2024Penalty fee for breaking mor.... More »
The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th
Canada's federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages..... More »
How to grow your reverse mortgage business by partnering with realtors + MORE Jun 5th
Bring flexible financing solutions to the table to help realtors close more deals..... More »
Royal Bank Added $9 Billion in Mortgages to its Portfolio this Quarter
– canadianmortgagetrends.com
Royal Bank exceeded expectations for its third-quarter earnings, driven in large part by strong mortgage growth. Canada’s largest bank grew its mortgage portfolio by $37 billion over the past year, with a gain of $9 billion in the last quarter alone. President and CEO David McKay said he expects “strong mortgage growth to continue.” National Bank of Canada also saw strong results, thanks to a strong housing market in Quebec. Its residential mortgage portfolio was up 12% year-over-year. Both banks […]
CIBC’s Strong Q3 Mortgage Growth Helped Fuel Market Share Gains
– canadianmortgagetrends.com
CIBC and TD Bank closed out the third-quarter earnings season for the Big 6 banks with impressive profits, much like their peers that reported earlier in the week. Also similar to the other banks, the profit growth achieved by CIBC and TD was largely due to falling credit loss provisions, which is money the banks must set aside to cover anticipated bad loans. Since peaking last year, the banks have been able to steadily reduce their provisions as the economic […]
What Does High Inflation Mean for Mortgage Rates?
– canadianmortgagetrends.com
Canada’s inflation rate came in above expectations last week, rising to its highest level in more than a decade. If above-target inflation persists, it could have ramifications for homeowners in the form of shifting rate-hike expectations. Canada’s inflation rate came in burning hot at 3.7% for July, according to data released by Statistics Canada. That’s the third consecutive monthly inflation reading that has come in above the Bank of Canada’s neutral range of 1.75% to 2.75%, which is the range […]
Will I Be Offered a Mortgage Renewal?
– canadamortgagenews.ca
If you’re nearing the end of your term, you might be wondering if your lender will offer you a mortgage renewal. Mortgage renewals are a great way to reassess your needs and potentially even get a better rate than the one you have now. But not getting a mortgage renewal means you have to pay your balance in full – so it’s no wonder so many feel anxious towards the end of their term. Inflammatory headlines about the dangers of mortgage renewals floating around the internet certainly don’t help either.
The good news is you can relax. In Canada, you’re guaranteed a renewal offer from your lender provided you pay your bills on time and don’t have any outstanding balances with Revenue Canada. As long as you’re borrowing from a reputable financial institution, you should be in the clear.
Where it gets tricky is when you borrow from a private lender. Private lenders aren’t federally regulated, so they have no obligation to offer you a renewal. However, for the vast majority of Canadian borrowers, a renewal offer is guaranteed…
