What Does High Inflation Mean for Mortgage Rates? + MORE Aug 27th

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Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments + MORE Oct 5th

You might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired,.... More »

Bond Yields Are Rising. Are Fixed Mortgage Rates Next? + MORE Sep 29th

Some of Canada's Big 6 banks made headlines last week by lowering fixed mortgage rates, but might they soon have to pull a U-turn?.... More »

BoC’s Macklem Lays Out Plan to Wind Down Bond-Buying Sep 11th

Since the start of the pandemic, the Bank of Canada has been buying up billions of dollars worth of bonds each week, which has helped keep borrowing costs, including fixed mortgage rates, low. On Thursday, BoC Governor Tiff Macklem outlined the roadmap for ending the Bank’s bond-buying program.... More »

Top Risks and Trends in Canada’s Mortgage Market Sep 14th

From rising inflation and falling consumer confidence to changing real estate preferences, Canada’s mortgage market impacts from multiple fronts. Ben Rabidoux, a real estate analyst and founder of Edge Realty Analytics, recently participated in a webinar hosted by Mortgage Professionals Canada.... More »

The Broker Channel Gets Another Prime Lender: Strive Capital + MORE Sep 23rd

Strive is live. It’s Canada’s latest prime lender in the mortgage broker market..... More »
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 […]

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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 […]

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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 […]

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Will I Be Offered a Mortgage Renewal?

– canadamortgagenews.ca

Will I Be Offered a Mortgage Renewal?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…

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