Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
Is Rent to Own Housing Ever a Good Idea? Sep 17th
The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own.
Unders.... More »
Making sense of the markets this week: March 24, 2024 + MORE Mar 25th
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.
Lower inflation clears runway for rate cuts
Canadians dreading their spring and summer mortgage renewals got some good n.... More »
The best 5-year fixed mortgage rates in Canada + MORE Aug 29th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
Rate hikes slow non-bank mortgage growth and fuel rise in arrears Apr 24th
Non-bank lenders saw a continued move toward uninsured mortgages in Q4, alongside a steady rise in delinquencies..... More »
What Impact will the Stress Test have when Renewing Your Mortgage?
– canadamortgagenews.ca
So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term.
Does the mortgage stress test affect you? Absolutely! And, here’s how…
SCENARIO 1: Your current mortgage is a five-year fixed-rate term. Your rate is probably at or below 3%. Let’s use 2.89%, as many of my clients were averaging this rate back then. Five years ago, you were qualified using your actual rate. So, in this case, 2.89%. Let’s say you took a 25-year amortization with an original balance of $400,000, equalling $1,871 in monthly payments. Today, your balance is $340,000. How much income did you need to qualify back then? $73,000 per year.
Fast forward to today. It’s renewal time and you’re ready to shop for rates. Of course, your Mortgage Broker has contacted you or you’re going to call an experienced Mortgage Broker to ensure you’re getting the best rate…
