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The Latest in Mortgage News – New Era, New Choices + MORE Apr 3rd
Here’s our latest recap of Canadian mortgage and real estate news. This week we look at: The latest housing affordability report, which came out with fairly predictable results How the post-OSFI stress test bump in business for credit unions may not be materializing What HomEquity’s 2017.... More »
The Latest in Mortgage News – Fresh Round of Fixed-Rate Hikes Underway Feb 3rd
Over the past couple of weeks, all of the big banks and countless other mortgage lenders have bumped up some of their fixed rates. Meanwhile, markets are now fully pricing in a rate hike by the Bank of Canada at its March meeting, which will raise rates for the country’s variable-rate holders..... More »
You bought a home—should life insurance be next? + MORE May 9th
Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable.
That reality is driving more homeowners to buy life .... More »
Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC May 13th
Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the past year, says CMHC..... More »
Scotiabank not worried about its floating-rate portfolio Jun 28th
With variable rates rising by the month—and more hikes anticipated—observers are keeping a careful watch on adjustable-rate mortgages..... More »
Canadian non-mortgage debt rises 3.3%: Equifax
– moneysense.ca
TORONTO — Equifax Canada says non-mortgage consumer debt climbed 3.3 per cent year-over-year in the second quarter and warns that consumers’ ability to keep up with their debt payments could be affected as interest rates and borrowing costs rise.
The credit monitoring firm’s report comes out a day before the Bank of Canada announces its first interest rate decision since hiking its key lending rate by one-quarter of a point to 0.75 per cent in July.
Strong second-quarter economic growth figures last week has an increasing number of economists predicting the central bank will raise rates sooner rather than later, which could help to curb consumer borrowing at a time when Canadians have record debt loads.
Equifax says non-mortgage debt rose to the equivalent of $22,595 per person in the second quarter.
Alberta had the highest provincial average, at $28,240 of non-mortgage consumer debt per person — up 1.8 per cent from last year — followed by Saskatchewan ($24,690) and British Columbia ($24,026)…
The credit monitoring firm’s report comes out a day before the Bank of Canada announces its first interest rate decision since hiking its key lending rate by one-quarter of a point to 0.75 per cent in July.
Strong second-quarter economic growth figures last week has an increasing number of economists predicting the central bank will raise rates sooner rather than later, which could help to curb consumer borrowing at a time when Canadians have record debt loads.
Equifax says non-mortgage debt rose to the equivalent of $22,595 per person in the second quarter.
Alberta had the highest provincial average, at $28,240 of non-mortgage consumer debt per person — up 1.8 per cent from last year — followed by Saskatchewan ($24,690) and British Columbia ($24,026)…
What the latest BoC interest rate hike means for you
– moneysense.ca
The Bank of Canada is hiking its benchmark interest rate by a quarter point to one per cent. So, what does that mean for people with credit card debt or a mortgage?
Economist Bryan Yu with Central 1 Credit Union says if you’re carrying a lot of debt on your credit card, you’ll probably start to notice higher interest charges.
“They’re going to be facing the quarter-point increase on terms of that debt for their servicing… That’s a quarter point on an annual basis. So, it is going to be a bit of a pinch going forward.”
Read: I crushed our $320,000 mortgage in just six years
“Likely, we are going to see a couple more hikes going forward,” he speculates. “But I think at this point, it will be relatively stable for most individuals until about next year.”
So, it might be a good time to start chipping away at that balance.
“They should keep in mind that this is sort of the early stages of a longer-term rate cycle. So, they may want to be looking at paring back some of that debt over time,” says Yu…
Economist Bryan Yu with Central 1 Credit Union says if you’re carrying a lot of debt on your credit card, you’ll probably start to notice higher interest charges.
“They’re going to be facing the quarter-point increase on terms of that debt for their servicing… That’s a quarter point on an annual basis. So, it is going to be a bit of a pinch going forward.”
Read: I crushed our $320,000 mortgage in just six years
“Likely, we are going to see a couple more hikes going forward,” he speculates. “But I think at this point, it will be relatively stable for most individuals until about next year.”
So, it might be a good time to start chipping away at that balance.
“They should keep in mind that this is sort of the early stages of a longer-term rate cycle. So, they may want to be looking at paring back some of that debt over time,” says Yu…
47% of workers living paycheque to paycheque
– moneysense.ca
TORONTO — A new survey by the Canadian Payroll Association suggests nearly half of workers are living paycheque to paycheque due to soaring spending and debt levels.
The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.
For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.
Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses…
The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.
For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.
Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses…
About half of Canadian workers are living paycheque to paycheque: survey
– canadianbusiness.com
TORONTO — A new survey by the Canadian Payroll Association suggests nearly half of workers are living paycheque to paycheque due to soaring spending and debt levels.
The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.
For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.
Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses…
The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.
For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.
Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses…
The BoC has put every mortgage holder on alert. Ten things to ponder now
– theglobeandmail.com
Since the Bank of Canada couldn’t wait until October to raise rates, here are some facts and strategies for homeowners to ponder
