Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Finding help in this crazy housing market + MORE Nov 21st
For many Canadians, the dream of owning a home while earning a modest income just keeps getting harder and harder to achieve. But various governments as well as some non-profits and some private developers offer options to help struggling first-time home buyers get into the market. Here are three p.... More »
Shelter takes larger share in updated CPI basket weights + MORE Jun 17th
The latest update to the Consumer Price Index (CPI) basket gives even more weight to shelter costs—particularly mortgage interest and rent—underscoring just how much housing expenses are shaping the inflation experience of Canadians..... More »
Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th
The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »
How does credit card debt affect a mortgage application? Apr 7th
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income, down payment amount and how much you owe—including credit card debt, car payments and unse.... More »
CMHC’s Gloomy Outlook: Up to 18% Drop in Home Prices, 20% Arrears Rate + MORE May 23rd
The head of the Canada Mortgage and Housing Corporation delivered a particularly gloomy forecast while testifying remotely before the House of Commons Finance Committee on Tuesday. Among those predictions, CMHC CEO Evan Siddall said: Home prices could fall from their peak by 9% to 18% over the next .... More »
Your Black Friday 2014 Savings Guide
– ratesupermarket.ca
Today marks the official countdown to the holidays – and the push to spend, spend, spend. Black Friday has grown from its humble beginnings as a post-U.S. Thanksgiving sale to an international shopping bonanza.
Not only has the shopping event crossed the border to Canada, but the calendar as well – this year, retailers are ringing in the deals even sooner with Gray Thursday. It can be easy to get caught up in the seasonal madness – and spend more than you really want to. But have no fear – we have you covered, from selecting real deals to crossing the border for cheap.
In Personal Finance: Black Friday 2014 To Be Bigger Than Boxing Day
Are you ready for Black Friday 2014? A recent study finds the shopping holiday has grown so much, it now trumps Boxing Day in Canada. Read on for our top tips for scoring big ticket items and saving your time and money.
Read Sean’s Blog | Black Friday 2014 To Be Bigger Than Boxing Day
In Mortgages: Senior Home Buyers Are Fuelling the Market
First time home buyers may get all the attention, but it’s actually the senior segment that’s really driving Canada’s hot housing market, according to the CMHC’s 2014 Canadian Housing Observer…
Young family craves vacation retreat, but should they wait?
– theglobeandmail.com
Louis and Lena have a while to go until their mortgage and other loans are paid off. They wonder whether buying a cottage now will affect their retirement goal of $60,000 a year after tax
Senior Home Buyers Are Fuelling the Market: CMHC
– ratesupermarket.ca
In addition to providing mortgage insurance for homeowners with less than 20 per cent for a down payment, one of the Canada Mortgage and Housing Corporation’s (CHMC) roles is to monitor and analyze the country’s housing stock. The federal agency recently released two reports, the 12th annual 2014 Canadian Housing Observer and the House Price Analysis and Assessment. Here’s a closer look at some of the key findings.
Senior Spenders Leading Growth
While much attention is paid to the first-time homebuyers market (including on this blog!), it turns out that the baby boomers still lead the way in housing in Canada. According to the CMHC, “Because the probability of owning a home rises as people get older…population aging helps account for the virtually uninterrupted increase in the homeownership rate in Canada over the past four decades.” In fact, the 60- to 64-year-old age bracket – the oldest of the boomers – had the highest ratio of homeownership in the period between 2006 and 2001…
Mortgage Career: Direct Mortgage Inc.
– canadianmortgagetrends.com
Company: Direct Mortgage Inc. Position: Commercial Mortgage Agents Location: Toronto, Ontario Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Commercial Mortgage Agents Direct Mortgage Inc is looking for experienced commercial mortgage agents – loan officers, loan originators, etc. with previous sales success that will seek out new […]
OECD Predicts Rising Rates in May. Should Homeowners Worry?
– ratesupermarket.ca
Another voice has chimed into Canada’s interest rate discussion this week, stating central bank rates will start rising in May 2015. The remarks came from the Paris-based Organisation for Economic Co-operation and Development (OECD), and are in contrast to the stance taken by economists and the Bank of Canada itself. Most predictions are the benchmark interest rate will remain at 1 per cent and start to rise towards the end of 2015.
Canada’s real estate market has been under a great deal of scrutiny, with speculation over the past year that the market is overvalued and due for a sharp correction. The OECD’s latest remarks on Tuesday add to the yet-to-be proven forecast that Canada’s housing market is in trouble. But how should homeowners interpret the OECD mortgage rate predictions?
How Have Past Warnings Played Out?
The OECD’s stance is just the latest take on the health of our housing market; in 2013, a report from Deutsche Bank stated Canada has the most overvalued housing market in the world, with housing prices 60 per cent higher than they should be…
