Canada’s Lenders Reduce Mortgage Amortization Periods
Rising interest rates pushed amortization periods beyond 35-yr, posing risks to borrowers. Canadian lenders reduced mortgages exceeding 35-yr by 27% to $220B.
Clearing up misconceptions about reverse mortgages
A reverse mortgage allows homeowners aged 55 or older to access up to 55% of their home's value without monthly payments. Myths include the bank owning your home and owing […]
Canadian Credit Card Debt Rose Faster Than the Mortgages
Canadian household debt growth is slowing down, but it's still the slowest in decades. This slowdown is mainly due to slower mortgage debt growth, while credit card debt is rising […]
A Green Light for Mortgage Rate Drops in Canada
Inflation drop prompts BOC's potential interest rate decrease, impacting variable and fixed mortgage rates. Anticipated rate cut likely in mid-2024 after enduring significant rate hikes in recent months.
Renters — not mortgage holders — show most debt stress, Bank of Canada says
Renters in Canada are facing more financial stress due to rising debt costs compared to homeowners dealing with higher mortgage rates. The Bank of Canada's analysis shows signs of stress […]
How Much Mortgage Can I Get With $35K Salary?
It's estimated to be ~$170K, but depends on credit score, debt and interest rates. No more than 39% of your income should go towards mortgage payment, including property taxes and […]
Canada’s New Housing Plan: Linking Rental Payment History and Credit Scores
The government's new Housing Plan aims to help renters build credit by including rent payments in credit histories. This initiative encourages collaboration among fintech companies, credit bureaus, and lenders to […]
Bank of Canada Holds Key Rate at 5%
Bank of Canada key interest rate held steady at 5%.Rate cut possible on 5th June if inflation continues to slow.Bank of Canada forecasts economic growth of 1.5% in 2024.
Bill 29: Transforming Mortgage Services in BC
The BC government is introducing a new Mortgage Services Act (MSA) to replace the outdated Mortgage Brokers Act (MBA). This will bring stricter regulations to the mortgage industry in BC.
Advantages of Buyer’s Agents
Specialized professionals streamline property search, offer tailored advice, and navigate buying processes.Potential savings outweigh fees, especially for first-time buyers and investors.