High interest rates are affecting mortgage choices at renewal in Canada. More households are choosing variable-rate and shorter-term mortgages, increasing their exposure to future interest-rate changes. For many Canadians, a mortgage is the largest financial commitment they will ever undertake. The sharp rise in interest rates after 2022 reminded borrowers that mortgage costs can change…
A reverse mortgage is a type of loan for homeowners, usually aged 55 or older. It allows you to borrow money from your home equity without selling your home. You may do so by converting a portion of your home equity into tax-free money. Financial institutions sometimes call this “equity release.” You may usually borrow…
One in three Canadians renewing their mortgage this year say they feel more anxious than at their previous renewal, though the wave of financial distress that many feared has largely not materialized. A new survey for Royal LePage, conducted by Burson between July 20 and August 6, 2026, polled 1,127 Canadian homeowners facing renewal. It found that…
Home buying is one of the proudest moments for new Canadians. But without a Canadian credit or lengthy history of financial information, new immigrants worry about getting a mortgage. On the bright side, there are a couple of unique programs that can help. CIBC, one of Canada’s biggest banks, offers a range of newcomer mortgage…
The Bank of Canada has published its complete schedule of policy interest rate announcements for 2027, giving mortgage brokers and their clients a full planning horizon for the year ahead, alongside reconfirmed dates for the final three decisions of 2026. The central bank’s overnight rate currently sits at 2.25%, where it has remained for six consecutive…
Buying a home is stressful enough, but when you’re self-employed, getting approved for a mortgage can feel like running a financial obstacle course. Even with steady income and years of business success, self-employed borrowers often encounter stricter income verification requirements and more documentation requests than traditional employees. As someone who’s been self-employed full-time for several…
Canada’s coming mortgage renewal wave is emerging as a major household affordability challenge, with many borrowers facing limited room to absorb higher payments, even as confidence in the value of homeownership remains resilient, according to new consumer research from Mortgage Professionals Canada. The new Mortgage Professionals Canada report, based on consumer survey research conducted by…
You’ve found your dream home: the perfect neighborhood, great schools, a beautiful kitchen, spacious rooms, ideal square footage. When you go to put in an offer, you realize that it’s not only your dream home but someone else’s as well. The seller now has two offers. Scenario #1: You already have a pre-approval letter in…
Canadians are increasingly struggling to keep up with their mortgages, especially in high-priced Ontario and British Columbia markets, a new report says. Equifax Canada’s Market Pulse report, published Tuesday, said mortgage delinquency balances were up 32% nationally in the first quarter compared with the same period last year, with Ontario and British Columbia leading provinces…
Rising housing costs are leading to an increasing share of first‑time homebuyers seeking financial support from their parents. Specifically, Canada has experienced a noticeable rise in instances of parents co‑signing mortgages with their adult children. This practice allows buyers to purchase more expensive homes—but it can also make both parties vulnerable to financial disruptions. Over…
