Considering selling your home in Canada before your mortgage term ends? It’s a common process in Canada, but it’s essential to understand how breaking your mortgage can affect your finances. Whether you hold a fixed or variable-rate mortgage, knowing your options, penalties, and the “porting” process can help you make an informed home buying decision…
I never really thought we’d be having this kind of conversation, especially in connection with the Canadian real estate economy, but everything is somehow connected… Few economic shocks rattle family budgets more than rising borrowing costs. That’s one reason why wars that rocket oil prices are bad for Canadians’ pocketbooks, and the Israel–Iran conflict may be no exception….
This is a mortgage that allows the mortgage borrower to transfer their mortgage balance to a new property and with the same lender without penalties. The borrower will transfer the mortgage to the new property with the exact terms that remained at the time of the transfer. Most mortgages in Canada have some type of portability…
A growing number of Canadians are pressing pause on homebuying plans as economic anxiety deepens, according to BMO’s latest Real Financial Progress Index. 74% of respondents now say they’re concerned about a looming recession, up sharply from 60% just a month earlier. And with affordability worsening, half of Canadians now believe homeownership is even less…
Ready to buy a home? Mortgage rates are likely one of your top concerns.Type “best mortgage rates Canada” into your favourite search engine, and you’ll be directed to pages of mortgage lenders or brokers. However, finding the lowest mortgage rates in Canada is just one part of the equation. You won’t get access to them…
Canada’s housing developers are facing intensifying headwinds in 2025 as macroeconomic uncertainty, buyer affordability concerns, and rising trade tensions continue to suppress activity in an already strained market, according to a new commentary by Morningstar DBRS. Despite ongoing demand driven by a national housing shortage, total housing starts in January and February 2025 fell 5%…
Learn about mortgage lenders in Canada for 2025, from the big banks to smaller lenders and financial institutions in between. Brace yourselves for a very long read…! What You Should Know The majority of Canadians still get a mortgage from a bank, but there are other mortgage lenders that may offer more competitive rates or…
Prime Minister Mark Carney is promising relief for first-time homebuyers by eliminating the GST on homes priced at $1 million or less. The new measure, unveiled in Edmonton just days before the expected launch of the federal election campaign, would save buyers as much as $50,000, Carney said. It also aims to stimulate new housing…
An introduction to down payments A down payment is the lump sum of money you initially put towards the purchase price of a home. If you’re already a homeowner, you may choose to use some money from the sale of your current property towards the down payment on your next one. If you’re a first-time homebuyer,…
Survey finds 60% of homeowners are cutting back on spending to manage higher renewal costs As more than one million Canadian mortgages come up for renewal in 2025, many homeowners are preparing for significantly higher monthly payments after securing their loans at record-low interest rates in previous years. A Royal LePage survey reveals that 57%…
