Canadian mortgage borrowers are fleeing unpredictable variable rates, and getting more leverage. Bank of Canada data reveals that nearly three-quarters of mortgages issued in March had rates fixed for 1 to 5 years. It’s a big change from a year ago, when most borrowers were opting for variable rates. Borrowers shifted their preferences after rates…
In Canada, you need a good credit score to buy a house. The reason is that most mortgage lenders, such as major banks, use your credit score to determine if you are a risk on defaulting on your home loan. The higher your credit score, the better your mortgage terms are likely to be, which…
Whether you’re new to Canada or planning to move here in the near future, you’re likely eager to start your new life. But navigating the Canadian mortgage landscape can seem daunting, especially if you’re new to the process. What to look for when choosing a mortgage provider Once you’ve saved enough for your down payment…
Yes, I do have a full service offering and some explanation on the website about what home equity line of credit is, but here is some complementary info to give you more of the full picture! All right! Who doesn’t love a good acronym? Sometimes it’s pretty easy to get lost in industry jargon. We’ll…
Canada’s real estate slowdown is still trickling through the mortgage market. BoC’s data shows mortgage originations continued to fall in January. The volume of new lending has virtually dropped off a cliff, as higher rates throttle leverage. Sky-high home prices that are falling aren’t exactly providing much buyer incentive either. Canadian Mortgage Borrowing Has Been Unusually…
High rates haven’t stopped Canadians from tapping their home equity by way of reverse mortgages. HomeEquity Bank, the country’s largest reverse mortgage provider through its CHIP product, says demand was up 30% in 2022 compared to the previous year. It saw total reverse mortgage originations top $1 billion for the second year in a row,…
Unfortunately, half of this country’s citizens say they think mortgage fraud is common in Canada, while a sizeable portion think it’s acceptable to inflate income or misrepresent your employment to secure a mortgage. Those were the findings of the latest BNN Bloomberg and RATESDOTCA survey, conducted by Leger. The survey was sent out to respondents in…
If you’ve been renting or living at home and you’re now ready to buy your own place, you’ll likely want to know how much you can afford. While your finances are a significant factor, getting a mortgage pre-approval is a way to ensure you know exactly how much buying power you have. What is a…
Canada’s largest bank sees a bottom to sales, but thinks there’s more pain for home prices—at least near-term. That’s the take from RBC, that feels home prices are stabilizing but will fall further. Don’t expect a quick recovery either, with affordability challenges weighing down future sales. Canadian Real Estate Sales May Have Found A Floor Canadian…
After a year of rapidly rising interest rates and falling home prices, 2023 should see more balanced conditions return to most housing markets across the country. Re/Max Canada forecasts that national prices will fall by a modest 3.3% in 2023 compared to 2022 values. However, certain regions are expected to see sharper declines than others,…
