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,…
A new chapter has begun in the Canadian real estate industry, with the government banning non-Canadians from buying property across the nation, to help cool off housing prices from East to West. However, certain exceptions and conditions apply… Canada’s foreign buyer ban will allow some exceptions for international students, temporary residents, and refugees, the Canada…
A common goal for many mortgage borrowers is to get their mortgage paid off as soon as they can. Who doesn’t want to be mortgage-free? Pretty much all mortgages come with prepayment privileges, regardless of the lender. They are not created equal, however, so it’s important for you to have a good understanding of how…
Canadian banks are trying to ease the burden on homeowners who can’t keep up with the rapid rise in interest rates by extending mortgage amortizations and, in some cases, adding unpaid amounts onto the loan principal, tools that can stave off default in the short term but that may come with longer-term consequences. After hiking…
Most mortgages need to be renewed at least once before they’re eventually paid off. Unless you have the cash to pay off your balance in your first mortgage term, you’re likely part of the roughly 66% of Canadian homeowners who carry a mortgage and must renew it at the end of their term. A mortgage renewal is simply…
