The Bank of Canada’s April 13 interest rate hike of 0.5%—the biggest one-time rate jump in decades—caught many variable-rate mortgage holders off guard. Some are likely thinking about running to their local bank branch or mortgage specialist to lock into a standard five-year fixed rate. Those who do so will likely be welcomed into the lion’s…
Still want to buy a home? You’ve got a friend in us! A study found Canada has one of the highest rates of home ownership in the world, with 67% of residents owning their own home. As an aspiring homeowner, you’ll need to learn about down payments, mortgages, and mortgage insurance. Understanding what these terms mean can…
Most big mortgage lenders, including all of the Big 6 banks, have hiked fixed rates once again over the past several weeks. In many cases, they’ve also reduced their variable-rate discounts, making variable-rate mortgages slightly pricier for new borrowers. Most of the fixed-rate increases were in the range of 15 to 20 bps, although Scotiabank…
Do you know someone who bought a home during the pandemic? It turns out there’s a 19% chance that they already own several properties. A recent survey by RATESDOTCA and BNN Bloomberg found that out of the respondents who purchased a home within the last 18 months, nearly one in five already owned multiple properties. The remaining…
Some mortgage borrowers’ confidence in variable rates may be tested as the Bank of Canada’s overnight target rate started its inevitable climb upwards in January. Recently, someone asked a journalist: “Are you able to provide further advice on when we should make the switch to a fixed rate—all the news seems to imply such a…
It has been a long time since we brought on this subject, and now with 2022 well on the way, we thought we’d share some advice! But before we move forward with all the tips, let’s go back to some quick basics… What happens when you purchase a home? A down payment is typically applied…
The Bank of Canada’s decision to delay a rate hike for 5 more weeks will add fuel to Canada’s scorching housing market as buyers scramble to clinch deals before borrowing costs rise, realtors said. The Bank of Canada held its overnight rate at a record low 0.25% at the end of January, but warned multiple…
Numerous Canadian banks and mortgage lenders have been raising fixed mortgage rates in recent weeks, following the lead of rising bond yields that are now at a two-year high. And this week, all eyes will be on the Bank of Canada to see if it raises its overnight target rate earlier than expected, which would…
Canada’s central bank warned real estate buyers to prepare for higher interest rates. It appears buyers are calling their bluff, opting for little rate protection on loans. Bank of Canada (BoC) data shows the share of new mortgages with variable rates doubled in October. Interest costs on most new uninsured mortgages will rise with rates, as borrowers…
We have already published articles about what the next 12 months might look like, but here we present to you another analysis by a professional in the industry. 2022 might prove to be a more volatile environment for the Canadian housing market as a whole, according to mortgage sector observer Rob McLister. This is particularly…
