Applying for a mortgage as a first-time home buyer can feel like a huge and complicated challenge. And while careful research is key to demystifying the process, it can be difficult to separate fact from fiction when rumours and horror stories start filtering through! With this in mind, we debunk five of the most common…
Canada’s mortgage and housing markets are set for a slow but steady recovery, but the path forward is clouded by trade uncertainty and the risk of further US tariffs, according to a new CIBC Capital Markets forecast. The bank’s latest analysis projects that while a “soft landing” is likely, the road ahead is fraught with…
Even though I have discussed this topic in the past, it’s important to bring it up again! As you know, a home is more than just four walls and a roof over your head. It’s a place to call your own, a cozy retreat where you’ll create memories. But there are some lesser-known costs associated…
Borrowers are caught in a mortgage rate market that changes by the week, with little sign of stability ahead. With every passing week, the Bank of Canada faces conflicting economic signals, leaving Canadians guessing about its next move and triggering rapid changes in mortgage rates. After several weeks with the lowest 5-year fixed rates holding above 4%,…
Defaulting on a mortgage can be a daunting prospect for homeowners, potentially leading to a cascade of financial and legal consequences. It can lead to the sale of your property to recover the mortgage debt, which in turn can impact your credit and potentially lead to financial loss. Unfortunately, the number of Canadians concerned about defaulting…
Bank of Canada data shows fixed-rate borrowers face the steepest payment hikes this year and next, but not all mortgage holders are in the same boat Mortgage holders with 5-year, fixed-rate terms renewing in 2025 or 2026 are expected to face the sharpest payment increases, according to new Bank of Canada research. On average, this group could…
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…
