Benjamin Tal calls for an end to interest rates spike
This blog post is going to be a unique one, simply because the story I want to share is a video interview. Managing Director and Deputy Chief Economist at CIBC, Benjamin Tal
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Open Mortgages or Closed Mortgages?
Every Canadian is different, so we all have different needs when it comes to buying a home. As a result, mortgages come in lots of different shapes and sizes: closed, open, variable-rate, fixed-rate, 3-year, 5-year, 10-year… you get the picture. One of the most important decisions you’ll need to make when applying for a mortgage…
More Expensive; Canada’s Mortgages Are On The Way Up Again
Canadian mortgage rates are once again rising, after a temporary decline that boosted home prices. Canada’s 5-year fixed term mortgage rate pulled back during the US banking crisis, helping to boost home prices. Surging government bond yields have rolled back the discount over just a few days. While the fixed term mortgage remains one of…
Closing Costs in Canada: An Overview
Before buying a home, most Canadians know that they’ll need to come up with a down payment of at least 5% or more. But there are several other upfront expenses you might not have thought of – they fall under the category of closing costs, and they can be significant. How much should I budget…
Fixed Rates Have Become More Desired by Canadians Once Again
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…
The right credit score – best one to buy a house in Canada?
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…
New To Canada? Here’s What You Need To Know About Mortgage Shopping
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…
More On HELOC And What It Represents
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…
A Sharp Decline With Canadian Mortgage Borrowing In 2023
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…
Reverse mortgages are booming despite Canada’s turbulent rate phase
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,…
