To refinance your mortgage, you will need to adhere to the terms and conditions outlined by your lender. The process may feel overwhelming to some. However, by taking the time to think things through, you should be able to complete the process without much effort. Refinancing your mortgage is essentially replacing your existing mortgage with…
Bank economists are convinced that the Bank of Canada (BoC) will announce a 3/4s of a percentage point hike on July 13, 2022. Josh Nye, a senior economist with RBC Economics, believes that Canadian policymakers will follow the moves of their U.S. counterparts. Avery Shenfeld and Andrew Grantham, economists at CIBC, shares the same sentiment and said the…
It’s no secret that Canada is currently in the throes of a housing market cooldown, with the pace of home sales falling in April and national house prices also on the way down. New figures released by the Canadian Real Estate Association (CREA) revealed that the country’s home price index fell 0.6% between March and…
The real estate market is getting chaotic, wherever you stand in the housing market… Canadian homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise, brokers say. They are seeing more Canadians drawn to these lenders as fixed mortgage rates have crept to about 4% in recent months in many…
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…
