Almost 1 million existing loans have been deferred; more loans are still being taken out. More than 3/4 of a million Canadian homeowners have either deferred or skipped a mortgage payment during the COVID-19 pandemic began, to the tune of about $1 billion a month, Canada’s national housing agency says. In a report on Thursday,…
This summer, the housing market nationwide was better than anticipated; but we shouldn’t let it give us too much hope. Experts believe we won’t see the full effects of the pandemic on Canada’s real estate market until later this year. The upcoming reality check could be a painful one, according to a report on Canadian housing and mortgage…
As we begin the first fall of the decade, the 6 month vacation thousands of Canadians have taken from their mortgage payments will be over. Since the end of June, 760,000 people had put their mortgages on pause, according to the Canadian Bankers Association. And for a big portion of them, the grace period will…
If you’re shopping for a new mortgage, you may read around a lot of scepticism concerning the variable-rate. Are they an unnecessary gamble? On the plus side, you may win for at least a year or two by taking the chances; but after that, it’s finger-nail biting time. Years 4 and 5 could prove very…
It’s no secret that the majority of 2020 has seen a seismic shift in how everything around the world operates. Most things have changed, and it feels like the pandemic has pushed a hidden reset button back at the end of March. The point of this blog, however, is to discuss matters within the real…
With already a difficult year in our hands, things have not been made better with tighter lending rules that came into force July 1st. Of course, that will make it harder for some Canadians to buy homes, but mortgage professionals say there’s no reason to panic 😉 The CMHC announced plans in early June to…
Canadian life has started to look very different as a result of the pandemic, from how/where we live, to how we shop, eat and work. While few changes have been for the better, COVID-19 could bring about some welcome changes to our economy. Where we live The pandemic has certainly wreaked havoc on one of the…
The head of the CMHC delivered a particularly discouraging forecast while testifying remotely before the House of Commons Finance Committee back in May. Among Evan Siddall’s predictions were: Home prices could fall from their peak by 9% to 18% over the next year Mortgage deferrals could jump to 20% from 12% by September Mortgage arrears could top…
Also known as cliff vesting, it’s the process by which employees earn the right to receive full benefits from their company’s qualified retirement plan account at a specified date, rather than becoming vested gradually over a period of time. The vesting process applies to both qualified retirement plans and pension plans offered to employees. The CMHC’s CEO Evan Siddall…
It doesn’t really get easier with the real estate market during this pandemic. Less homes on sale, lower prices, and this latest to name a few! But what makes it more complicated with refinancing? They are uninsurable, so the lending risk sits squarely with the lenders; whereas purchase transactions facilitate changes of ownership, and the…
