Consumer debt in Canada has reached $20,739 per person, on average. Credit card spending and balances in Canada are trending upwards compared to recent years and more concerning, there’s an uptick in credit card accounts with missed payments. If you’re a homeowner, you might be wondering whether you can use the equity in your home to reduce your…
Real estate professionals say the Bank of Canada’s decision to hold interest rates at 5% is a positive sign for mortgage holders with loans tied to prime interest rates, though the high cost of borrowing will remain a challenge. Recently, Canada’s central bank decided to stay with its key policy rate 5% for a 3rd…
Borrowers across the country may be waiting for the first indication that the Bank of Canada is readying interest rate cuts in 2024 – but there’s been much-needed good news on the rate front in recent weeks with a sharp drop in five-year Government of Canada bond yields. Perched just below 3.80% at time of…
This weeks’ federal fiscal update unveiled Ottawa’s plans for a “mortgage charter” aimed at assisting distressed borrowers – something stakeholders and experts say could impact bank earnings as well as providing relief for stretched Canadian homeowners. MORTGAGE CHARTER EXPLAINED The charter will build on existing guidance and expectations for how financial institutions work with borrowers, the government…
As a new immigrant, navigating the Canadian real estate market can feel daunting, especially if it differs significantly from that of your home country. Whether you’re contemplating buying a home, this brief guide will help you get a better lay of the land so you know what to expect. I’ll outline some of the most…
The Bank of Canada delivered its second straight rate hold, but signalled that it remains concerned about inflationary risks and price pressures. As was widely expected, the Bank left its overnight target rate at 5.00%, which means prime rate will stay at 7.20% for variable-rate mortgage borrowers. In its statement, the Bank noted it is…
1. Consider your current financial goals Before you sign your mortgage renewal slip and send it back, you should first review your financial goals. You want to be sure your current provider can offer a mortgage product that suits your needs. For example, if your current mortgage term is a 5-year fixed rate, the renewal…
Canada’s potential first-time homebuyers are increasingly giving up on homeownership. A recent semi-annual State of The Housing Market survey, and among the key insights was the decline in home-buying aspirations. Nearly half of renters no longer believe buying a home is possible, with a large share of young adults considering dumping their province for a more affordable…
That many Canadians with mortgages are seeing their amortization periods stretched in a way they’ve never seen before is something economists and mortgage brokers agree on. But how “infinity mortgages” really impact homebuyers(opens in a new tab), mortgage default rates and the economy is less clear, experts say. And while they might not stay infinite for…
Canadian homeowners are having regrets over their current mortgage as they face unexpected increases in their monthly payments, says one new study. Over a third of homeowners say they have mortgage regrets and 21.8 per cent say they can’t afford their payments because of consistent interest rate hikes from the Bank of Canada, according to…
