Porting a mortgage, also known as transferring a mortgage, is a process all homeowners should be familiar with. The porting process allows you to apply your current mortgage terms to a new home loan with the same lender — all without breaking your mortgage contract. Porting a mortgage allows you to sell your house in the middle of…
With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months. In Toronto, a city where two-thirds of the country’s condominiums…
Found a home you love? Ready to start the mortgage process? Awesome! What’s next? Paperwork! One of the first things lenders will ask of you is a list of documents – so having this organized beforehand is essential. These documents are intended to provide information about your financial stability and other key factors to help…
Canadian households are finally starting to realize why so many agencies warned against borrowing so much debt. A new report from Equifax Canada shows more households are struggling to repay their super-sized debt loads. The agency notes the trend is amplified in more expensive regions, where delinquencies are rising faster than the national average. Even worse, early…
Your amortization period is the length of time it takes to pay off your entire mortgage. The maximum amount of time you are given depends on how much of a down payment you make when you purchase your home. You already know that the minimum down payment you can make is 5% of the purchase price; however, if you…
Canada’s banking regulator says high borrowing costs and a wave of expected renewals in the coming 18 months pose key risks to Canada’s financial system. With 76% of outstanding mortgages expected to come up for renewal by the end of 2026, OSFI says homeowners face the risk of payment shock, particularly those who took out…
On April 11, 2024, Deputy Prime Minister/Finance Minister Chrystia Freeland announced several new housing affordability measures designed to help first-time buyers and current homeowners. In light of the federal restrictions on foreign home buyers last year (more on that later), newcomers to Canada may be curious if they are eligible for any of the recently…
The federal government is looking at making Islamic home financing increasingly accessible to help more Canadians break into the housing market. As part of the 2024 federal budget that was released last week, Ottawa said it is “exploring new measures to expand access to alternative financing products, like halal mortgages.” Last month, the federal government started consulting financial services…
Canadians are frequently told that a strong credit score is a great way to get a reduced mortgage rate. But, what about the individuals who have poor credit? Is it possible to get a mortgage with bad credit in Canada? While it’s not easy, it’s also not impossible. There are several steps you can take that can boost…
The rapid run-up in mortgages during the pandemic represents a “pocket of risk” to the financial system but Canadian lenders are starting to get the problem of ultra-long home loans under control, according to the country’s bank watchdog. “During the Covid years, the principal unintended consequence of what we went through was this buildup in…
