Canadian banks are trying to ease the burden on homeowners who can’t keep up with the rapid rise in interest rates by extending mortgage amortizations and, in some cases, adding unpaid amounts onto the loan principal, tools that can stave off default in the short term but that may come with longer-term consequences. After hiking…
Most mortgages need to be renewed at least once before they’re eventually paid off. Unless you have the cash to pay off your balance in your first mortgage term, you’re likely part of the roughly 66% of Canadian homeowners who carry a mortgage and must renew it at the end of their term. A mortgage renewal is simply…
The headline is not meant to be random, or fearmonger. The housing market has been experiencing a constant rise in interest rates this year, and we wonder if the bubble is about to pop? It was a soundbite that appeared to pave the way for a prolonged Canadian housing market boom: Bank of Canada governor…
Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage. Whatever the reason, there are in fact many multiple-property owners in Canada. In British…
It’s getting a bit tricky out there with the real estate market and home ownership. Amongst many banks, globally, the Bank of Canada’s rising interest rates have some variable-rate mortgage holders thinking about the upside of locking in a fixed rate, according to experts who spoke to Global News. Some industry experts were interviewed to understand what is currently happening…
While market activity has gone down significantly in recent months, several factors will act in concert to prevent an all-out housing crash, market observers argue. Chief among these trends is the inbound flow of new residents, which is expected to accelerate as borders continue to reopen and pandemic restrictions ease. New targets from the federal…
As we recently heard, another interest rate hike from the Bank of Canada means some Canadians could be spending a lot more on their monthly mortgage bills. According to industry professionals, it seems that variable- rate mortgage holders will be the most impacted. “It’s all but certain that when the Bank of Canada makes this announcement, the…
Amid a series of interest rate hikes implemented by the Bank of Canada over the last few months, some Canadian homeowners may be concerned about whether they’ll be able to keep up with their mortgage payments. Missed mortgage payments are not common in Canada, according to data compiled by the CMHC. In Q1 of 2022, the country’s mortgage…
Bond yields dove over 30 basis recently as economic worries start to replace inflation concerns. Bond yields, which lead fixed mortgage rates, fell to 2.84% down from 3.15% and well off the 3.59% high reached in mid-June. The decline comes due to growing expectations of an economic downturn. Rate analyst Rob McLister, editor of MortgageLogic.news, said…
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…
