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…
Start saving early When calculating how much money you need to buy a house, consider one-time expenses as well as new, recurring bills. Here are the main upfront costs to consider when saving for a home: Down payment: Your down payment requirement will depend on the type of mortgage you choose and the lender. Some…
This blog post is going to be a unique one, simply because the story I want to share is a video interview. Managing Director and Deputy Chief Economist at CIBC, Benjamin Tal
Every Canadian is different, so we all have different needs when it comes to buying a home. As a result, mortgages come in lots of different shapes and sizes: closed, open, variable-rate, fixed-rate, 3-year, 5-year, 10-year… you get the picture. One of the most important decisions you’ll need to make when applying for a mortgage…
Canadian mortgage rates are once again rising, after a temporary decline that boosted home prices. Canada’s 5-year fixed term mortgage rate pulled back during the US banking crisis, helping to boost home prices. Surging government bond yields have rolled back the discount over just a few days. While the fixed term mortgage remains one of…
Before buying a home, most Canadians know that they’ll need to come up with a down payment of at least 5% or more. But there are several other upfront expenses you might not have thought of – they fall under the category of closing costs, and they can be significant. How much should I budget…
Canadian mortgage borrowers are fleeing unpredictable variable rates, and getting more leverage. Bank of Canada data reveals that nearly three-quarters of mortgages issued in March had rates fixed for 1 to 5 years. It’s a big change from a year ago, when most borrowers were opting for variable rates. Borrowers shifted their preferences after rates…
