High rates haven’t stopped Canadians from tapping their home equity by way of reverse mortgages. HomeEquity Bank, the country’s largest reverse mortgage provider through its CHIP product, says demand was up 30% in 2022 compared to the previous year. It saw total reverse mortgage originations top $1 billion for the second year in a row,…
If you’ve been renting or living at home and you’re now ready to buy your own place, you’ll likely want to know how much you can afford. While your finances are a significant factor, getting a mortgage pre-approval is a way to ensure you know exactly how much buying power you have. What is a…
The real estate market is getting chaotic, wherever you stand in the housing market… Canadian homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise, brokers say. They are seeing more Canadians drawn to these lenders as fixed mortgage rates have crept to about 4% in recent months in many…
It has been a long time since we brought on this subject, and now with 2022 well on the way, we thought we’d share some advice! But before we move forward with all the tips, let’s go back to some quick basics… What happens when you purchase a home? A down payment is typically applied…
We have already published articles about what the next 12 months might look like, but here we present to you another analysis by a professional in the industry. 2022 might prove to be a more volatile environment for the Canadian housing market as a whole, according to mortgage sector observer Rob McLister. This is particularly…
Nobody likes to spend more for their daily expenses, so last week’s news of the 3.7% inflation rate was not well received. According to Statistics Canada, it was the largest annual spike since October 1987. A lot of attention has been paid to the rising costs of food or used cars, as well as in…
Zero down mortgages in Canada are the kind that one typically associates with the reckless housing market that gripped the U.S. around 2005 – 5% cash down and get 3% back; or, even wilder, put down nothing at all. So when these products — and others like them — started popping up in the normally…
If we thought credit card debt was always a difficult issue amongst Canadians, there is now an even bigger problem: mortgage debt. Claims suggest homebuyers have pushed new mortgages to unprecedented levels, according to a new report from Equifax Canada. “Much of the growth in consumer debt, which stands at $2.08 trillion, up 4.78% from Q1…
The interest rate is often a yo-yo game, so any kind of loan you take is going to be a gamble! That five-year mortgage you locked in at an interest rate of 3.19% seemed like a pretty good deal two years ago. But the fixed rate is now sitting at 1.99%, even less for a…
Canada’s accumulated mortgage debt in 2020 was equivalent to a significant portion of its gross domestic product, according to the central bank. Figures from the Bank of Canada showed that outstanding mortgage credit increased by $111.12 billion in the 12 months ending January 2021, representing “more than 5% of GDP at the annual rate,” said real estate…
