Canada’s housing market was full of surprises this year. The average house price has risen 17% despite numerous predictions that prices would decline. Near the beginning of the pandemic, the CMHC predicted that house prices would decline 9% to 18%. However, exactly the opposite has actually happened! The experts may have been proven wrong, or…
Buying a home is probably the biggest purchase you’ll ever make. Like most people, it’s unlikely you’ll pay in cash—you’ll borrow most of the money through a mortgage. Over the life of that mortgage, you’ll pay a lot in interest. Small changes in this interest can make a big difference in how much you’ll pay…
Almost 1 million existing loans have been deferred; more loans are still being taken out. More than 3/4 of a million Canadian homeowners have either deferred or skipped a mortgage payment during the COVID-19 pandemic began, to the tune of about $1 billion a month, Canada’s national housing agency says. In a report on Thursday,…
If you’re shopping for a new mortgage, you may read around a lot of scepticism concerning the variable-rate. Are they an unnecessary gamble? On the plus side, you may win for at least a year or two by taking the chances; but after that, it’s finger-nail biting time. Years 4 and 5 could prove very…
Canada Mortgage and Housing Corp (CMHC) said late Friday April 25, 2014 it will stop insuring mortgages on second homes, effective May 30, 2014. Anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures. In addition, it will stop offering mortgage insurance to…
