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…
Variable rate mortgages are surging as Canadians pile on the cheap debt, betting that we won’t see a Bank of Canada interest rate hike until the end of next year. The national bank recently noted that more than half of new mortgages made by banks, including renewals and refinances, were variable rates in July. With…
Since the pandemic lockdowns dragged interest rates to historic lows in 2020, Canadians have been diving into the real estate market with unprecedented motivation. During a time of extraordinary financial disruption, more than 551,000 properties sold last year — a new annual record, according to the Canadian Real Estate Association. Those sales provided a desperately…
The mortgage deferral rate is on the decline according to the CMHC. In their quarterly financial report released November 27, the CMHC reported it had deferrals on 5% of its entire portfolio of insured mortgages since September 30. That’s a decline from approximately 8% in August. The active mortgage deferral rates as of September 30 was 4%…
This summer, the housing market nationwide was better than anticipated; but we shouldn’t let it give us too much hope. Experts believe we won’t see the full effects of the pandemic on Canada’s real estate market until later this year. The upcoming reality check could be a painful one, according to a report on Canadian housing and mortgage…
As we begin the first fall of the decade, the 6 month vacation thousands of Canadians have taken from their mortgage payments will be over. Since the end of June, 760,000 people had put their mortgages on pause, according to the Canadian Bankers Association. And for a big portion of them, the grace period will…
Looking for a new home is not easy. Getting the money for it is even harder. The process to getting that money is long; and difficult. That’s why most first-time homebuyers need a bit of help to find their new space. A real estate agent can help with the easier part; and that’s where we…
Of all the major cities and their popularity in Canada, we are certainly not used to Ottawa becoming so big in real estate! And why is this happening? For most of the past decade-and-a-half, frenetic activity across the country has completely taken Ottawa off the map, in terms of media coverage. Let’s look back a…
CMHC will no longer insure self-employed mortgages without income validation. So this is obvious now that self-employed people have better chances to get mortgage using mortgage brokers than regular lenders such as banks. It is extremely hard to navigate which lenders specialize in self-employed mortgages or have more favorable terms for the self-employed. Mortgage brokers…
