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…
Bank economists are convinced that the Bank of Canada (BoC) will announce a 3/4s of a percentage point hike on July 13, 2022. Josh Nye, a senior economist with RBC Economics, believes that Canadian policymakers will follow the moves of their U.S. counterparts. Avery Shenfeld and Andrew Grantham, economists at CIBC, shares the same sentiment and said the…
It’s no secret that Canada is currently in the throes of a housing market cooldown, with the pace of home sales falling in April and national house prices also on the way down. New figures released by the Canadian Real Estate Association (CREA) revealed that the country’s home price index fell 0.6% between March and…
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…
The Bank of Canada’s April 13 interest rate hike of 0.5%—the biggest one-time rate jump in decades—caught many variable-rate mortgage holders off guard. Some are likely thinking about running to their local bank branch or mortgage specialist to lock into a standard five-year fixed rate. Those who do so will likely be welcomed into the lion’s…
Most big mortgage lenders, including all of the Big 6 banks, have hiked fixed rates once again over the past several weeks. In many cases, they’ve also reduced their variable-rate discounts, making variable-rate mortgages slightly pricier for new borrowers. Most of the fixed-rate increases were in the range of 15 to 20 bps, although Scotiabank…
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…
Canada’s central bank warned real estate buyers to prepare for higher interest rates. It appears buyers are calling their bluff, opting for little rate protection on loans. Bank of Canada (BoC) data shows the share of new mortgages with variable rates doubled in October. Interest costs on most new uninsured mortgages will rise with rates, as borrowers…
