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…
The Bank of Canada reduces bond purchases, expects economic slack to be absorbed in the second half of 2022 The Bank of Canada (BoC) kept the overnight rate at 0.25% but continued to taper the quantitative easing (QE) program. The Bank reduced the pace of asset purchases from at least $3 billion per week to…
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…
Last week, it was announced again that both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages…
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…
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…
Math isn’t for everyone but that’s why we have been blessed with digital and physical machines to help us crunch the complicated numbers. If you are looking to take out a mortgage sometime soon, know what you’ll be signing up for with our mortgage payment calculator. Understanding your mortgage payments is an important part of…
Heavy restrictions are making it difficult for people to make life changing decisions such as buying a house this winter. However, if you’re a qualified buyer, you could definitely consider it! Canadians will be spending more time at home this 2021 winter – living, working, studying, playing, working out, and so on. Is there really…
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…
