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The average mortgage payment for new loans jumped 4.6 per cent in the past year.
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The home renovation business is booming. In Canada alone, construction trends have been hedging towards fixer-uppers instead of breaking new ground. But while many of us are looking forward to those n...
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Banking can be stressful for those of us who aren't financially savvy. But tackling your banking head-on allows you to simplify your life and reduce your overall stress.
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For many Canadians, their monthly mortgage payment is their largest expense. And so, when it comes time to renew your mortgage there are many things to consider. First, you need to establish the steps...
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Finding a great mortgage rate can help make the dream of real estate ownership a reality, but it's not the only important thing to consider when financing a home. From what payment plan would best sui...
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Applying for a mortgage will be one of the most important financial decisions you'll have to make in your life, so you need to make sure you're well-versed and ready for the responsibilities associated with getting a loan.
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The dream of owning a home typically isn’t possible without having a mortgage. But staying informed, understanding all your options, and developing a sound strategy for paying off your mortgage is eas...
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Now that Donald Trump has been sworn in as the 45th president of the United States, should we prepare for an onslaught of Americans moving north and buying Canadian homes? Don't bank on it. Americans cannot just pick up and move here because they don't like their new president.
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As we start a new year, we have yet another new poll about how Canadians are once again listing paying down debt as their top financial priority for 2017. This survey, from the CIBC, says that for the seventh straight year concerns about debt were a top concern for most Canadians.
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The objective of that policy is to reduce mortgage lending. It means that a potential home buyer who can comfortably afford the costs of buying a home (based on their actual mortgage interest rate, which will usually be less than three per cent) might not be able to get financing, because of a new, very high "stress-test" hurdle (using an interest rate that is currently 4.64 per cent, and far above actual market rates).
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The Royal Bank of Canada is also increasing its rates.
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Don't say the banks didn't warn you.
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Under the new mortgage rules, which take effect on Oct. 17, all new insured mortgages must qualify for the amount at a rate of 4.64 per cent, which is an average of the big banks' current posted mortgage rates. This is the case even if the rate offered by your lender is lower.
As many as 21 in total have the potential to be shut down. If residents of the east side are forced to move into more expensive neighbourhoods just in order to find a school for their children, homeowners may be forced to turn into renters as they arrive outside the comfort zone of their financial capabilities.