Canada Mortgages

Canadians Carrying Consumer Debt In 2016 Face Tough Odds

Douglas Hoyes | Posted 01.05.2016 | Canada Business
Douglas Hoyes

If you are playing with debt in 2016, you have to hope that everything remains stable -- your job, your health, your interest costs, even your relationship. However, based on my experience, if you are in the at-risk category, the odds are against you.

New Mortgage Rules Won't Stop A Motivated Borrower

Douglas Hoyes | Posted 12.17.2015 | Canada Business
Douglas Hoyes

New limits may force more borrowers to approach alternative lenders as a source for financing and may increase the percentage of parents taking out a second loan on their own home to help their adult children move into the housing market.

What Canadians Need To Know About The U.S. Fed's Rate Hike

Penelope Graham | Posted 12.16.2015 | Canada Business
Penelope Graham

The long-awaited liftoff is here: the U.S. Federal Reserve has announced they are raising the Federal Funds Target Rate to 0.5 per cent. It is the first time in seven years the Fed has increased their trend-setting interest rate, which they cut to 0 per cent on December 16, 2008. Markets had widely anticipated the move, with 81 per cent calling for a hike today. As the U.S. is the largest economy in the world, any change it makes reverberates through the rest of the globe, impacting markets and even the cost of borrowing for other countries.

Ottawa's New Down Payment Rules Aren't Necessarily A Bad Thing

Samantha Brookes | Posted 12.16.2015 | Canada Business
Samantha Brookes

Newly appointed Finance Minister Bill Morneau grabbed lots of headlines last week with the announcement that the Liberal government was imposing more stringent down payment requirements for buying a home. The move is meant to take the air out of the still-hot housing markets of Toronto and Vancouver, and it may well do that.

Five Things To Know About Canada's New Mortgage Rules

CP | Posted 12.11.2015 | Canada Business

People in Vancouver, Toronto could feel the brunt of the new rules

Reverse Mortgages: The Good, The Bad And The Misunderstood

Samantha Brookes | Posted 10.28.2015 | Canada Business
Samantha Brookes

There are a ton of regulations involved in reverse mortgages, but they are still becoming more and more popular because frankly they can be beneficial. Like any mortgage or loan it is all situational. For some people a reverse mortgage is a great idea and maybe even their best option, but for others it is just a way to incur more debt.

Selling Canadian Homes to Foreigners Cuts Both Ways

Dan S. Barnabic | Posted 10.20.2015 | Canada Business
Dan S. Barnabic

If the next Canadian government doesn't take serious pro-active measures to ensure that the cost of sheltering for Canadians becomes affordable, there is a good possibility where, in a not so distant future, foreigners may become major landlords of Canadian homes, dictating their prices and rentals. Effectively, they'll become in position to hold Canadians at ransom in their own country.

Let's Make Affordable Housing a Federal Election Issue

Sen. Art Eggleton | Posted 10.01.2015 | Canada Politics
Sen. Art Eggleton

There are 235,000 Canadians who experience homelessness in the course of a year. And 1.6 million more Canadians are at risk of losing their homes according to CMHC. All this misery while study after study shows that it is cheaper for the public purse to house someone than leave them on the street, moving in and out of shelters, emergency hospital rooms and even jails in some cases. I think we all understand intuitively the importance of having decent shelter. A home anchors a person, anchors a family.

Why a Sub-Prime Mortgage Isn't Always a Bad Idea

Samantha Brookes | Posted 09.29.2015 | Canada Business
Samantha Brookes

With home prices perpetually climbing higher and with banks continuing to tighten lending standards, more and more people are being pushed into the sub-prime space when applying for a mortgage, which requires higher interest rates and often more stringent repayment terms.

Here's Where You'll Find Canada's Most And Least Affordable Homes

Consolidated Credit | Jacob MacDonald | Posted 09.28.2015 | Canada Business

Consolidated Credit: The housing market is on the minds of many Canadians these days, particularly millennials eager to achieve the financial mileston...

5 Ways to Become Debt Free In 10 Years

David Lester | Posted 09.10.2015 | Canada Business
David Lester

Since debt became super cheap after the Great Recession, we all have taken on a ton of of it. Nationally we have an average of $27,000 in non-mortgage debt -- and $190,000 in mortgage debt. Here is how we all can get rid of our debt in 10 years so we can enjoy our retirements and our lives debt-free.

Don't Jump the Gun Locking Into a Fixed-Rate Mortgage

Samantha Brookes | Posted 08.28.2015 | Canada Business
Samantha Brookes

With mortgage rates likely about as low as they can go, it may seem like a sure bet to lock into a fixed rate. But homeowners should be focused less on rates and more on the bigger issues of affordability, eligibility and, most importantly, maintaining good credit.

Porting a Mortgage is Harder Than You'd Think

Atrina Kouroshnia | Posted 08.24.2015 | Canada British Columbia
Atrina Kouroshnia

Mortgage portability allows you to move an existing mortgage to a new home and keep the same interest rate without incurring prepayment penalties on the sale of your previous home. Not all mortgages allow for porting, but if yours does, this sounds like a great way to right avoid penalties, right? Not necessarily.

The Pros and Cons of Renting Out Part of Your Home

Samantha Brookes | Posted 08.14.2015 | Canada Business
Samantha Brookes

On the surface it seems like a fabulous idea: Carve out a portion of your home, rent it out and use the rental income to pay your mortgage. You get to live basically "rent free" while at the same time reaping the tax benefits of writing off some of the costs associated with accommodating a rental apartment in your home.

5 Ways to Pay Off Your Mortgage Faster

David Lester | Posted 08.19.2015 | Canada Business
David Lester

When I was a banker we had this tool to show you how much you'd pay in interest over the amortization. When you look at the bottom of the chart I always liked to point out that you basically pay the same amount in interest as you took out on a mortgage at an average mortgage rate.

When it Makes Sense to Consider a 35-Year Mortgage

Atrina Kouroshnia | Posted 06.10.2015 | Canada British Columbia
Atrina Kouroshnia

With high prices and many potential buyers struggling to enter the market, some buyers are considering stretching out their payments with a 35-year amortization rather than the typical 25-year amortization that most Canadian homebuyers use.

Should You Buy or Lease a Condo?

Dan S. Barnabic | Posted 06.16.2015 | Canada Business
Dan S. Barnabic

The idea of buying a condo might have crossed your mind, but before you rush into this trendy alternative housing arrangement, keep in mind that vacancies may start climbing later on this year. Here are some basic pros and cons of condo ownership, and compare buying versus leasing a condo unit.

Is Now the Time To Refinance? Run The Numbers First

Atrina Kouroshnia | Posted 04.14.2015 | Canada British Columbia
Atrina Kouroshnia

With talk about interest rates lowering even further after the Bank of Canada's surprise announcement several weeks ago, many homeowners across B.C. are likely wondering if it's time to refinance their mortgage and take advantage of lower rates.

Part 2: Seriously, Why Are You Still Renting In Vancouver?

Atrina Kouroshnia | Posted 01.16.2015 | Canada British Columbia
Atrina Kouroshnia

In all of my meetings and blog posts, I always emphasize creating a budget and sticking to it, even if it means waiting a little longer before you buy, or buying something smaller.

Seriously, Why Are You Still Renting In Vancouver?

Atrina Kouroshnia | Posted 01.03.2015 | Canada British Columbia
Atrina Kouroshnia

At the end of the day, would you rather pay $1,800 in rent or mortgage?

What To Consider When Renting Out A Suite In Your Home

Atrina Kouroshnia | Posted 12.15.2014 | Canada British Columbia
Atrina Kouroshnia

One effective way to offset the costs of a mortgage is to create a secondary suite or in-law suite and rent it to a tenant. If you're thinking of going this route, here's what to keep in mind.

Is Canada Headed For A U.S.-Style Housing Bust?

Atrina Kouroshnia | Posted 11.22.2014 | Canada British Columbia
Atrina Kouroshnia

How might plummeting home values impact Canadians? It's not entirely clear and that's frustrating for mortgage brokers and real estate insiders alike.

Should You Buy In A Remediated Building In B.C.?

Atrina Kouroshnia | Posted 10.26.2014 | Canada British Columbia
Atrina Kouroshnia

If you've been looking at B.C. real estate listings for any length of time, you've likely seen the phrase "remediated" at least once, especially if you're considering older construction.

How To Shave 5 Years off Your Mortgage

Atrina Kouroshnia | Posted 10.12.2014 | Canada British Columbia
Atrina Kouroshnia

Paying off a mortgage is especially important for anyone with a higher interest rate, or those who really value mortgage freedom.

John and Jane Doe: Can We Afford a Mortgage?

Sarah Twomey | Posted 10.03.2014 | Canada Business
Sarah Twomey

For the last ten years, John, Jill and the kids have been living in a rented townhouse. Their dream has always been to save enough for a good down payment towards a detached house close to transit. John thinks they're close to having 15 per cent down, but Jill still has some concerns and suggested that they sit down with a mortgage expert for some advice.