May 14, 2015

Canadians want to lock in their mortgages for longer

The majority of Canadian homeowners would welcome the opportunity to lock in their mortgages for longer according to a new survey from CIBC. The poll conducted for the mortgage lender by Nielsen found that 47 per cent would opt for a medium-term and 27 per cent would seek a longer-term […]
April 26, 2015

First-time buyers rely on mom and dad

Many new home buyers will be heading to mortgage lenders with a large input of cash from mom and dad. A new report from the Bank of Montreal shows that an increasing number of first-time home buyers are only considering home ownership thanks to help from parents or other relatives. […]
April 5, 2015

CMHC Hikes Premiums Again

If you plan to buy a home with less than 10% down and get CMHC insurance, get ready to pay another $450 per $100,000 of mortgage. That’s what CMHC’s just-announced premium hike amounts to. Click here for details It’s the second time in about a year that CMHC has raised its […]
March 1, 2015

The ultimate mortgage checklist: How to get the best possible deal

The lowest possible rate is how many define a good mortgage. But that’s like judging the “best car” by the one with the lowest monthly payment. Anyone who’s had to cough up a mortgage penalty or deal with refinance limitations can vouch for one thing: Mortgage restrictions can easily outweigh […]
March 1, 2015

March rate cut becomes less likely

Governor of the Bank of Canada Stephen Poloz spoke in London, Ont. Tuesday about reinventing central banking but he also tipped his cards about the possibility of a further rate cut next month. One phrase, in particular, from the talk has cut the odds of a further overnight rate cut […]
February 20, 2015

Lower rates won’t increase chance of a crash says CMHC boss

The CEO of the Canada Mortgage and Housing Corporation says that he does not expect to see a crash in the housing market as a result of the lower interest rates. Evan Siddall told CBC’s Amanda Lang that: “Lower rates of course make it cheaper for people to buy houses […]
February 20, 2015
mortgageintoronto

What do low rates mean for a potential housing bubble?

Finance Minister Joe Oliver has assured Canadians there is no housing bubble developing, despite record low interest rates that may entice some buyers to purchase more home than they can likely afford. “I’ve said again and again we don’t think there’s a bubble – the Bank of Canada agrees with […]
February 20, 2015

The Bank of Canada’s Bombshell

Wait a minute. Weren’t rates supposed to go up this year? If it wasn’t embarrassing enough to be a rate forecaster before, it is now. Today’s surprise Bank of Canada rate cut proves for the umpteenth time that “experts’” long-term rate predictions are not only futile, but potentially costly. Here […]
February 20, 2015

CIBC expects another rate cut in March despite weak loonie

A forecast from CIBC World Markets predicts that the bank of Canada will make a further 0.25 per cent cut to interest rates in March despite the current weakness of the Canadian dollar. Chief economist Avery Shenfield says that growth will be lower than 2 per cent this year and […]
February 20, 2015

Toronto becoming ‘the New York of the North’

House prices in Toronto will continue to be out of the reach of many homebuyers even if there is moderation in the coming years. That’s according to a new report from TD Economics which highlights government regulations and taxation among the factors affecting affordability. The report says that the policy […]
February 20, 2015

Lower rates won’t increase chance of a crash says CMHC boss

The CEO of the Canada Mortgage and Housing Corporation says that he does not expect to see a crash in the housing market as a result of the lower interest rates. Evan Siddall told CBC’s Amanda Lang that: “Lower rates of course make it cheaper for people to buy houses […]
February 20, 2015
mortgageintoronto

What do low rates mean for a potential housing bubble?

Finance Minister Joe Oliver has assured Canadians there is no housing bubble developing, despite record low interest rates that may entice some buyers to purchase more home than they can likely afford. “I’ve said again and again we don’t think there’s a bubble – the Bank of Canada agrees with […]
February 20, 2015

The Bank of Canada’s Bombshell

Wait a minute. Weren’t rates supposed to go up this year? If it wasn’t embarrassing enough to be a rate forecaster before, it is now. Today’s surprise Bank of Canada rate cut proves for the umpteenth time that “experts’” long-term rate predictions are not only futile, but potentially costly. Here […]
February 20, 2015

CIBC expects another rate cut in March despite weak loonie

A forecast from CIBC World Markets predicts that the bank of Canada will make a further 0.25 per cent cut to interest rates in March despite the current weakness of the Canadian dollar. Chief economist Avery Shenfield says that growth will be lower than 2 per cent this year and […]
February 20, 2015

Toronto becoming ‘the New York of the North’

House prices in Toronto will continue to be out of the reach of many homebuyers even if there is moderation in the coming years. That’s according to a new report from TD Economics which highlights government regulations and taxation among the factors affecting affordability. The report says that the policy […]
February 20, 2015

Demand for Toronto condos stays strong

The demand for condominiums in the Greater Toronto Area stayed strong at the end of last year according to the president of the local real estate board. Paul Etherington announced that there were 4,975 condominium apartment sales reported through the TorontoMLS system in the fourth quarter of 2014; up by […]
February 20, 2015

commercial Mortgage Rebound Continues

There has been endless focus on Canada’s residential mortgage rebound following the credit crisis. Nowadays, however, commercial lending is where the growth is at. Canada’s commercial mortgage market continues to expand, with more than $30 billion in loan originations in 2013. That’s according to Jones Lang LaSalle (JLL) in a […]
February 16, 2015

Shop Your Renewal

Lenders make a lot more money when they renew your mortgage than on your initial term. That’s partly because they don’t have to compensate anyone for referring you (or compensate them as much). But it’s also because many renewers don’t comparison shop as much or negotiate as hard. According to […]
February 1, 2015

What is your mortgage penalty

A 1/10th percentage point rate discount on the average Canadian mortgage saves roughly $800 in interest over five years. An unfavourable mortgage penalty (interest rate differential charge) on a fixed mortgage can cost the same borrower 2-5 times that amount, or more. A)  The penalty formula of amajor bank: (Contract […]