In his fourth and final interest rate announcement of the year, Bank of Canada (BoC) Governor Stephen Poloz announced this morning that the overnight lending rate would continue to stay put at 1.00 per cent – a position it’s held since September 2010, which has created a favourable borrowing environment for Canadians.
However, the Organization for Economic Co-operation and Development (OECD) released a report this month that said with the Canadian economy getting ready to return to more stable growth, the days of low interest rates may be coming to an end – and soon. Continue reading
Writing the monthly mortgage update requires a lot of reading, sifting, data aggregation and overall work. “Good” content often does. There is a lot of content out there, but less good content than one would hope for. I am referring to company and personal blogs, such as this one. In the mortgage industry, you can count the good content providers on two hands, one of which is often referenced heavily in these monthly updates. Continue reading
This time last year, we took CAAMP’s Annual State of the Residential Mortgage Market report and created an infographic outlining 5 things you didn’t know about the Canadian mortgage market. Today, we took this year’s report and picked up where we left off.
This time around, we decided to look at the spending and saving habits of Canadian homebuyers and homeowners this year. For example, you’ll be able to see that Canadians are saving by renewing and getting lower mortgage rates (yay!) but currently have less equity in their homes than the year before (boo).
If you want to see some of the trends in Canadian mortgages, take a look. A few numbers may surprise you!
If you enjoyed our infographic, we’d love to see you share it with your community.
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You had a few financial setbacks when life’s speed bumps tripped you up, but now you’re on the right path and are ready to take the leap into home ownership. The only problem is: you’re not sure if your pesky credit history is going to prevent a lender from giving you a mortgage loan. The good news is there are some options available to you; the bad news is they don’t always come cheap. Here’s a quick breakdown of how you can check your credit score and, if you need to, get a bad credit mortgage. Continue reading
“Looking ahead to 2014 and 2015, we anticipate a further – albeit gradual – deterioration in affordability,” reads a recent TD Economics special report. You might be excused for spewing your coffee upon reading that. In Vancouver, payments on an average mortgage already take up a mind-boggling 60% of an average family’s income, according to said report. How can buying a home or holding a mortgage be getting less affordable? Continue reading