It’s no secret that the current high-rate environment has been challenging for mortgage borrowers and mortgage professionals alike.
Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research Despite anticipated Bank of Canada interest rate cuts later this year, mortgage borrowers will continue to face higher debt-servicing costs for several years.
For nearly four decades, Canadians have turned to an investment strategy of writing off the interest from mortgage payments as tax-deductible. Known as the Smith Manoeuvre—after its creator, financial planner Fraser Smith—the strategy involves getting a readvanceable mortgage, which includes a line of credit. After paying the mortgage every month, a homeowner then borrows the […]
There are fewer places left where Canadians can get holistic mortgage and financial advice from a familiar member of the local community. Thanks to mortgage broker Nick L’Ecuyer, Simcoe County is one of them.
2023 mortgage market year in review As we wrap up a year full of economic twists and turns—and interest rate ups and downs—we wanted to look back at some of the top mortgage-related stories that graced our pages in 2023.
Latest in mortgage news: Freeland approves RBC takeover of HSBC, with conditions RBC’s $13.5-billion acquisition of HSBC’s Canadian unit cleared its final hurdle after receiving approval from Chrystia Freeland, Deputy Prime Minister and Minister of Finance.
Most mortgage borrowers to see payments rise 34% to 54% vs. early 2022: Bank of Canada If you had a mortgage as of February 2022, chances are you will be facing a payment increase before the end of 2025.
The new First Home Savings Account (FHSA) is being hailed by some as “the greatest deal in the history of Canadian savings.”
As mortgage brokers look for ways to stand out in a competitive industry landscape, it’s increasingly important to consider the impact that clear and concise communication can have on service levels.
Latest in Mortgage News: OSFI leaves stress test rate unchanged Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged.