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Posted by: Dean Kimoto
Confidence is high that the Bank of Canada will deliver a second consecutive rate cut on Wednesday. Below, we look at some of the reasons why. Investors and analysts have grown increasingly confident that the Bank of Canada will deliver a second consecutive rate cut on Wednesday to support the economy as inflation worries ease […]
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Homeowners appear to be increasingly looking around for the best option With a glut of mortgages coming up for renewal in Canada, scores of homeowners are assessing their options – but how many are turning to mortgage brokers for advice, instead of simply renewing immediately with their bank? Recent Mortgage Professionals Canada (MPC) research showed […]
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Canada’s banking regulator is pushing back implementation of a rule change that could have significant implications for Canadian lenders, following consultation with domestic intuitions and global regulators. Late last week, the Office of the Superintendent of Financial Institutions (OSFI) announced a one-year delay in implementing a higher global standard for lending risk as it waits for other […]
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Early Signs Of Renewed Life In June Housing Markets The Canadian Real Estate Association (CREA) announced today that national home sales rose 3.7% between May and June following the Bank of Canada’s rate cut. While activity was still muted, it wasn’t nearly as weak as the media recently portrayed. “It wasn’t a ‘blow the doors […]
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Canada’s labour market stumbled in June, with the unemployment rate rising more than expected to 6.4%. Despite the disappointing report, economists largely think the Bank of Canada will continue to bide its time before delivering its next rate cut. The economy saw a net loss of 1,400 jobs in June, according to figures released today by Statistics […]
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By Nina Dragicevic Between inflation, housing costs and interest rates, debt is ballooning for many younger Canadians. Scott Terrio sees it all the time. The manager of consumer insolvency says the average credit card balance in Canada is less than $4,500, but the cases he saw last year averaged more than $12,000 for this young group. […]
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Mortgage borrowers are increasingly opting for variable-rate mortgages, a trend that is expected to continue as the Bank of Canada continues to lower interest rates. As of the first quarter, 12.9% of new mortgage borrowers opted for a variable-rate mortgage, according to figures from the Bank of Canada. That’s up from a low of 4.2% […]
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Mortgage payments can sometimes be a tricky topic for some homeowners, leading to confusion about when payments are due and what time period they cover. Recently, we watched two client misunderstandings unfold, highlighting the need for clear, calm communication. Let’s delve into their cases and clarify why mortgage payments are made in arrears, not in […]
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Payment shocks at renewal due to shorter mortgage terms have become a growing concern for many Canadians. This has led some to question whether adopting longer mortgage terms, similar to those in the United States, would provide greater financial stability. While Canadian lenders can theoretically provide 15-, 20-, 25-, or even 30-year mortgage terms, market […]
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In the face of higher costs, more Canadians are changing their grocery shopping habits, hunting for bargains and switching to lower-cost brands — yet many are leaving money on the table when it comes to their single largest transaction. According to a recent survey conducted by Mortgage Professionals Canada, homeowners are doing less haggling at renewal, despite most facing higher interest rates. […]
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