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% […]

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 […]

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 […]

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. […]

BMO reported a rise in delinquencies in the second quarter and said it expects credit challenges to persist with interest rates now likely to remain higher for longer. The bank saw 90+ day delinquencies in its real-estate secured lending (RESL) portfolio rise to 0.19% in the quarter, up from 0.17% last quarter and 0.14% of […]