Here’s Why Mortgage Credit Growth In Canada Has Been Slowing

The latest reading from Statistics Canada shows that Canadian household indebtedness increased in the second quarter, with the ratio of household credit market debt to disposable income rising from 163.1 to 163.6 percent. This increase was primarily attributable to weak income gains over the course of the quarter, as mortgage debt – which makes up […]

Canadians expect to be mortgage-free later than previously thought

A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago. But the survey, conducted for CIBC by Angus Reid, found some big discrepancies across the country. For example, homeowners in British Columbia thought they wouldn’t be able to pay off […]

Paying off your mortgage faster can pay huge dividends

Paying down your mortgage faster. It’s one of those boilerplate suggestions that financial advisers love to make to their clients. After all, throwing extra money at the biggest debt most Canadians have can result in big interest savings and being mortgage-free years sooner. So why isn’t everyone doing that? According to a spring analysis by […]

Canada house prices expected to rise further, fuelling fears of meltdown

The risk of a property market crash in Canada has not ebbed, according to an increasing number of analysts polled by Reuters who said chances of a steep fall in prices have increased in the past year. Still, the survey medians showed house prices will likely rise more than earlier expected at least until 2017, […]

Analyzing CMHC Borrowers

Analyzing CMHC Borrowers POSTED IN: MORTGAGE INDUSTRY REPORTS AUGUST 30, 2014 ROBERT MCLISTER 2 COMMENTS What does an insured mortgage borrower look like? According to CMHCdata from last quarter, residential borrowers who paid for mortgage default insurance had: 8% equity on average (92% loan-to-value) Less than 10% down in almost 7 out of 10 cases 25-year amortizations, on […]

Mortgage rate drop means housing more affordable RBC study finds Vancouver and Toronto still the least affordable

Housing across Canada became more affordable in the second quarter of this year because mortgage rates dropped, according to a report from RBC. Even with prices moving higher, homes became more affordable in nearly every market across Canada, according to RBC’s Housing Trends and Affordability Report. The least affordable markets were Toronto and Vancouver, where […]

Is inflating income, lying on credit applications OK? – Consult with a Vancouver Mortgage Broker

Ten per cent of Canadians surveyed say it’s okay to inflate your income when applying for a mortage, according to a new survey by credit reporting agency Equifax. DREAMSTIME By: Susan Pigg Business Reporter, Published on Mon Aug 11 2014 Ten per cent of Canadians surveyed say it’s okay to inflate your income when applying for a mortgage, […]

Becoming Mortgage Free Faster

Regardless of how long you’ve had your mortgage or how large or small the current balance is, there are a variety of ways to make prepayments work for you to pay down your mortgage faster and, therefore, pay less interest throughout the life of your mortgage. After all, each extra payment amount will reduce your […]

Freedom 58? How Canadians are shaving thousands off the cost of their mortgage

TORONTO — A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago. How this man plans to be mortgage free by age 31 This 29-year-old pension analyst is $130,000 away from paying off his $425,000 home in Toronto, without money […]

Mortgages & Investment Strategy – Consult with a Vancouver Mortgage Broker

STEVE HUEBL For most home buyers, a mortgage is the only path to ownership. But a recent survey reveals that mortgages are also being used as a preferred investment strategy for wealthy Canadians. The survey commissioned by Investors Group found that 67% of high-net-worth Canadians — those with investable assets of $500,000 or more — who have […]

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