Homeowners won't face mortgage stress test if renewing with new lender: OSFI
9/26/2024 | Posted in Home Owners by Jessi Sandhu
Canada’s banking regulator is easing the burden on homeowners trying to switch their lender when renewing their mortgage by dropping the need to reapply the stress test. ...
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Is breaking your mortgage for a lower rate worth the prepayment penalty?
9/22/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu
As interest rates continue to drop, borrowers might wonder if they should renegotiate their fixed-rate mortgage. But at what cost? ...
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Interest rate cut welcome news for homeowners with variable-rate mortgages
9/5/2024 | Posted in Mortgage Interest Rates by Jessi Sandhu
Real estate experts say the Bank of Canada’s third consecutive interest rate cut is welcome news for variable-rate mortgage holders, but it could still be some time before ...
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Where are the most mortgage-free homeowners in Canada?
5/30/2024 | Posted in Home Owners by Jessi Sandhu
A recent study on Statistics Canada data shines light on trend ...
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New mortgage activity slowing - but debt continues rising, says CMHC
11/9/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Residential mortgage debt in Canada totalled $2.14 trillion as of August this year, up by 3.4% compared with the same month in 2022 as the value of uninsured mortgages outstanding ...
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Upcoming mortgage renewals part of why BoC held rate at 5 per cent: Macklem
11/1/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu
Bank of Canada governor Tiff Macklem says the central bank held its key interest rate at five per cent in part because of the effect a wave of upcoming mortgage renewals is ...
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Most Canadian mortgage holders facing big payment shock: RBC
10/31/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canadian homeowners are facing a significant payment shock on their mortgages unless interest rates decline in the coming years, according to a new Royal Bank of Canada (RBC) ...
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10/18/2023 | Posted in Home Owners by Jessi Sandhu
Police forces and legal experts in Ontario are pushing for the provincial government to make legislative changes that would reduce elaborate fraud scams targeting homeowners. ...
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Homeowners brace for mortgage payment shock amid higher-for-longer rate outlook
10/2/2023 | Posted in Home Owners by Jessi Sandhu
With interest rates increasingly expected to stay higher for longer, many of the homeowners who locked in low rates years ago are likely bracing themselves for financial pain as ...
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Mortgage interest costs now up over 80% since the start of the BoC's rate hikes
9/14/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canadian mortgage borrowers continued to see their interest costs climb in the second quarter, which have now soared over 80% since the Bank of Canada started raising interest ...
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Cities worry COVID-19 could shatter their budgets
3/27/2020 | Posted in Home Owners by Jessi Sandhu
It's very likely that COVID-19 will shatter Ontario's municipalities' budgets, and without provincial or federal help they will have no option but to increase the ...
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Homeowners' spending on renovations falls to 6-year low
6/5/2019 | Posted in Home Owners by Jessi Sandhu
Canadian homeowners continue to cut back on home renovation spending in 2019: CIBC Poll ...
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These renovations will boost appraisal values the most
4/30/2019 | Posted in Home Sellers by Jessi Sandhu
Homeowners wanting to maximize the appraisal value of their home should think about outside space. ...
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Canadian homeownership rates still among highest globally
3/6/2019 | Posted in Canadian Housing Market by Jessi Sandhu
Homeownership rates in Canada remain among the highest in the world despite housing affordability concerns across the country, according to the Royal Bank of Canada (RBC). ...
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Canadian Rental Rates Rise At Fastest Pace In 30 Years
3/3/2019 | Posted in Canadian Housing Market by Jessi Sandhu
The cost of rental housing jumped by the most in 30 years in January, according to Statistics Canada data. ...
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Mortgage renewals have entered a new era
11/6/2018 | Posted in Mortgages and Real Estate by Jessi Sandhu
As Canadian mortgages come up for renewal, many households are starting to experience what TD Economics has dubbed a “completely new phenomenon” – higher ...
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7/27/2018 | Posted in Home Owners by Jessi Sandhu
Canadians spent nearly $78bln on renovations last year, but a slower sales cycle could impact that figure. ...
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Reverse mortgage: Is this the solution if you retire cash-poor?
7/18/2018 | Posted in Mortgages and Real Estate by Jessi Sandhu
A reverse mortgage can be a solution for some cash-strapped retirees, but it comes at a steep cost. ...
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Canadian homeowners trim spending on home renovations in 2018
6/1/2018 | Posted in Home Owners by Jessi Sandhu
Spending drops as much as 25 per cent in some provinces as more homeowners focus on wear and tear. ...
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Millennials driving Canada's hot real estate market
5/9/2018 | Posted in Canadian Housing Market by Jessi Sandhu
Almost six in 10 Canadian millennials are already homeowners, with more of this age group planning to buy a home in the next two years, according to a Genworth Canada survey ...
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5-year mortgage holders, brace yourselves
1/19/2018 | Posted in Mortgages and Real Estate by Jessi Sandhu
The Bank of Canada’s decision to raise its benchmark rate to 1.25% earlier this week will make renewals a significantly more daunting prospect for mortgage holders. ...
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Foreign buyers a minuscule portion of housing market: CMHC
12/21/2017 | Posted in Foreign Buyers by Jessi Sandhu
Foreign buyers make up a minuscule portion of the overall housing market in this country, new research shows, but what they own is more expensive and newer than the average ...
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Home values boost Canadian family net worth
12/8/2017 | Posted in Financial Health by Jessi Sandhu
Canadian families increased their net worth by 14.7% in the four years from 2012-2016 according to new data from Statistics Canada. ...
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3 in 10 Canadians consider themselves debt-free while carrying a mortgage
11/24/2017 | Posted in Mortgages and Real Estate by Jessi Sandhu
More than half of Canadians say they have good knowledge of debt management, yet many Canadians who hold a mortgage don’t believe they’re in debt at all. ...
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Almost half of Ontario homeowners expect their home to fund retirement
9/27/2017 | Posted in Ontario News by Jessi Sandhu
A large share of homeowners in Ontario are counting on home values increasing to ensure they have sufficient retirement funds. ...
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Why people are turning to their phones for mortgage advice
8/25/2017 | Posted in Mortgages and Real Estate by Jessi Sandhu
“Hey Siri, what’s the best mortgage rate?” ...
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GTA sellers face a refresher course in economics
8/25/2017 | Posted in GTA Real Estate by Jessi Sandhu
The basic lesson: A property is worth what a buyer is willing to pay ...
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Refinancing is driver of new loans growth: CMHC
8/9/2017 | Posted in Mortgage News by Jessi Sandhu
The number of new mortgages continued higher in 2016 but the share of first-time buyers slipped, CMHC says. The crown corporation reports that there were just over 1 million ...
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If you haven't disclosed your home's rental suite, you may be breaking the law
8/6/2017 | Posted in Home Owners by Jessi Sandhu
A rental suite is a great way to help homeowners meet their mortgage payments at a time when home prices are creeping ever upward in some parts of Canada. ...
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Homeowners worried over rate hike advised to lock in mortgages - experts
6/22/2017 | Posted in Mortgages and Real Estate by Jessi Sandhu
Homeowners with variable rate mortgages losing sleep over the increased chatter about a potential interest rate hike by the Bank of Canada should consider locking their rates in ...
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