November 29, 2023

With millions of mortgages coming due, finance minister expects banks ‘to work with’ Canadians

CBC ~ November 26th, 2023 Finance Minister Chrystia Freeland expects banks will follow a new series of rules and guidelines designed to protect Canadian homeowners, millions of whom are set to renegotiate loans at potentially higher rates. “The thing that I hear the most right now is people are concerned […]

November 13, 2023

Mortgage rates will start dropping sooner than expected. Here’s when — and why

Toronto Star ~ Saturday, November 11th, 2023 Interest rate relief is coming sooner than expected. As recently as last week, the consensus among economists was that the Bank of Canada (BoC) would not begin to cut interest rates until next September. But the latest jobs report, for October and released […]

November 5, 2023

Bank of Canada will cut rates over mortgage renewals

BNN Bloomberg ~ November 2nd, 2023 Risks related to looming mortgage renewals mean the Bank of Canada is done hiking interest rates, according to a prominent strategist who predicts rate cuts to come halfway through next year. “The bank is done raising rates,” Royce Mendes, head of macro strategy at […]

October 23, 2023

Number of Canadians finding it ‘very difficult’ to pay mortgage has nearly doubled since March: poll

CP 24 ~ October 23rd, 2023 The number of Canadians who say they are finding it “very difficult” to make their monthly mortgage payment has grown in recent months, nearly doubling since March, according to a new poll published Monday. The online Angus Reid survey, which polled 1,878 Canadians this […]

October 1, 2023

Slowdown in inflation supports interest rate pause next week, economists say

OTTAWA – Canada’s inflation rate edged down to 3.8 per cent last month as price pressures eased across the economy, setting the stage for the Bank of Canada to hold its key interest rate steady next week, economists say. Statistics Canada released its latest consumer price index report on Tuesday, […]

September 28, 2023

Mortgage renewing soon? Here are four strategies to reduce the financial pain

Globe and Mail ~ September 12th, 2023 Canadians renewing their mortgage in the next six to eight months face a three-pronged dilemma. For many, there’s the question of how to handle the financial shock from much larger mortgage payments, as homeowners renew at significantly higher interest rates. A year and […]

September 19, 2023

Housing supply picture improving but Canada still needs 3.5 million more new homes by 2030, CMHC says

CBC News ~ September 13th, 2023 Canada’s national housing agency says progress is being made on building enough housing to fix the country’s affordability gap, but almost 3.5 million new units will still have to be built by the end of the decade, over and above what’s already in the […]

August 15, 2023

Variable-rate mortgages gaining favour again as Canadians bet interest rates have peaked

Financial Post ~ August 14th, 2023 Variable-rate mortgages appear to be gaining favour again as more Canadians bet that interest rates have peaked, say industry sources. According to RATESDOTCA data, the percentage of variable-rate quotes rose to 13 per cent in July, a three per cent increase from the month […]

July 31, 2023

Renting vs. buying in today’s market: how monthly payments compare

Canadian Mortgage Trends ~ July 27th, 2023 A new study has found the cost of renting vs. buying comparable housing in select Canadian markets is nearly on par. In fact, the difference between renting and buying was less than $500 per month in 11 different markets, according to the report […]

July 14, 2023

What impact will the new Bank of Canada hike have on Canada’s housing market?

Canada Mortgage Broker News ~ July 13th, 2023 The Bank of Canada’s latest interest rate hike could contribute to cooler activity in the national housing market for the remainder of the summer, with little certainty for borrowers over where rates are eventually going to end up. That’s according to James […]