Ottawa's new mortgage rules aim to assist homebuyers in the Greater Toronto Area (GTA). Eliminating the 20% downpayment requirement for $1M to $1.5M homes increases accessibility.Read more
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The Bank of Canada cut its key interest rate to 4.25%, the third consecutive cut since June. The rate was lowered by 25 basis points due to easing inflationary pressures.Read more
Canada’s largest mortgage lender faces rising delinquencies in the Greater Toronto Area mortgage portfolio. Serious delinquency rates surged to 0.27% in Q3 2024, a 42% increase from the previous quarter.Read more
Keep essential mortgage documents until you no longer need them, like after selling your home. Monthly mortgage statements can be discarded post-loan, but online copies may be useful for tax purposes.Read more
The national housing market slowed in Early-Q3, but prospects are improving with interest rate cuts. Expert economists predict increased market activity next year due to expected further rate cuts.Read more
76% of mortgages due for renewal by end of 2026. Variable rate mortgages risk negative amortization, increasing principal balances.Read more
Canadians' rising savings rate, now at 7.2%, may not adequately shield homeowners from upcoming mortgage renewals, according to a CIBC report. The true excess savings could be between 5% and 13% of household income, rather than the 25% suggested by national accounts. Most savings are held by homeowners without mortgages, while those with significant mortgageRead more
The Bank of Canada cut its policy rate to 4.5%, lowering mortgage rates for some Canadians. Variable-rate mortgage holders will see reduced monthly payments, especially those with adjustable-rate mortgages.Read more
The Bank of Canada is anticipated to continue lowering interest rates in 2024, with the next cut expected at the upcoming meeting on September 4. Economists predict a series of rate reductions at each of the remaining three policy-setting meetings of the year,Read more
The Home Buyers’ Plan (HBP) now allows first-time buyers to withdraw up to $60K from their RRSPs. The HBP repayment grace period has increased to five years for withdrawals made between 2022 and 2025.Read more
