Category Archives: Mortgage Insurance

New Barriers for First-time Home Buyers

It’s no secret that the residential real estate market relies on a steady stream of first-time home buyers. A constant and consistent demand from young buyers is what keeps housing prices from declining.

Unfortunately, new mortgage rules are making it harder for cash-strapped buyers to qualify for current real estate prices. In a logical economy, housing prices would have to drop in order for new home buyers to handle the restrictions. But as we all know, things are rarely rational when it comes to the economy. Continue reading →

How To Save For Your Down Payment

According to a recent TD Canada Trust survey, nearly 60 percent of Canadians were disappointed in the size of their down payment. These findings aren’t all that surprising; in a world of record-setting consumer debt, slim savings and lacklustre investment returns, saving for a sizeable deposit can seem like an exercise in futility. And yet, the bigger your down payment, the less interest you’ll pay, the easier it will be to refinance and you’ll enjoy lower mortgage fees. Continue reading →

Ten Tips for Aspiring Homeowners

Thinking of buying while interest rates are still low? Follow these tips to ensure that your finances are ready for a long-term investment. Continue reading →

Tick Tock – Mortgage Changes Come Into Effect July 9

Three months ago, Finance Minister Jim Flaherty told banks to step up and firm up their lending requirements. When that didn’t work, he took matters into his own hands, releasing a laundry list of mortgage rules last week. The roughly eight major rules released by the DoF and the OSFI last week will likely influence the Canadian real estate market for years to come, but their impact on the current situation will be most evident in the next week as the due date for implementation, July 9, draws near.

If you’re in the market for a home and are worried about how the new mortgage rules could impact your purchase, now’s the time to act. Here’s a look at what’s been happening, and what will likely happen over the next few days. Continue reading →

Rates on the Way Up

Canada’s major banks have begun to increase rates, putting an end to near-historical lows across the country. News broke on Monday that several banks would be increasing their rates by 6/10ths of a percentage point, signifying a shift in the real estate market.

The largest increase was attached to the popular five-year fixed closed rate. The posted rates at Royal Bank, Laurentian Bank and TD Canada all went up from 5.25 percent to 5.85 percent. Of course, posted rates are routinely discounted. As such, RBC’s new discounted rate for the five-year term also increased 6/10ths of a percentage point to 4.59 percent. TD discount mortgage rates now sit at 4.55 percent, while the discounted rate at Laurentian is holding steady at 4.54 percent.  Continue reading →