Mortgage debt increased 7.4% in November compared to a year earlier, pushing total up to nearly $1.66 trillion, StatsCan says.
Read more from the Financial Post
Bank of Canada keeps rate steady at 0.25%, maintains pledge of it staying low until 2023
The Bank of Canada opted to keep its benchmark interest rate steady at 0.25 per cent on Wednesday, noting that Canada’s economic recovery from COVID-19 is proceeding in line with expectations.
Read more from the CBC.
https://www.cbc.ca/news/business/bank-of-canada-benchmark-interest-rate-1.5834049
Refinancing Your Mortgage Can Save You Money If You Do It Right
Mortgages are big commitments, with most lasting more than 20 years! Luckily, the mortgage you start off with doesn’t have to be the same mortgage you finish with. Refinancing is a tool you can use to reshape your mortgage to better suit your needs.
Canadian home sales and prices just smashed through another record
“Home has been our workplace, our kids’ schools, the gym, the park and more. Personal space is more important than ever,” said Shaun Cathcart, senior economist at CREA. Read more:
When should you break your mortgage for a better rate?
In this recent article, Pattie Lovett-Reid answers this question: When should you break your mortgage for a better rate?
Canada’s mortgage ‘stress test’ level falls for 3rd time since pandemic began
From a recent CBC article.
The bar at which the finances of Canadian mortgage borrowers gets tested has been lowered again, making it easier for would-be homebuyers to reach. In 2017, a stress test was designed during a hot real estate market, to ensure borrowers would be able to pay back their loans if rates rose suddenly. However, the pandemic and historically low-interest rates that are showing no hint at rising have resulted in changes that are making it a little easier for borrowers.
2020 rates will likely remain at reasonable levels
In a recent article from Mortgage Broker News, they stated that this year, mortgage rates will most likely remain low and qualification will be easier, real estate information portal Zoocasa predicted.
More millennials worry if they will ever be able to afford a house – poll
In a recent article from Mortgage Broker News, a study from KPMG showed that only 54% of Millennials expect to be able to afford a home. Whether you are a hopeful Millennial, or a Baby Boomer who has been a long-time homeowner, check out this great read.