News, Views and Trends!
I started CanadaMortgageNews.ca in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying just wasn’t adding up.
Continue reading “Some Things Never Change: What We Can Learn From the Past”
Higher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.
It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.
Continue reading “Problem & Solution: I Bought A New Home, But Haven’t Sold My Old One”
Well, it’s happening again. Scammers are coming after innocent homeowners, assuming their identities, and selling their homes on their behalf. It’s disgusting behaviour that’s made even more possible by a precarious housing market. Unfortunately, this isn’t anything new. Scams like this have been happening for decades. The only thing that’s changed is how the fraudsters do it.
In most recent cases, homes were sold by tenants who used fake IDs and job letters to rent the houses. Once they’re in, they assume the identity of the homeowner, take out a mortgage in their name, and use a realtor to list the home.
Continue reading “You Might Sell Your Home… And Not Even Know It”
Tomorrow will be the 7th rate announcement from the Bank of Canada this year. Of the last 6 announcements, 5 have resulted in rate hikes. Big rate hikes. Rate hikes we haven’t seen yet this century. To put things into perspective, most announcements we’ve seen in the last 12 years haven’t resulted in any movement to rates at all. And when they have, it’s been by no more than 0.25% (up or down).
Not only is it unheard of to announce 5 rate hikes in a row; but these rate hikes have reached as high as a full percentage point. Ludicrous. After 5 unprecedented increases, you would think that rates would plateau.
Unfortunately I’m here to tell you that we’re not quite out of the woods. Yet.
Continue reading “Warning: More Rate Hikes To Come”
Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I mentioned in my previous article, the BoC made a critical error and the Canadian people are continuing to pay for it.
Continue reading “How To Navigate Today’s Economy”
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