Canadian mortgage rates decreases to the lowest level in 2 years House prices may be as high as ever in Toronto in June, 2019, but Toronto homebuyers are being offered some of the lowest mortgage rates seen in 2 years as lenders battle to drum up new business. Rates on a standard […]
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Interest Rate up inject to homebuyers’ challenges, more first-time buyers may not qualify
The interest rate up and third Bank of Canada rate hike this year could shut more first-time buyers out of the Toronto region’s housing market. It will increase hundreds of dollars to some homeowners’ challenge mortgage payments. More first-time buyers may not qualify for mortgage. The central bank has raised its key lending […]
Bank costs will increase with end of Canada’s ‘unique’ mortgage system
In toronto real estate, the days when Canada’s banks could offload much of the risk of underwriting mortgages onto taxpayers may be drawing to a close. Canadian Finance Minister Bill Morneau disclosed plans Monday to begin consultations on sharing the risk of mortgage default with the country’s lenders. The move was part of a […]
Major changes to Canada’s housing and mortgage lending rules
In toronto real estate, the Liberal government has announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates. The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes. Below is a breakdown […]
2nd mortgage @20% interest in Toronto and high cost when falling behind – McLean’s story
In toronto real estate, O’Neil McLean is a tenacious entrepreneur who thought a second mortgage would give him some breathing room to catch up on bills after he depleted his own savings to bootstrap a business venture. Instead, that loan has ballooned to three times what he originally borrowed, has dragged him through a […]
