Delivering you the very best money tips, news, and how-to's in Canada every single week. Wondering how to break up with your bank, how to save thousands on your mortgage, or how the latest economic news affects you? You're in the right place.
We cover fraud from time to time on Ratesupermarket, and for a good reason. It’s all over the place, and your money and personal information are at increasing risk. Why? Because all it takes to rip someone off these days is a computer, Wifi, and a remotely clever idea. In the financial sector alone, fraud incidents are worth $650 million a year in Canada. Of that, mortgage fraud makes up $400 million.
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A survey found that 43 per cent of Canadian homeowners would be in a bind if interest rates were to increase. 4 out of 10 claimed they would feel pressure if rates would rise as little as two per cent while 1 out of 5 said the same two per cent increase would hurt their ability to service their mortgage. Only 57 per cent felt that their mortgages would still be affordable if mortgage rates increase. But how likely is a 2 per cent increase in mortgage rates?
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A recent poll has shown that 50 per cent of all Canadians would choose a fixed rate mortgage if they had to decide today, up from 39 per cent in 2011; whereas only 32 per cent would choose a variable rate mortgage, no change from last year. The other 18 per cent aren’t sure which product would be right for them which is much less than the 30 per cent from last year. Likely the shift in preferences is due to the fact that the majority (86 per cent) of Canadians believe that mortgage rates will either stay the same or increase within the next year.
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It seems that every month now there are new principles and policies that are being set out by regulatory agencies in Canada which make it increasingly difficult for consumers to qualify for mortgages. Earlier this week on March 19th, OFSI issued a draft aiming to tighten the mortgage underwriting process and lending guidelines and are looking for industry personnel and other parties involved to provide feedback towards these proposed best practice changes.
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It’s a common story: when we reach a certain age it seems to make sense to downsize. But with the real estate market still so high, and the range of sizes and shapes of houses, townhouses and condos out there, it’s actually quite difficult to find the right place at the right price that will work for years to come. Here’s some suggestions for getting downsizing right.
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Want to know what the outlook is on mortgage rates for the next 30 to 40 days? Our panel of mortgage experts share their views on Canadian Mortgage Rate Trends.
Panel Consensus
May 2012
