Ottawa's Mortgage Blog
INSIGHTS AND ANALYSIS OF THE MORTGAGE MARKET
Federal Budget 2019
The Federal Budget introduced a few days ago has been a complete disappointment. Home ownership incentives, mortgage guideline changes and new builder stimulus packages were poor. Not only has it been a disappointment, it has proven that the Federal Government is...
Stress Test
Canadians getting, renewing or refinancing a mortgage are forced to undergo a stress test. They must prove they can afford their payments if interest rates rise. The stress test uses a rate substantially higher than your actual mortgage rate. Federal guidelines...
Rental Market Update
This is a Rental Market update for the upcoming year. Canadian landlords will increase rents in 2019. Strong demand for rental housing continues due to high home prices and tighter mortgage lending rules. Therefore, average rents nationally will rise 6% with Ottawa...
Facts and Warnings
Know the facts and heed the warnings. The Bank of Canada has made no secret of its intention to raise the benchmark rate through 2019. That could expose many households to vulnerabilities. Higher rates will put a squeeze on highly-indebted households. These...
Wondering why?
Are you wondering why you may be paying a higher rate on your mortgage than your twenty-something co-worker being a first time homebuyer? Simply stated, the Canadian government and the Chartered banks have decided to support and reward home buyers with less...
Rate Update…December 2018
Rising Interest Rate & Your Mortgage Since the summer of 2017 we have seen Prime Rate increased five times by a total of 1.25%. At the same time, five-year fixed-rate mortgage rates have also risen by approximately 1.65% to hover at about 4%. The...
Your Credit Score – Update
Don’t be afraid of your Credit Score. Learn to read it. Review it on a regular basis (every six months or so). Put it on your list which includes furnace filters, smoke alarm batteries, blood work and oil changes! A quarter of Canadians are in...
Credit Trap
We are in the middle of a rising interest rate environment and as a result, we have one foot in a credit trap. Most analysts are sounding the alarm on a possible deteriorating economic future. More and more consumers are using high-cost/interest debt to cover their...
Homeownership Benefits
Canada remains a nation of homeownership. Studies show that Canadians within different age groups aspire towards homeownership. Some say, buying a home is the more affordable option when compared to renting. Despite the rapid rise in home prices, those who are able...
Downsizing your home is not a guaranteed financial windfall
There are financial and emotional decisions you need to make before you think about downsizing your home. Are you considering selling your home in order to retire? Moving to a smaller home or a more affordable community, may seem like a sound financial strategy. But,...