Canada’s mortgage market is in the spotlight with rising delinquencies and major policy changes aiming to tackle housing affordability and stabilize the market. Delinquencies, especially among alternative lenders, are increasing, with Canada Mortgage and Housing Corporation (CMHC) reporting that mortgages over 90 days delinquent now account for 0.19% of the total market—a small but growing number as more borrowers face financial strain in a high-interest environment​ Canadian... [read more]

If you’re thinking about buying a home, you’re likely wondering how you’ll pay for it. So, what is a mortgage, anyway? A mortgage is a loan given by a bank of a lender for the purchase of a home. The loan agreement will outline things such as the interest rate to be paid to the lender, the amortization period for the mortgage, the repayment terms, and the length of the term at which point a renewal will be required, either with the same or a different lender. For the... [read more]

Reverse mortgages have gained in popularity in the last few years. Reports suggest that reverse mortgage demand surged roughly 30 per cent in 2022 post-pandemic, with originations topping $1 billion for the second consecutive year. According to the Office of the Superintendent of Financial Institutions (OSFI), Canadians were carrying more than $8.2 billion in reverse mortgage debt outstanding at the end of June 2024. And the trend is growing. Why are more Canadians taking on... [read more]

For many Canadians, the next step after completing their education and securing a job is buying a home. Home ownership is, after all, the Canadian dream. While it’s common knowledge that saving up for a down payment is the first step to eventually buying a home, many are not aware of the mortgage stress test. So, what is the mortgage stress test in Canada? To put it simply, the mortgage stress test is a mortgage qualifier tool used to determine if the borrower would... [read more]

As the beautiful autumn leaves give way to the chill of winter, many Canadians are faced with the task of closing their cottages for the season. Preparing it for the harsh winter months is crucial to preserving its condition and ensuring a stress-free opening when spring arrives. With tips specifically for Canadian cottages, here’s everything you need for how to close a cottage for the winter to ensure it remains safe and sound until you’re ready to return. Preparing... [read more]