Rob McLister

Down payment size is a constant question among homebuyers. Many assume, “bigger is better.” But is it?

The Bank of Canada stuck to its long-standing script today.

Is inflation a threat or not? Investors believe it has been for months, but Monday's bond market action suggests rates may have overreacted to the fear of runaway prices.

For those wanting to close on a home before their current home sales, a bridge loan can be used to fund the new down payment, thus “bridging” the gap until your existing home sells and you can cash out of it.

One of the more interesting mortgage reports each year, if you find mortgage reports interesting , is CMHC’s Mortgage Consumer Survey.

The BoC said it has increased confidence in Canada's economy so it's cutting its government bond purchases by $1 billion a month.

June inflation south of the border was hotter than British Columbia in June — a stunning 4.5% jump in the core CPI measure.

They say if you want to be wrong, try to predict interest rates. But, economists with a sense of humour do it anyway. Here's a guess at rates through to 2026.

Runaway home prices and consumer debt have some worrying that officials will restrict mortgages further.

For decades, Canadians with non-conventional down payments turned to CMHC than any other mortgage default insurer. Then July 2020 happened.

Many would-be buyers now fear overpaying...

The Canadian economic recovery will soo be in full-gear. When that happens the focus will gradually shift from how to support the economy, to how to remove that support.

Rarely, if ever, have Canadian borrowers prepaid their mortgages as they have in the past 12 months.

Remember when half a million bucks used to be a lot of money?

With nearly 1 in 3 Canadians financially illiterate, it’s about time our leaders do something about it.

We’ve been writing about mortgages for years and have never seen the mortgage growth we’ve seen in 2021.

With Canada’s national average home price up 41.9% in 12 months first-time buyers have virtually never found it so hard to buy a home.

Price increases (on just above everything) remain the talk of the rate market. CPI inflation blew above the Bank of Canada's 3% maximum tolerance in April and isn't letting up.

One of the most popular questions in Canada right now is: When will home prices fall? We won’t insult you with a prediction, but here’s a fact of note.

In case you’re wondering what's taking so long for your mortgage approval, here’s the scoop.

Over 12 months through April, Canada’s national average home price surged 42%, effectively ballooning the amount of equity homeowners can access.

Canada’s new mortgage stress test begins Tuesday, but its impact may be limited near-term. It’ll cut borrowers’ theoretical buying power by just 4% or so.

Hundreds of thousands of Canadians are making mortgage decisions based on the Bank of Canada’s forward guidance.

The worst-kept secret in mortgages is that the next rate change at the Bank of Canada (BoC) will likely be up.

Market stability concerns prompted the Department of Finance to announce today that default insured mortgages will have the same stress test as uninsured mortgages, effective June 1.

Expect an end of month refi rush with the new mortgage stress test starting on June 1. For mortgage applicants who are pushing lenders’ debt ratio limits, the new stress test could trim what you qualify for by roughly 4%.

We received another clarification today about mortgage pre-approvals under the more stringent stress test.

The First-Time Home Buyer Incentive is probably a mystery to 99.9% of the general public.

The government’s mortgage stress test will get tougher on June 1. In response, more and more lenders are promoting “stress test free” financing.

The nation’s former leader in residential mortgage default insurance is now a distant second. Who cares? Two types of people...

Trend-setter Royal Bank lifted several mortgage rates this week, despite no apparent funding cost pressures.

Here's a look at the top 10 things you need to know about mortgages this week.

If you thought that mortgage rates hit bottom, well, the bottom just dropped…effectively speaking.

After watching interest rates for 14 years, you learn a valuable lesson. The experts know bugger-all about where rates will be two years from now.

The long-awaited revamp of the First-Time Home Buyer Incentive (FTHBI) is imminent. CMHC just added this overview to its website which pretty much makes it official.

Have you ever seen national home prices run up so far so fast? Neither has anyone else.

Canadians can't be faulted for thinking the Bank of Canada is reneging on its low rate "guarantee." Since July, the Bank has assured borrowers to be "confident" in rates at the "effective lower bound" (0.25%) well into "2023."

The Liberal government just dropped its first full budget in more than two years and real estate watchers nationwide are finding it rather anti-climactic.

It’s been about a decade since mainstream lenders last offered 35-year amortizations in Canada. Since then, they’ve been sold mainly by alternative lenders (read, lenders that accept riskier borrowers and charge higher interest rates).

When government bond yields climb it’s typically bad news for reverse mortgage rates. But not when the two leaders in the reverse mortgage market are trying to eat each other’s lunch.

We’ve just witnessed the most extreme price spike in Canadian real estate history, at least as far back as CREA data goes.

This was an interesting statement by RBC Economics on Monday: "Even if households are paying down their equity over the next five years, if interest rates were to (climb) by one to two percentage points in (over that period), when it comes time to renew, many households who are buying now will ultimately see their mortgage payments increase."‎

As fixed mortgage rates continue climbing, borrowers will be increasingly tempted by the allure of cheaper variable rates.

What do you do when your existing lender is no longer competitive? You switch lenders, that’s what.

What do you do when you want to buy a home but don’t have money for a deposit — because all your money is tied up in home equity or investments?

Banks know that the future of mortgages is online. COVID has only accelerated that trend.

Mortgage shoppers tend to focus squarely on securing the lowest rate possible, sometimes to the detriment other features. One feature that routinely gets overlooked is mortgage portability.

Pit your knowledge against fellow Canadians in RATESDOTCA’s five-question Mortgage Literacy quiz.

Many have given up on variable rates, figuring they’re about as low as they can go. And for existing variable-rate holders that may be true, assuming the Bank of Canada doesn’t surprise everyone.

Eight months after COVID and hundreds of thousands of Canadians are out of work. The pandemic and related business restrictions have totalled incomes and erased livelihoods.

If you’re a homebuyer and the explosion in Canadian home prices has you worried, you’re not alone.

Mortgages are considered “good” debt, at least according to consumer surveys. Yet, for most new homeowners, mortgages are a financial noose around the neck.

Decade-long fixed mortgages, once the pariah of rate terms, are starting to feel some love.

Few home financing products are as powerful as the readvanceable mortgage. Readvanceables give homeowners a source of low-cost cash—anytime they want it.

Owning a home is a life aspiration for most middle-class Canadians. It’s as important to some as getting married, having kids and saving for retirement.

Borrowing costs have fallen drastically in recent months. That has further widened the gap between the best-discounted mortgage rates and the government's “stress test” rate, which new borrowers must prove they can afford.

Variable mortgage rates are looking more like GIC savings rates these days, hovering as low as 1.64% for an insured five-year term.

If your mortgage is coming up for renewal (i.e. you’re nearing the end of your mortgage term), you may have to play hardball during negotiations.

Picking upgrades is one of the most fun, and financially stressful, parts of buying new construction. As the first owner, you’ve got once chance to add the features you’ll have to live with for potentially years.

With rates near zero, the Bank of Canada is almost out of rate ammunition.

With job losses imminent and anxiety over the mortgage process grinding to a halt, thousands of Canadians are rushing to refinance.

For the first time in Canadian history, reverse mortgages are now widely available under 4%, further reducing the gap with standard mortgage rates and HELOCs.

Global interest rates have plummeted worldwide amid a coronavirus-triggered economic growth freeze. And when we say plummeted, we mean it.

Five-year fixed rates fell to their lowest level since November today as HSBC Canada slashed its promotional mortgage pricing.

With home values up significantly across the country in recent years, more seniors are choosing to tap into that equity in the form of a reverse mortgage.

Rate catalysts can come out of nowhere. Case in point is the coronavirus. Suddenly, the economic impact of the coronavirus is a material factor moving rates.

Say the word “Pandemic” and fear is the response. Not just fear for one’s health, but fear for your finances.

Canada’s most visible proponent of stricter mortgage rules has announced he will be stepping down from his position as head of Canada’s national housing agency.

Last year’s mortgage stress test frustrated many a first-time homebuyer. Tens of thousands were suddenly unable to make their preferred home purchase—or purchase any home at all.

Reverse mortgages are commonly associated with those in their 70s or beyond. Most use them as a last resort to raise cash while staying in their homes longer.

The feds rained on the mortgage parade with stricter qualifying rules last year, which contributed to residential mortgage growth falling off a cliff in 2018.

Data from the Bank of Canada shows the typical household renewing a mortgage this year locked into a rate that was 35 basis points below their previous rate.

Condo-hotel developments (a.k.a. ‘condotels’) are a unique animal when it comes to mortgages. Many lenders don’t finance them.

The markup on the lowest nationally available five-year fixed rate for someone with excellent credit and provable income has shrunk.

You’re a new homebuyer in the final stages of closing a mortgage. Suddenly the lender rep asks if you want to take out a life insurance policy for your mortgage. Do you take it?

For the bargain hunters among us, now's a historically good time to be shopping for a mortgage.

These days, most non-prime mortgages rates are at least two to three percentage points above prime (bank) rates.

When mortgage rates dive one percentage point — as they did over the last year — it generally means clouds are forming on the economic horizon.

Bankruptcies are surging much faster than delinquencies during a four-decade low in unemployment. Here's why that might be.

What do you know? The national average home price has resumed higher.

Politicians hoping to win our hearts and minds better have a convincing message on creating housing affordability. Their electability depends on it.

Rising home prices increase home equity withdrawals. This is how people are spending their equity and why it could be worrisome.

Declaring bankruptcy probably won't protect you from the Canadian Mortgage and Housing Corporation. Here's why that is.