Rob McLister has been informing mortgage consumers and professionals since 2007. In that time, he’s written more than 2,500 mortgage stories for publications ranging from the Globe and Mail — where he presently serves as mortgage columnist — to the National Post, Maclean’s, Canadian Mortgage Trends and RateSpy.com. Regularly quoted throughout the media, Rob is a committed advocate of greater transparency in the mortgage industry. He’s also been a vocal consumer advocate for more sensible mortgage regulation. In 2011, he launched two mortgage fintechs: mortgage comparison website RateSpy.com and digital mortgage broker intelliMortgage Inc. The former is the go-to source of Canadian mortgage news and the only site comparing all publicly advertised prime mortgage rates. The latter is Canada's leading online mortgage provider for self-directed borrowers. Both companies were acquired in 2019 by RATESDOTCA Group Ltd.
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.
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.
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%.
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."
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.
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?
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.
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.
Few home financing products are as powerful as the readvanceable mortgage. Readvanceables give homeowners a source of low-cost cash—anytime they want it.
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.
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.
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.
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.
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.
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.
Politicians hoping to win our hearts and minds better have a convincing message on creating housing affordability. Their electability depends on it.
Declaring bankruptcy probably won't protect you from the Canadian Mortgage and Housing Corporation. Here's why that is.