The Smith Manoeuvre: A Canadian mortgage tax-deductible plan Canadian homeowners do not enjoy the same mortgage interest deduction that their neighbours to the south do. Fortunately, the Smith Manoeuvre is a powerful financial method that gradually restructures the largest non-deductible debt of your lifetime (your mortgage) into a deductible investment loan. Method Additionally, you’ll receive increased […]
Canada’s debt burden is now at $1.1 trillion
First, the “bad” news – The government is going to make housing purchase much more exclusive … Stricter mortgage rules still slowing CMHC lending Stricter lending rules continue to slow underwriting activity at the CMHC and taxpayers’ exposure to a housing crash, the federal housing agency’s second-quarter report shows. Next, the $1.1 trillion story … Mortgage Debt Exploded […]
Canadian Credit Rendezvous Is finally … Game Over ?
Discount mortgages dry up as Canadian borrowers face tough test The discount mortgages that stoked the Canadian housing boom are disappearing, increasing the likelihood of a correction in home values. On Thursday, Royal Bank of Canada will hike its five-year fixed-rate mortgage to 3.89 per cent, one day after the Bank of Montreal raised its […]
Canada Created History Again – Citizens Become Better Paymasters When They’re More Indebted …
In fact, so much more that it’s hard to phantom how is average Joe going to turn over a new leaf without first declaring bankruptcy (this is likely the conventional scenario everywhere else) ? Canada mortgage arrears rate continues to decline OTTAWA (Reuters) – The already low rate of arrears on mortgages insured by the Canada […]
Canada finally succumbs to the reality – mortgage rates up
TD and RBC mortgage rates up, following other banks For the most part, Canada’s largest bank is increasing the rates by 20 basis points, with its fixed five-year closed mortgage rising to 5.34 per cent and its five-year special rate to 3.89 per cent. The rate changes are effective Thursday. Canada’s new mortgage reality By Brenda Bouw | Balance Sheet The days of rock-bottom mortgage rates […]
New mortgage rules deny 1st-time homebuyers a roof over their heads ?
New mortgage rules pushing 1st-time homebuyers to wait CBC News Some first-time buyers are waiting longer to get into the market, especially in British Columbia. A year after Finance Minister Jim Flaherty tightened mortgage rules to not allow insured mortgages with amortization terms of more than 25 years, many prospective buyers say they are waiting […]