Found 4 blog entries for May 2020.
Did you know you can defer monthly mortgage payments for up to six months? Unpaid interest will get added to your principal and accumulate more interest (potentially lengthening your amortization), but it’s a great option.
According to recent media reports, the Canadian Mortgage & Housing Corporation (CMHC) is currently buying mortgages from Canadian banks, paying them hard cash to keep them in the black. It’s looking like a very Canadian way of saying, “Hey, we’re all in this together and the CMHC is standing behind Canadian real estate and the financial industry.” What does this mean for you and your mortgage at one of Canada’s major banks? In most cases, absolutely nothing. You’ll still visit your local branch – not a CMHC office -- to renew…
Downtown Edmonton is loved by residents and visitors alike for its forests, pathways and parks along the banks of the North Saskatchewan River.
Most downtown Edmonton condo properties come in under $1 Million, with some entry level units in older buildings in the low six figures. Living here, you’ll find quick access to exciting night spots, world class cuisine, coffee shops and bars galore, arts, fashion, culture and more.
There are five districts in the zone: Commercial Core, Government Centre, Warehouse District, McKay Avenue and Rice Howard Way.
There’s also an exciting new arrival on the skyline: The Pearl. It’s topped by a condo with this description: “On the market at $2,295,000, this 3,476-square-foot Edmonton penthouse is situated at…
Keep watching the news for updates on Canada’s mortgage regulations.
On February 18, Bill Morneau, Canada’s Minister of Finance, unveiled changes to the “stress test” that were scheduled to come into effect on April 6. “The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%,” he announced at the time. These changes are now on hold, pending further review as a result of the current COVID-19 situation.
Industry experts had recently suggested the “stress test rate” be adjusted to make it easier for people qualifying for mortgages. The Canadian government heard them and had initially acted on their recommendations. The basic idea behind the stress test? Even if interest rates…