BoC signals that rates will rise gradually

The recent jump in Canada’s inflation rate should be temporary and price levels will remain subdued even with a gradual reduction in monetary stimulus, the Bank of Canada said on Wednesday. Despite putting an interest rate hike firmly back on the table for the second half of the year on Tuesday, the bank suggested in…


Mortgage loophole helps first-timers

There is a small loophole in the new federal mortgage rules that could make it easier for the banks to lend money to first-time buyers. The federal government announced last month new requirements for anyone borrowing money for a house and needing mortgage insurance. If you have less than a 20% down payment and are…


How much home can you afford?

Want to know how much home you can afford to buy? First off, it depends on a number of factors. The most important factors are your gross income, your down payment and the mortgage interest rate. Your assets and liabilities are also factors in how much home you can afford. Use our Mortgage Affordability Calculator…


Mortgage Loan Insurance

The Mortgage Loan Insurance program provided by the Canada Mortgage and Housing Corporation (CMHC) is insurance on loans granted by approved lenders for the purchase, construction, renovation, or refinancing of single-family homes or multiple rental housing. The program also grants a 10% refund on its mortgage loan insurance premium when a borrower buys or builds an…