The minimum income needed to buy a home in Canada lowered in July, according to a new report that cites dropping mortgage rates and lowering average home prices.
— Read on www.ctvnews.ca/canada/minimum-income-needed-to-buy-a-canadian-home-lowered-in-july-1.7006080
Tag: Mortgages
How to avoid the financial misery that comes with too much mortgage | Financial Post
Burdensome mortgages not only make people house-poor but the stress they cause might just shave years off a borrower’s life. Read more.
— Read on financialpost.com/real-estate/avoid-financial-misery-too-much-mortgage
Why 2026 mortgage renewals could make or break the economy
Tens of thousands of vulnerable households will renew their mortgage in 2026 at significantly higher rates, pushing Canada towards a recession, in a worst case scenario.
— Read on www.thestar.com/business/banks-are-expecting-a-wave-of-mortgage-defaults-economists-say-a-credit-crunch-could-hurt/article_c93e1d80-3ad4-11ef-90ce-bf15e20a8661.html
Hidden costs of homeownership average $18,000 a year
Mortgage payments may be expensive, but the cost of owning and maintaining a home can be nearly as high. Here’s what to know.
— Read on www.cnbc.com/2024/06/11/hidden-costs-of-homeownership-average-18000-a-year.html
Big Six banks keep putting cash aside for mortgage defaults
Despite challenging economic backdrop, banks report solid Q2 profits this week with five of the six beating analysts’ expectations.
— Read on www.thestar.com/business/big-six-banks-put-millions-more-aside-for-defaults-as-mortgage-payment-shocks-ripple-through/article_5ae55a9a-1e84-11ef-a8a1-d3636b810e89.html
Canada could have avoided mortgage payment shock, says report | Financial Post
Canada is being hit hard by mortgage payment shock but it could have been avoided with longer mortgage terms, says Desjardins. Read more
— Read on financialpost.com/news/canada-could-have-dodged-mortgage-payment-shock-report
What the changes to the Home Buyers’ Plan mean for prospective buyers
One expert says the changes to the Home Buyers’ Plan will be ‘marginal at best’ for first-time homebuyers.
— Read on ca.finance.yahoo.com/news/what-the-changes-to-the-home-buyers-plan-mean-for-prospective-buyers-141115909.html
The US Could Unlock $980 Billion in Homeowner Equity, Top Analyst Says
“As early as this summer, a proposed move could begin to unleash almost $1tn into consumers’ wallets. By the autumn, it could be on its way to $2tn.”
— Read on www.businessinsider.com/housing-market-mortgage-home-equity-stimulus-debt-outlook-freddie-mac-2024-5
Mortgage payment shock far from over, warn economists | Financial Post
Mortgage payment shock could stretch into 2027 and drag Canada’s economy into recession, says Oxford Economics. Find out more
— Read on financialpost.com/news/mortgage-payment-shock-far-from-over
OSFI limits banks’ mortgages to highly indebted borrowers | Financial Post
New mortgage rule imposed by Office of the Superintendent of Financial Institutions aims to reduce financial system vulnerability. Read more
— Read on financialpost.com/fp-finance/banking/osfi-limits-banks-mortgages-highly-indebted-borrowers