Canada Mortgage Market Trends: Rate Expectations, Variable Makes a Comeback, and RIP First-Time Homebuyers Incentive
Discover the latest trends shaping Canada’s mortgage market in this insightful article. Explore the significant rate declines and the resurgence of variable-rate mortgages, driven by anticipated Bank of Canada rate cuts. Bid farewell to the First-Time Homebuyers Incentive (FTHBI) and embrace the tax-friendly benefits of the First Home Savings Account (FHSA), designed to empower aspiring homeowners. Stay informed, make strategic decisions, and navigate the path to homeownership effectively with these invaluable insights.
Considering Breaking Your Mortgage? Keep These Things in Mind
Breaking a mortgage involves altering the terms of your mortgage contract or not fulfilling the entire term. Common reasons for doing so include falling interest rates, changing financial circumstances, or the need to sell your home. Mortgages can be open or closed, with open mortgages allowing penalty-free contract changes but usually having higher rates. Closed mortgages involve fees for breaking the contract, and it’s essential to evaluate potential savings from lower interest rates against associated costs, which differ based on whether you stick with your current lender or switch to a new one.
How Credit Scores Affect Installment Loans
Installment loans are closely tied to credit scores. Your credit score will determine your options when it comes to borrowing money, and borrowing money will also impact your actual credit score based on how you handle the loan and its terms.
Fixed or Variable? What to Consider as Your Mortgage Comes Up for Renewal
When deciding between fixed or variable mortgages upon renewal, Canadians facing this decision should consider two key factors: the outlook for interest rates and their own risk tolerance. Historically, variable rates were favorable during low-rate periods, but with current economic uncertainties, locking in a fixed rate could provide stability and predictability in monthly payments. However, the path of short-term interest rates suggests that variable rates may see a decline in the coming months, making them an attractive choice for those who can tolerate some uncertainty. Ultimately, the decision should be based on individual financial circumstances and the willingness to embrace potential rate fluctuations.
The Bank of Canada Has Been On a Rate-Hiking Tear. Is That About to Change?
The Bank of Canada, once focused on raising interest rates, may now be considering a pause due to changing economic conditions. In response to high inflation, the central bank had aggressively increased rates in 2022, but the economy has shown signs of deceleration. If the economy continues to weaken, the Bank of Canada could reverse its rate-hiking strategy and lower interest rates in early 2024. This potential shift could impact various financial aspects, including mortgage rates and savings account returns, making it important for individuals to stay informed about the changing economic landscape.
Greener Homes Grants: making the most of new home energy retrofit programs
Canadian homeowners can access government programs for greener home retrofits, including interest-free loans of up to $40,000 over ten years (Canada Greener Homes Loan), grants of up to $5,000 (Canada Greener Homes Grant), and a 25% mortgage insurance premium reduction (CMHC Eco Plus). These retrofits help improve energy efficiency and can lead to significant long-term savings, with potential reductions of up to 78% in energy costs over ten years, making them a wise investment amid rising energy prices.
Student Loan Forgiveness in Canada
This article informs Canadians about relief and forgiveness options for student loans. It discusses the challenges of paying back loans due to high interest rates and financial constraints, and highlights the Repayment Assistance Plan as a possible solution. It also mentions that loan forgiveness is available and reassures students about other options available.
How to Optimize Your Listing on Smarter Loans: A Guide for Lenders
If you’re a lender, you know how tough it can be to stand out in a crowded market. That’s why it’s crucial to optimize your listing on Smarter Loans, the leading loan comparison platform. By strategically creating a robust profile and incorporating video and media, you can differentiate yourself from the competition and attract more customers. Our article offers valuable tips and strategies to help you optimize your listing and reduce costs, so you can stay ahead in the game.
Gary Schwartz, President of the CLA, Is On a Mission to Bring “Open Banking” to Canada
Canada’s lending ecosystem is often viewed through a fragmented lens, where FinTech companies, financial institutions, and “alternative lenders” each play a unique and distinct role. Gary Schwartz, the president of the Canadian Lenders Association (CLA), however, doesn’t quite see it that way.
Canada Retail Trends in 2021 – A Story of Hope and Despair
COVID 19 dealt a body blow to the Canadian retail sector in 2020. This is the “new normal” and it will continue to influence retail trends across Canada (and much of the globe) for the foreseeable future. Here are the top retail trends to look forward to in Canada in 2021.
Latest in Travel Tech Trends, from the Consumer Electronics Show 2021
Consumer Electronics Show (CES), the tech industry's largest, most prestigious annual event wrapped up last week. Normally the last sentence would contain the words "in Las Vegas". This year it took place at an 'all digital venue'. Yet, the mood was positive, the speakers were enthusiastic and the participants, optimistic. Numerous new and improved technologies/gadgets/ways...
Care by Volvo and the Changing Face of Automobile Ownership
One of the first subscription services to be offered in Canada comes from Volvo, and is called Care by Volvo. Launched in 2018, the program has been received positively by potential Volvo owners.
Execs from Loblaws and IKEA to startups discuss how to grow, scale and expand
Lots of companies are trying to figure out how they can tailor e-mail messages or customize the kind of advertising they serve to specific segments of their target market. While that makes sense in general, it should be part of a phased approach
Why VCs See Digital Challenger Bank NorthOne As A Wise Investment
NorthOne is competing at a time when the data shows considerable opportunity for new entrants to the financial services industry. According to Digital Banking Report’s Challenger Bank Analysis, which was released last month, more than 80% of consumers likely to switch financial providers within three years.
How Businesses that Go Green Can Also Be in The Black
As businesses around the globe look to find ways to evolve and become more environmentally sustainable, there are many misconceptions that exist around the financial implications of doing so. An oft-held belief has been that taking concrete steps toward mitigating and minimizing one’s environmental footprint will be prohibitively expensive. This belief in turn provides a...
Addition of BMO Exec to CLA Board Further Proof “Alternative” Label is Out-dated
The line between traditional and so-called “alternative” lending got blurrier today as the Canadian Lenders Association announces the addition of Lyla Kanji—the Head of Loan Syndication and Specialty Finance, Canadian Commercial Banking at BMO Financial Group—to its board.
The State of Alternative Lending in Canada 2018 Study
Canadians are warming up to alternative lenders, but remain skeptical. When they’re in need of a loan, a majority of Canadians now look to online lenders as a viable alternative to traditional financial institutions, according to the State of Alternative Lending in Canada 2018 study conducted by online comparison service Smarter Loans.
Alternative Lending in Canada 2018 – Insights for Lenders
Interest in alternative lending products is growing steadily in Canada, and as more consumers explore available options they are generally finding the information, products and level of service they are looking for, according to the State of Alternative Lending in Canada 2018 study published by Smarter Loans.
Alternative Lending in Canada 2018 – Insights for Auto Financing and Equipment Lenders
Alternative financing is steadily gaining popularity in Canada, but those offering auto or truck and trailer financing solutions still need to catch up with other online providers, according to the State of Alternative Lending in Canada 2018 study published by Smarter Loans.
Alternative Lending in Canada 2018 – Consumer Insights
Canadians are warming up to alternative lending options in recent years, with more turning to online vendors for services ranging from mortgages and car loans to business and equipment loans, according to the State of Alternative Lending in Canada 2018 study published by Smarter Loans.
Canada is a global financial industry powerhouse; so why isn’t its FinTech sector?
The imbalance between the relative successes of Canada’s major financial institutions and the relative anonymity of its FinTech sector was a key area of focus throughout the daylong AltFi Toronto event. The stage played host to a range of experts from tech and finance, from Canada and abroad, each offering their thoughts on why the country’s FinTech industry is lagging behind, and how best to enable it to catch up.
How the Canadian Lenders Association is Elevating the Industry From ‘Alternative’ to ‘Innovative’
Little over a year ago, there was no leading voice in the “alternative” lending space in Canada; no industry association to advocate on its behalf or network to help establish and spread best practices. Fortunately, those resources are now available to the industry through the Canadian Lenders Association (CLA), an industry association dedicated…