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Reverse Mortgages in Canada Are Taking off in a Big Way

Reverse mortgages are taking off again in Canada. This growth is due in part to a combination of an aging baby boomer population, rising real estate values, and the rising cost of living. Mortgage lenders are taking note. Many new products are coming to the market, creating competition that is good for consumers. All ...

Cmhc to Increase Minimum Down Payment to 10%

Canada Housing & Mortgage Corporation’s (CMHC) top boss made some comments this week that has raised speculation that big changes are headed our way. Among many ominous predictions, the CEO suggested that CMHC should eliminate its 5% down payment program. This would lead to changing the minimum down payment to 10%. Here’s what was ...

Should You Defer Your Mortgage Payment?

Mortgage payment deferrals are an essential lifeline available to Canadians during a difficult time. Early April reports by the Canadian Banking Association indicate that more than 600,000 Canadians have requested mortgage payment deferrals. The average Canadian mortgage payment is $1,326/month. This puts an estimated $778 million per month into the hands of Canadians who ...