Mindblown: a blog about philosophy.

The 50-basis point cut aims to stimulate buying activity in the housing market. Increased buyer interest may lead to rising home prices as demand outpaces supply.

Contact your lender immediately to explore options, such as skipping a payment or renegotiating terms. Extend your amortization to lower monthly payments, but note this increases long-term interest costs.

Mortgage brokers are licensed intermediaries matching borrowers with lenders, while banks are direct lenders setting their own rates.Brokers provide access to multiple lenders, while banks limit options to their own mortgage products.

New mortgage rules in Canada take effect December 15, 2024, marking a significant policy shift. The price cap for insured mortgages increases from $1M to $1.5M, enhancing accessibility.

Toronto's low sales-to-new-listings ratio signals rising mortgage arrears, with levels approaching 2012 highs. Buyers’ market conditions in Toronto limit distressed homeowners' ability to sell amid increasing non-mortgage arrears.

Canada’s mortgage qualification rules eased, with insured mortgage cap raised to $1.5M and 30-year amortizations available.Borrowers face a decision between three-year fixed or five-year variable rates, with a 0.9% differential currently.

Mortgage refinancing in Toronto replaces your current mortgage with a new one, paying off the original loan. Refinancing can consolidate debt, lower interest rates, increase loan amounts, or access home equity.

Analysts expect multiple interest rate cuts in Canada, with two more anticipated by year-end 2024. Further cuts in 2025 could lower the benchmark rate to 2.75%, benefiting variable mortgage rates.

The federal government is extending mortgage amortizations to 30 years, providing more flexibility for homebuyers nationwide.All homebuyers, regardless of their background or planned home design, will be eligible for the 30-year mortgage.