It’s a fact; little better than 1 in 4 Canadians have any idea what amortization means, according to a recently-released Ipsos survey. Surprisingly, “…Less than 1% of respondents gave a strictly correctresponse by saying only that it means “the time to pay the mortgage in full,'” Ipsos wrote in its report. Just as eye-opening, 14% of people claimed to have...
Three-decade-long mortgages are a mainstay in the U.S. mortgage market. But in Canada, 5-year fixed terms dominate the landscape.Forty-five per cent of mortgagors chose them last year, says the Bank of Canada. BoC chief Stephen Poloz wants to see that change. In what he termed a “call to arms,” he challenged the mortgage industry to think outside the five-year fixed....
The Department of Finance is considering a return to 30-year amortizations on insured mortgages, says the Canadian Homebuilders’ Association (as reportedin the Globe and Mail). The last time we had 30-year amortizations on insured mortgages was 2012.This time, however, only first-time buyers might get access to them. Called “extended amortizations,” 30-year payback periods are still available to anyone getting an...
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