Soaring Canadian mortgage debt might finally be showing some signs of cooling. Bank of Canada (BoC) data shows outstanding mortgage credit hit a high in September. Annual growth is now rising at one of the fastest rates in over a decade. However, the pace of borrowing is falling very quickly. This might be a sign we’re past the peak of growth for this credit cycle.

Canadian Mortgage Debt Hits $1.77 Trillion

Canadian mortgage debt reached a new record high and did so at one of the fastest rates in history. Mortgage debt for housing hit $1.77 trillion in September, up 0.7% ($11.5 billion) from a month before. The balance is 9.6% ($155 billion) higher compared to the same month last year. Only August’s annualized growth showed a larger dollar…

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If there’s a type of person who knows something about buying a ton of small gifts, it’s a real estate agent. They often celebrate their clients’ big sales and purchases by offering a small gift to commemorate the moment. This is why they know exactly how you can cross a lot of people off your holiday shopping list without having to break the bank. Here are some of their standby gifts.

Living Gifts

Maryam Kidwai with RE/MAX Escarpment Realty Inc. in Ontario has a few go-tos when she’s looking for a bunch of small gifts, like succulent plants. “These highly resilient, long-lasting plants are easy to care for and can create a calming and positive effect,” she says. “Show you care about your clients and go green.” 

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Canadian new home prices are growing at one of the fastest rates in history but they’ve begun to slow. The Statistics Canada (Stat Can) New Housing Price Index (NHPI) shows huge annual growth in October. Not quite as obvious, the growth has fallen from the August peak, which had been the largest since 1989. The level of growth historically has been followed by a breather, where incomes catch up. If it’s begun its descent from peak growth, this can see low to negative price growth become a reality soon.

Canadian New Home Price Growth Is Up 12%

Canadian new home price growth printed some huge numbers last month. The index increased 0.9% in October and was 11.5% higher than the year before. It’s a very large and unusual growth that’s really kind of…

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Thinking of heading south for the winter? Escaping the cold, snowy winters is certainly appealing, but before you don your sombrero, there are a few things to take care of at home. Prepping your house for a winter away is essential and can prevent expensive damage, burglary and excess energy bills. Here’s what you need to know.

Turn Off the Water

Water damage will probably be your biggest concern if you’re going away for the winter. To prevent any unpleasant surprises, it’s worth turning off your water supply. The only exceptions are if you have a fire sprinkler system in place and if you’re using a water heating system for your home. If you’re not sure whether you can turn off the water for your heater, always ask a professional for advice.

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Has there ever been a time in your life when you’ve seen a decorative pillow or a set of placemats and thought to yourself, “I could totally make that myself!” With a creative eye, a little bit of practice, and the right materials, you could easily take on a home décor sewing project that might even be better than what you can find in store. The best part about home sewing projects is that many of them are perfect for beginners and can even be made pretty quickly with little to no expense—hello, upcycling and recycling!

But what we truly love about easy sewing projects is that they also make for great gifts for friends and family, too—especially housewarming gifts. Read on to learn about five great home sewing projects you’ll be proud to show off.

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RE:MAX Real Estate Agents voted #1 Most Trusted in Canada

According to Canadian consumers, RE/MAX is the brand with the #1 Most Trusted Real Estate Agents in Canada*. The results of the 2022 BrandSpark® Canadian Trust Study are based on a survey of 7,857 Canadians – one of the largest studies of its kind – to gauge their honest opinions of what brands they trust most and why. BrandSpark analyzed brands in 64 different categories, spanning Finance & Insurance, Health & Fitness, Retail & Restaurants, Telecom & Home, Travel, and Apps & Websites.

“We’re honoured to be the real estate brand that is most trusted by Canadians,” says Christopher Alexander, Senior Vice President at RE/MAX Canada. “Behind every successful real estate transaction is a foundation built on trust.”

Adds Elton Ash, Executive Vice…

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When you pause to admire a beautiful kitchen, where do your eyes go first? The sparkling countertops? The shiny appliances? The geometric tile floor? You can be honest—your attention probably isn’t captured by the cabinets. 

They take up the most space, yet kitchen cabinets seem to go largely unnoticed when you’re appreciating a well-designed kitchen. If you’re looking to breathe some fresh life into your space while on a budget, or are planning your next big renovation project, don’t overlook them! Especially not when these current kitchen cabinet trends are sure to impress your guests and turn the kitchen into your favourite room in the house (if it’s not already).

Image via Rachel Claire from Pexels

Neutral no more

Trade in your bright whites…

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In the upside-down world, a weak economy is great for Canadian home prices — and people are betting on it. The majority of mortgage debt issued in August has a variable interest rate. This is when a borrower’s interest paid is attached to market rates, as opposed to a fixed rate. Experts, including the central bank, are warning rates will begin to make a sharp rise next year. Whether homeowners realize it, they’re betting experts are wrong about the recovery.

More Than Half Of Canadian Mortgage Debt Issued Is Variable Rate

The majority of mortgage debt lenders have issued, have variable interest rates. The value of the segment reached $24.6 billion in August. This represents 54.3% of funds lenders delivered to mortgage borrowers that month. A…

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Renting out your property is a great way to bring in income. However, finding the right tenant can be a tricky process. Whether you are handling the process on your own or delegating the task to an agent, here are the seven main things to look out for when screening potential tenants.

Proof of Income

The first thing you need to check is whether your future tenants will afford to pay rent. Ideally, their monthly income should be at least three times the rent. Pay stubs, tax returns and even bank statements would confirm whether the figures add up. But if it looks like your tenant will be spending more than 30% of their income on rent, they may encounter difficulties making payments later on.

Credit Score

A tenant’s credit score…

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Whether you’re a first-time home buyer or a seasoned property owner, shopping around for a mortgage lender can feel daunting.

With multiple companies, interest rates, and options to look over, finding the best lender for your specific needs can appear overwhelming. However, mortgage brokers and specialists have the tools and knowledge at their fingertips to help borrowers make informed decisions about their home financing.

Image via Pexels

To tell us more about what to look for when choosing a mortgage lender, we recruited the advice of Carrie Cardinal from Realtyone Real Estate Services Inc. and Ryan Mollberg with M Realty, both of whom are Saskatchewan-based mortgage brokers and REALTORS®. 

Types of mortgage lenders and how a broker can help

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