Many older Canadians say mortgage freedom still years away

Canadians may have to put aside dreams of being financially free by their mid-50s. A majority will carry mortgage debt long after they become eligible for seniors discounts, according to Royal Bank’s (RY-T43.90-1.03-2.29%) latest housing survey. Three-quarters of Canadians surveyed for the poll released Thursday said they want to be mortgage-free by age 65. About 40 per cent… Read More

RBC hikes margins on 5-year variable mortgage rates

Royal Bank of Canada (TSX: RBC) says it’s increasing the margin on its variable rate mortgages to help offset funding costs increases due to global economic conditions. The cost of a posted variable five-year closed mortgage rate will move up 0.2 percentage points effective Wednesday, to sit even with the bank’s prime rate of three per… Read More

Too many condos? Not necessarily, Says RBC

Canadian condominium construction is strong, but not necessarily excessive, since new units are filling a gap by creating much needed rental stock, says a report by the Royal Bank of Canada. “Concerns have been raised about the growing number of investors fuelling the growth in condo sales in recent years,” said Robert Hogue, a senior… Read More