Deadly six-vehicle crash on Highway 400 sparked by road rage incident
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
A new survey exposes balance sheet vulnerabilities for some Canadian homeowners amidst rising interest rates.
Released by BNN Bloomberg and RATESDOTCA, the survey found that 27 per cent of homeowners who participated have accessed a home equity line of credit (HELOC). Almost 80 per cent of those participants have used it, and half of them said they have done so in the last two years.
Aside from the pressure of increased interest rates, HELOCs are complicated by new real estate loan guidelines announced by the Office of the Superintendent of Financial Institutions on Tuesday. In late 2023, borrowers will be required to pay principal and interest on combined loans above 65 per cent of the property value.
Prior to these guidelines, HELOCs were an ideal way for homeowners to tap into their home equity during the prior decade’s low interest rates and high home prices, but the survey findings suggest that the Bank of Canada’s recent interest rate increases might have changed the way older Canadians leverage their home value. With HELOCs being based on variable-rate interest, borrowers will be hooked to higher payments.
Since HELOC lenders are able to demand full payment at any time, this can raise concerns for consumers who have not set aside extra money to pay down their HELOC amidst the pressure of rising interest rates.
According to the survey, 58 per cent of respondents said they have an outstanding balance on their HELOC.
Although the majority said they borrowed less than $50,000, 10 per cent said they borrowed more than $100,000. Balances of at least $50,000 were more common for Canadians aged 55 and older.
Of the 1,507 Canadians surveyed, 65 per cent said they were homeowners.
With files from BNN Bloomberg and RATESDOTCA
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
The President of Poland says his country would 'of course' be interested in purchasing Canadian liquefied natural gas if it were available, while the Canadian federal government has said it is 'not interested' in subsidizing future projects.
Dozens of people raised their arms in the fascist salute and shouted a fascist chant during ceremonies Sunday to honor Italian dictator Benito Mussolini on the 79th anniversary of his execution.
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An election-year roast of U.S. President Joe Biden before journalists, celebrities and politicians at the annual White House correspondents' dinner Saturday.
Britney Spears has reached a settlement with her estranged father more than two years after the court-ordered termination of a conservatorship that had given him control of her life, their attorneys said.
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
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A senior Qatari official has urged both Israel and Hamas to show "more commitment and more seriousness" in ceasefire negotiations in interviews with Israeli media, as pressure builds on both sides to move toward a deal that would set Israeli hostages free and bring potential respite in the nearly seven-month-long war in Gaza.
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The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
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A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”