Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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How to Use a Mortgage Calculator + MORE Apr 18th
Looking at mortgage rates for a new house? Need a mortgage calculator? Canada residents know it’s easy to fall in love with your dream home. But, it helps to factor in the mortgage loan amount and interest rate beforehand. You want to determine how much house you can afford - p.... More »
The Latest in Mortgage News: OSFI to Re-launch Review of the Uninsured Stress Test + MORE Apr 10th
Canada’s bank regulator has announced it will restart a review of the stress test rate on uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) said it will “resume its policy work on the minimum qualifying rate for uninsured mortgages by issuing a new co.... More »
Broker Lender Market Share – Q1 2018 Jun 11th
Credit unions saw their slice of the broker pie shrink in Q1. That comes despite OSFI’s January 1 stress test, which played right into their hands given they are provincially regulated. Broker market share for CUs fell 0.6% versus Q1 2017. Less competitive pricing was a key reason. In particul.... More »
Family legacy: How to pass along the family cottage—and 3 things to avoid + MORE Nov 22nd
The iconic Canadian cottage stands as a symbol of family traditions, summer getaways and cherished memories. Yet, as the years pass and generations shift, the future of a family cottage can become uncertain, thanks to things like family conflicts, financial implications and differing expectations am.... More »
Frustrated with mortgage tech? You’re not alone + MORE Feb 14th
For the past few years, mortgage brokers have been presented with a seemingly non-stop barrage of new mortgage technology..... More »
Higher Default Insurance Premiums on the Way?
– canadianmortgagetrends.com
Canada’s banking regulator wants mortgage default insurers to put more money between themselves and taxpayers, especially for mortgages they insure in riskier cities. The new rules, detailed today by OSFI, will force government-backed insurers to bolster their capital on mortgages in certain areas. Effective January 1, 2017, this could make mortgages more expensive for insurers and consumers alike. “When house prices are high relative to borrower incomes, the new framework will require that more capital be set aside,” said Superintendent Jeremy Rudin. In a report today, BMO Capital Markets referred to these changes as “modestly tougher capital requirements.” It said that READ MORE
Foreign buyer tax not enough to fix GTA problems
– moneysense.ca
A 15% foreign buyer’s sales tax in the Greater Toronto Area is an “obvious step” to take, explains CIBC Deputy Chief Economist Benjamin Tal, but it won’t solve the main barrier to the city’s affordable housing problem.
“It might be prudent [for Toronto] to take some sort of action,” said Tal during a recent interview. “I’m not predicting there will be a tax, nor am I suggesting there should be, but the implementation of a foreign buyer tax in Toronto is an obvious step to cooling the market.”
Read more: New tax could make B.C. foreign buyers flock to Toronto »
Tal’s comments come after a busy week where media stories were dominated with further problems in the way foreign buyers are able to obtain Canadian mortgage and shortly after data was released regarding the impact of Vancouver’s foreign buyer tax.
According to a report released by the B.C. Ministry of Finance, there was both a big rush to close deals before the new foreign buyers’ tax took effect on Aug…
“It might be prudent [for Toronto] to take some sort of action,” said Tal during a recent interview. “I’m not predicting there will be a tax, nor am I suggesting there should be, but the implementation of a foreign buyer tax in Toronto is an obvious step to cooling the market.”
Read more: New tax could make B.C. foreign buyers flock to Toronto »
Tal’s comments come after a busy week where media stories were dominated with further problems in the way foreign buyers are able to obtain Canadian mortgage and shortly after data was released regarding the impact of Vancouver’s foreign buyer tax.
According to a report released by the B.C. Ministry of Finance, there was both a big rush to close deals before the new foreign buyers’ tax took effect on Aug…
