Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
OSFI’s stress test change sparks industry confusion Nov 30th
Canada's banking regulator threw the mortgage industry a curve ball last week when a representative suggested there were some restrictions to a recent policy change most brokers weren’t aware of..... More »
What happens when the mortgage co-signer dies? Feb 10th
Q: My grandfather passed away and he was my mortgage co-signer. My loan is current. I have made all payments. My grandfather has assets, estate. A good amount. Will my home be included in any of that or be paid from any of that? If they went after his assets and the home was paid, would it still be.... More »
How much income do you need to buy a home in Canada? A look at housing affordability in November 2025 + MORE Dec 24th
For a while there, it appeared Canada’s housing market was seeing shoots of improvement – but buyers retreated back to the sidelines in November, further dousing price growth and leading to overall improved affordability conditions. As reported by the Canadian Real Estate Association, home sales.... More »
The big question on mortgage borrowers’ minds: fixed or variable? Feb 15th
With variable mortgage rates potentially at a peak and fixed rates having recently retreated, borrowers are asking themselves the age old mortgage question: should you go fixed or variable?.... More »
BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th
The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable..... More »
How to read your mortgage documents
– moneysense.ca
(Freeimages.com / Evan Earwicker)Thomas Bruner was a well-informed and financially savvy shopper. Thank goodness. Because his bank made errors in his mortgage documents. Big errors.
It was late 2015 and Bruner and his wife, Leslie, were in the process of selling their North York town-home to move into a larger upper beaches family home in the east end of Toronto. (We’ve changed names to protect privacy.) As a number-cruncher, Bruner knew how important it was to shop around for the best mortgage rate and was delighted to secure a five-year fixed rate of 2.49% with his current bank. To get that rate, he’d shopped around and negotiated hard with the bank representative at his local branch. But when the purchase of the home was closer to being finalized, Bruner was transferred to a bank mortgage specialist. That’s when the problems started.
A meticulous man, Bruner read every word of the 30-page mortgage document—some of it in small, fine print, and other sections bogged down with legal jargon…
Ottawa will continue to monitor housing market: Morneau
– moneysense.ca
TORONTO – Ottawa will continue to monitor the real estate market and take the necessary actions to ensure that an uptick in interest rates or a decline in home prices don’t threaten the country’s financial stability, Federal Finance Minister Bill Morneau said Friday.
“I will continue to act to ensure that household debt levels are sustainable, that lenders are acting prudently and that increases in interest rates or a housing market downturn don’t risk the economic growth we are working so hard to accelerate,” Morneau said in a speech to the Toronto Region Board of Trade.
“These are not easy decisions, but I know they are the right thing to do.”
Morneau said he’s “ultimately responsible” for maintaining the stability of the country’s financial system and highlighted mortgage rules as a “key tool” to help him do that.
Since taking office, Morneau has twice moved to stabilize the housing market.
Last December he increased the minimum down payment on the portion of a home worth more than $500,000 — a measure he said was aimed at tackling “pockets of risk” in the Toronto and Vancouver housing markets, where prices have been soaring…
“I will continue to act to ensure that household debt levels are sustainable, that lenders are acting prudently and that increases in interest rates or a housing market downturn don’t risk the economic growth we are working so hard to accelerate,” Morneau said in a speech to the Toronto Region Board of Trade.
“These are not easy decisions, but I know they are the right thing to do.”
Morneau said he’s “ultimately responsible” for maintaining the stability of the country’s financial system and highlighted mortgage rules as a “key tool” to help him do that.
Since taking office, Morneau has twice moved to stabilize the housing market.
Last December he increased the minimum down payment on the portion of a home worth more than $500,000 — a measure he said was aimed at tackling “pockets of risk” in the Toronto and Vancouver housing markets, where prices have been soaring…
