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Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th
The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
Ontario Housing Market: Increased Opportunity for Investors! + MORE Apr 6th
Rental vacancies are ridiculously low and demand for rental units is high… and growing!
That’s just a sampling of the opportunistic real estate investment news Ted Tsiakopoulos, CMHC’s Regional Economist for Ontario, shared recently at the Canadian Mortgage Brokers’ Associat.... More »
How mortgage brokers can unlock the power of personal video messages + MORE Apr 1st
It's important to find ways to connect with potential clients and build trust. By recording a video that is tailored to an individual prospect, you can set yourself apart from others and create a memorable experience..... More »
Canada's big banks cut credit card interest rates to ease coronavirus impact - CBC.ca + MORE Apr 4th
Canada's big banks cut credit card interest rates to ease coronavirus impact CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals Financial PostI.... More »
13,000 CIBC mortgage clients have come out of negative amortization Dec 19th
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
A Mountie surveys the damage on a street in Fort McMurray, Alberta, Canada in this May 4, 2016 image posted on social media. (Alberta RCMP/Reuters)FORT MCMURRAY, Alta. – The federal housing agency says rebuilding efforts in Fort McMurray, Alta., are going faster than expected, with reconstruction underway on one-third of the homes destroyed in last year’s wildfires.
In a report released today, Canada Mortgage and Housing Corp. says 844 housing units are being rebuilt and that is expected to rise to close to 1,000 units later this year.
It says at the current pace, all home rebuilding activity should be complete in three to four years.
The fires that swept through the community of about 70,000 in May of last year caused an estimated $3.8 billion in insured property damage and destroyed nearly 2,600 homes.
CMHC says about one per cent of the units in Fort McMurray can’t be rebuilt due to flood defence measures.
The post Fort McMurray rebuild going faster than expected, says CMHC appeared first on Macleans…
What OSFI’s Tightened Rules on Uninsured Mortgages Means for Homebuyers
– ratesupermarket.ca
Canada’s top banking regulator is proposing rules that will make it harder for some to qualify for a mortgage.
On the heels of the first interest rate hike in seven years, the Office of the Superintendent of Financial Institutions (OSFI) is proposing stricter rules on uninsured mortgages that could have an even more profound effect on the housing market.
Under these new rules, buyers with a 20 per cent down payment or more now have to undergo a more rigorous stress test, and qualify based on the highest posted five-year fixed rate – 4.64 per cent, roughly 200 basis points higher than actual mortgage rates.
Last year, in an effort to cool down hot real estate markets in cities like Toronto and Vancouver, Ottawa introduced new mortgage rules on only insured mortgages – meaning those who put less than 20 per cent down. Anyone with an uninsured mortgage were exempt from that stress test. But since then, the uninsured mortgage market has grown. So, to help reign in this segment of the market, OSFI is now proposing extending the stress test to uninsured mortgages…
Rebuilding homes in Fort McMurray, Alta., going faster than expected
– canadianbusiness.com
Rebuilding efforts in Fort McMurray, Alta., are running ahead of expectations, with reconstruction underway on one-third of the homes destroyed in last year’s wildfire, according to Canada Mortgage and Housing Corp.
In a report Thursday, the federal agency said the rebuilding of 844 housing units has started and that number is expected to rise to about 1,000 this year. It said 122 of the projects were started last year and 722 in the first half of this year.
CHMC market analyst Tim Gensey said the agency underestimated how many construction workers would come to Fort McMurray when it suggested last December only 600 units per year could be rebuilt.
He said the strong numbers also reflect the devotion of residents.
“One of the fears I’ve heard around the community is that people might just take the insurance money and leave Fort McMurray,” he said.
“However … the people who live there permanently love their community and they are staying.”
Gensey said about 550 of the units being rebuilt are single-family detached houses and most of the rest are townhouses…
In a report Thursday, the federal agency said the rebuilding of 844 housing units has started and that number is expected to rise to about 1,000 this year. It said 122 of the projects were started last year and 722 in the first half of this year.
CHMC market analyst Tim Gensey said the agency underestimated how many construction workers would come to Fort McMurray when it suggested last December only 600 units per year could be rebuilt.
He said the strong numbers also reflect the devotion of residents.
“One of the fears I’ve heard around the community is that people might just take the insurance money and leave Fort McMurray,” he said.
“However … the people who live there permanently love their community and they are staying.”
Gensey said about 550 of the units being rebuilt are single-family detached houses and most of the rest are townhouses…
BREAKING: Ontario Car Insurance Rates Increase
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 0.76 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the second quarter of 2017, approved rates from auto insurance companies increased by 0.76 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by as much as 1.04 per cent, and another inflating its rates by 8.97 per cent on average.
“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement…
