Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Latest in Mortgage News: Big Banks Lowering their 5-year Fixed Rates Sep 20th
CIBC became the second Big 6 bank to cut its 5-year fixed mortgage rate today..... More »
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 »
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 »
Beware of mortgage fraudsters…. Sep 27th
I wrote that back in 2006. Since then we have seen some provincial governments step in with laws to help protect unsuspecting homeowners. You can also purchase Title insurance or an alternative method of protection.
A couple of years ago, Toronto police said a woman used fake ID to get a $300,0.... More »
How a Mortgage Pre-Approval Can Protect You from Rising Rates Nov 1st
In times of steady or declining rates, you barely pay attention to your pre-approval rate. But these days, this rate hold can be a total game-changer..... More »
Report: New Mortgage Stress Test Cutting 18% of Home Buyers Out of the Market
– ratesupermarket.ca
According to a new report by the Mortgage Professionals of Canada (MPC), new stricter mortgage rules are leaving 18 per cent of home buyers out of the market. The MPC report found that while many Canadian home buyers could afford to make monthly payments at the bank’s contract rate, the higher bar set for qualification meant they would have to settle for a smaller mortgage.
Prior to Jan. 1, 2018, the stress test only applied to people with a down payment of less than 20 per cent. However, it now it applies to everyone buying a home, regardless of down payment size. In order to get a mortgage, financial institutions now require all borrowers to qualify at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points.
“The stress tests mean that many prospective buyers will have to borrow less than they planned to, and which they can afford,” says MPC Chief Economist Will Dunning, who prepared the report…
