Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Mortgage brokers are slowly embracing AI tools like ChatGPT + MORE Jul 15th
AI is creeping into every industry imaginable, from oil and gas to fintech, and the mortgage industry is no exception..... More »
The Latest in Mortgage News – Fresh Round of Fixed-Rate Hikes Underway Feb 3rd
Over the past couple of weeks, all of the big banks and countless other mortgage lenders have bumped up some of their fixed rates. Meanwhile, markets are now fully pricing in a rate hike by the Bank of Canada at its March meeting, which will raise rates for the country’s variable-rate holders..... More »
Should you pay off your mortgage early? + MORE Dec 17th
Let’s face it, we all dream of a debt-free life, and paying off your mortgage can be a big part of that. Even if it’s a distant goal, it’s fun to imagine the financial freedom that comes with settling one of life’s biggest loans—your mortgage.
You’re 2 minutes away from getting the be.... More »
Siddall Launches Latest Volley in War of Words with the Mortgage Industry Jun 14th
For anyone who has been following the saga, it should be plainly obvious where Evan Siddall, head of the CMHC, stands on the mortgage stress test. In a recent editorial, we took an in-depth look at Siddall’s at-times passionate defence of stricter mortgage qualification rules. Part of that include.... More »
How Canada’s Mortgage Lenders Adapted to the ‘New Normal’ Dec 14th
The COVID-19 pandemic and the resulting nationwide lockdown forced the country’s mortgage lenders—like many businesses across the country—to adjust their operations in this unprecedented and brave new world of conducting business. They were faced with keeping the country’s mortgage de.... More »
The Latest in Mortgage News
– canadianmortgagetrends.com
As we do each month, we’ve rounded up some of the latest real estate and mortgage-related news from the past few weeks: Vancouver’s Housing Market Earns Dubious Honour Vancouver home prices may be falling now, but their record-high levels throughout 2018 have earned Vancouver the distinction of being ranked the world’s second-least affordable city. The […]
National Bank of Canada Returning to the Broker Channel
– canadianmortgagetrends.com
Rarely do banks leave the mortgage broker direct channel and return. This is one of those times. National Bank will once again be distributing the bank’s branded mortgage products directly through mortgage brokers in a new partnership with M3 Group. It is easily the best news story brokers have had in months. The partnership will […]
Should I Get a Variable or Fixed Mortgage? RBC Cuts Rates and the Answer is No Longer Clear
– ratesupermarket.ca
Last week, Canada’s biggest bank, RBC, cut its five-year fixed rate by 15 basis points. This gave customers the option to lock in their mortgage rate at 3.74 per cent, for a five-year term. And surely enough, TD Bank and BMO Bank of Montreal followed suit and cut their five-year fixed rates to the same level. Currently, CIBC is asking all customers to call in for more details on its five-year fixed rate, and Scotiabank is not showing the same 15-basis-point cut.
The move by some of Canada’s commercial banks is overdue. Unlike variable-rate loans that are affected by the Bank of Canada’s benchmark rate, fixed rates are tied to the bond market, and bond yields have been sinking over the last two months.
The yield for the Government of Canada benchmark five-year bond fell from a high of 2.48 per cent last October to a low of 1.76 per cent on January 3. At the time of writing this article, the bond yield has recovered slightly but still remains lower than two per cent. This means it’s cheaper for commercial banks to borrow money at a fixed rate and, therefore, they can pass down those interest rate savings to their mortgage customers…
Mortgage Professionals Canada Renews Calls to Tweak Stress Tests
– canadianmortgagetrends.com
Mortgage Professionals Canada has renewed calls for changes to the federal government’s stress tests, arguing they pose serious risk to the housing market and overall economy. The association’s annual report on the state of the mortgage market, authored by its Chief Economist Will Dunning, followed up on previously published concerns over the federal government’s mortgage […]
