Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Mortgage Digest: 5 big banks cut fixed mortgage rates following bond yield drop + MORE Feb 17th
Mortgage providers nationwide have been gradually lowering their fixed mortgage rates, including five of the country's Big 6 banks..... More »
Unleashing the power of LinkedIn: essential strategies and hidden gems for mortgage professionals + MORE Jun 27th
In today's digital age, LinkedIn has become a powerful tool for professionals across industries to connect, network, and showcase their expertise..... More »
Latest in Mortgage News: Canadians Say Low Interest Rates to Blame for High Home Prices Sep 5th
More than three-quarters of Canadians (77%) believe home prices in suburban and rural areas have risen to unsustainable levels, and most feel that ultra-low interest rates are to blame. A full 8 out of 10 people say low borrowing costs are to blame for the recent run-up in home prices, according to .... More »
As bond yields fall, mortgage providers are cutting fixed mortgage rates + MORE Dec 1st
With bond yields nearly 60 basis points off their highs reached earlier this month, fixed mortgage rates are slowly following and trending downward..... More »
How much is home insurance? Sep 17th
Home insurance is, as you may know, property insurance that protects the homeowner’s private residence, including the outside space, like your shed and deck, too. By paying a monthly or annual premium, you are assured that damage or loss to your home—typically a person’s most important and exp.... More »
Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers
– ratesupermarket.ca
It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opinion article in the Financial Post, Christopher Alexander, who is executive vice-president and regional director of RE/MAX INTEGRA for Ontario-Atlantic Canada, writes the stress test “is causing more harm than good.”
The stress test requires homebuyers that make a down payment of less than 20 percent to qualify for an interest rate that is at or higher than the Bank of Canada’s five-year benchmark rate (5.34 percent at the time of writing). In 2018, it was expanded to homebuyers who put down 20 percent or more; they now need to qualify for a mortgage rate two percent higher than the one offered by their lender (or the Bank of Canada’s rate five-year benchmark rate, whichever one is higher)…
