Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The best life insurance in Canada: your complete guide + MORE Sep 14th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, a 2021 survey found 44% of us bought or now plan to buy life insurance because of the effects of COVID-19. But not everyone is con.... More »
Mortgage digest: More Canadians sidelined from homebuying as recession fears rise May 21st
A growing number of Canadians are pressing pause on homebuying plans as economic anxiety deepens, according to BMO’s latest Real Financial Progress Index..... More »
Early cracks in household credit hint at mortgage stress by 2026, CIBC’s Benjamin Tal warns + MORE Nov 6th
Household credit strain is creeping in at the edges, and CIBC economist Benjamin Tal says it could spread to mortgages as payment shocks peak next year..... More »
The latest in mortgage news: uninsured posted rates at decade-highs + MORE Mar 11th
Uninsured posted rates from Canada's Big 6 banks have skyrocketed over the past year, according to data from the Bank of Canada..... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
IMF Cautions Against Relaxing Mortgage Rules, Says Market Still Heated in Canada
– ratesupermarket.ca
The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada.
They are responding to calls by several real estate boards in Canada to ease the new B-20 stress-test guidelines that were brought into effect in January 2018.
The new rules raise the bar for a borrower’s mortgage affordability. Now borrowers have to prove they could afford their mortgage even if rates were two percentage points higher than their contract rate or the Bank of Canada posted five year fixed rate, whichever is higher. This has had a cooling effect on the two hottest real estate markets in Canada, Toronto and Vancouver. Both cities real estate boards have said the rules are “hurting” Canada’s economy.
The Toronto Real Estate Board (TREB) says B-20 needs to be “revisited.” They say it’s discouraging otherwise qualified buyers to get into the market.
But the IMF disagrees…
Latest in Mortgage News: HSBC Offers Record-Low 10-Year Fixed Rate
– canadianmortgagetrends.com
Earlier this month, Bank of Canada Governor Stephen Poloz called on banks and other lenders to start pushing longer-term mortgages. Last week, HSBC responded by offering a record-low 10-year fixed rate of 2.99%. That means the peace of mind of knowing mortgage payments won’t change for 10 years can be had for just a quarter-point […]
Broker Lender Market Share – Q1 2019
– canadianmortgagetrends.com
The leaders lost ground in the broker channel last quarter. The top five lenders reportedly accounted for the lowest combined market share in two years. That came as mortgage growth is trying to halt its long industry-wide descent. Here’s a look at individual lender performance in the broker space, in Q1: Rank Broker Channel Lender […]
