Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Mortgage rate outlook: Why experts say the next move could be lower + MORE Feb 19th
After a volatile 2025, mortgage rates have steadied, but experts say the next move could be lower, and that has implications for borrowers..... More »
Residential Mortgage Credit Risk Has Risen “Only Modestly,” Says OSFI Nov 25th
The head of the agency charged with overseeing Canada's federally regulated lenders said today that residential mortgage credit risk has risen "only modestly.".... More »
Toronto, Vancouver weigh on housing starts in first half of year: CMHC + MORE Sep 10th
Canada Mortgage and Housing Corp. says growth in overall housing starts was flat during the first half of the year compared with 2024, though there were significant regional differences..... More »
What To Expect in 2023 Jan 6th
Happy new year everyone! I hope everyone reading this took some time to reflect and recharge over the holiday season. There was a lot of negativity swirling around in 2022, and I’m sure a lot of you needed a break from it all. I sure did. It’s easy to get swept up in all of the doom-and-gloom. B.... More »
Watch: What is the mortgage stress test? Mar 5th
If you’ve purchased a home in the last several years, or plan to buy one soon, there’s a good chance you’ve heard about the mortgage stress test. Since 2018, the stress test has served as a set of rules banks and lenders use to determine if you qualify for the mortgage you want. It’s possibl.... More »
The Ultimate Guide to Buying a Home When You’re Self-Employed
– ratesupermarket.ca
Almost half (45%) of Canadians will be self-employed by 2020, according to Intuit. In some cases, these individuals are supplementing employment income by working on the side. But the trend is clear: self-employment is becoming increasingly common in Canada. Here’s a look at how being self-employed can affect the mortgage buying process, along with some tips to help get you into a new home.
Proving Income as a Self-Employed Canadian
When applying for any type of mortgage, the bank requires proof of income. For those who are self-employed, the process can be a little more complicated. There are two main ways business owners, freelancers and independent contractors can prove their income when buying a home:
Proved income: The average amount you’ve earned over a period of time, typically at least two years.
Stated income: A reasonable estimate of your income based on the type and size of your business. Typically, you can only use this method if you’ve been in business for at least a few years…
Are Toronto House Prices Headed Back to 2016 Levels?
– canadianmortgagetrends.com
Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stress tests on both insured and uninsured mortgages. While sales activity and prices took a hit in both markets, the recovery for the Greater Toronto Area seems to be nearly complete. The […]
