Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Watch: What Is the First-Time Home Buyer Incentive? + MORE Apr 7th
In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? Who’s it for? And is it always a good option for buyers?
Through the First-Time Home Buyer Incentive, the government contributes to a .... More »
Trump fires Federal Reserve Governor Lisa Cook - The Globe and Mail Aug 26th
Trump fires Federal Reserve Governor Lisa Cook The Globe and MailWhat Trump’s firing of Fed governor means for central bank’s independence The GuardianTrump seeks to fire Fed governor, triggering fresh independence crisis Sky NewsTrump has accused Fed Governor Li.... More »
Bank CEOs see mortgage risk easing as attention turns to political uncertainty + MORE Jan 8th
The heads of Canada's biggest banks are finally seeing risks around mortgage renewals easing, only for worries about tariffs and political uncertainty to take their place..... More »
Latest in Mortgage News: OSFI leaves stress test rate unchanged + MORE Dec 13th
Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged..... More »
OSFI considering the need for additional regulations on existing mortgages + MORE Apr 22nd
Canada’s banking regulator says it is considering whether to extend the scope of its mortgage guidelines to include existing mortgages. In its second Annual Risk Outlook released this week, the Office of the Superintendent of Financial Institutions (OSFI) said it will “consider the scope of .... More »
With a mortgage to pay off, Chloe is wondering: what’s the best way to get her finances in order and move across the pond?Latest in Mortgage News: CMHC to Get New Name, Maybe “Housing Canada”
– canadianmortgagetrends.com
What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall says the current name overemphasizes homeownership financing and doesn’t highlight the agency’s work related to housing affordability. The name “Housing Canada” has already been floated, but federal legislation would be needed for an […]
Equifax Rolls Out Changes to its Mortgage Inquiry Process
– canadianmortgagetrends.com
Equifax Canada has implemented changes to its mortgage inquiry process to enhance the protection of consumer information.
Your mortgage payment deferral is over. Now what?
– moneysense.ca
Mortgage payment deferral, a six-month measure offered to Canadians this spring in response to the coronavirus pandemic, is coming to an end on September 30, 2020.
The relief was offered to Canadians to help them stay in their homes while the job market recovered. And, according to the Canadian Bankers Association (CBA), as of July 2020, a whopping 775,000 Canadians took advantage of this program. (To put that number in context, there are currently 6 million homeowners with mortgages in Canada.) The result? A total of $180 billion worth of mortgage deferrals.
Experts fear a payment drop-off may be looming. Despite the mortgage deferrals, people will still be unable to make mortgage payments these next few months. While you can still apply for the program up until the end of the month, the vast majority of deferrals will be ending in October—more than 500,000 actually. That’s from the CBA, too.
So, what can you do if mortgage payments are starting back up and you’re not ready? That depends on your situation…
The relief was offered to Canadians to help them stay in their homes while the job market recovered. And, according to the Canadian Bankers Association (CBA), as of July 2020, a whopping 775,000 Canadians took advantage of this program. (To put that number in context, there are currently 6 million homeowners with mortgages in Canada.) The result? A total of $180 billion worth of mortgage deferrals.
Experts fear a payment drop-off may be looming. Despite the mortgage deferrals, people will still be unable to make mortgage payments these next few months. While you can still apply for the program up until the end of the month, the vast majority of deferrals will be ending in October—more than 500,000 actually. That’s from the CBA, too.
So, what can you do if mortgage payments are starting back up and you’re not ready? That depends on your situation…
