Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Scotiabank mortgage growth slows as originations dip in key markets + MORE May 30th
Scotiabank’s mortgage growth stalled in Q2, with average balances flat from the previous quarter and originations slowing sharply in major housing markets..... More »
Rate hikes slow non-bank mortgage growth and fuel rise in arrears Apr 24th
Non-bank lenders saw a continued move toward uninsured mortgages in Q4, alongside a steady rise in delinquencies..... More »
Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd
More and more Canadians are having trouble making payments as rates continue to rise. Here’s how to get back on track and make sure you don’t put your home in jeopardy..... More »
First National saw revenue rise 29% in 2023 despite drop in residential mortgage volumes + MORE Mar 10th
First National wrapped up a "successful" 2023 in spite challenging economic conditions and a drop in residential mortgage originations..... More »
Why are fertility treatments so expensive in Canada? + MORE May 15th
Being unable to have a child naturally can be extremely difficult. But when you factor in the high costs of fertility treatments, the range of individual circumstances and the fact that the industry itself is secretive about fees, it can make the whole ordeal even more devastating and hard to plan f.... More »
Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage
– canadianmortgagetrends.com
Soaring home prices over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for.
The CMHC Takes a Step in the Right Direction
– canadamortgagenews.ca
In July 2020, with CEO Evan Siddall at the helm, the CMHC decided to tighten the rules for insured mortgages. With revisions like a much higher minimum credit score, and much lower maximums for gross and total debt service ratios, it instantly became much more difficult for Canadians to qualify for an insured mortgage. Unsurprisingly, this proved to be an unpopular move. So why did Siddall do it?
Fear, for one. Siddall predicted that the pandemic would cause an economic downturn, and that home prices would plummet by as much as 18%. He also assumed that by introducing these restrictions, the CMHC’s two main competitors (Canada Guaranty and Sagen) would follow suit.
As we now know, the economy didn’t crash. Home prices certainly did not plummet, nevermind by 18%. And Canada’s two other prominent insurers didn’t impose more restrictive criteria as he predicted (and hoped) they would. The result was a decision driven by fear and ego that cost the government billions of dollars in lost revenue, and made it harder for Canadians to secure a mortgage…
