How much income do I need to qualify for a mortgage in Canada? + MORE Aug 20th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

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Does it make sense for a young person to have life insurance? + MORE Nov 24th

Buying life insurance in your 20s can feel like an added cost to an already long list of expenses. But experts say it can safeguard loved ones if life doesn’t go as planned. Do young Canadians need life insurance? There can be a “very high temporary insurance need” for younger Canadians,.... More »

Canadian home sales forecast downgraded—but the market may be turning a corner + MORE Jul 17th

For the second time this year, the Canadian Real Estate Association has downgraded its forecast for home sales in 2025, even as it says a turnaround could be looming following increased activity in June. The association reported that the number of homes changing hands across the country in June r.... More »

Three-quarters of Equitable Bank’s uninsured mortgages to renew at lower rates this year + MORE Mar 1st

Equitable Bank is optimistic about continued loan growth in 2025, buoyed by expectations that most of its single-family mortgage borrowers will renew at lower rates this year..... More »

Strong payment discipline masks growing mortgage stress, survey finds + MORE Mar 25th

Despite strong payment performance, a growing share of borrowers report difficulty keeping up and are cutting back on spending to stay current.... More »

Opinion: Why mortgage brokers are not order takers Dec 9th

A growing number of borrowers now expect fast, frictionless mortgage quotes without offering the details needed to make them real. It’s a mindset that’s becoming more common — and one that rarely survives underwriting..... More »

How much income do I need to qualify for a mortgage in Canada?

– moneysense.ca

The first two rate cuts from the Bank of Canada (BoC) are finally making a mark on housing affordability.

According to the latest monthly affordability report from Ratehub.ca (Ratehub Inc. owns both Ratehub.ca and MoneySense), it became easier to qualify for a mortgage for the average-priced home in every market studied across Canada—a first since January. To show how borrowing conditions are evolving in real time, the calculations reveal the minimum annual income required to buy an average-priced home in some of Canada’s major cities based on month-over-month real estate data. The analysis is based on the average five-year fixed mortgage rate, as well as the resulting mortgage stress test, in addition to average home prices as reported by the Canadian Real Estate Association, for the month of July.

This latest edition (updated monthly, so bookmark this page) is impacted by the recent rate cuts from the BoC which are now making their way into consumer mortgage rates. The two quarter-point decreases made in June and July have cumulatively brought Canada’s benchmark cost of borrowing from 5% to 4…

Continue Reading On moneysense.ca »

CMHC says annual pace of housing starts in July up 16% from June

– canadianmortgagetrends.com

The annual pace of housing starts in July climbed 16% compared with June as starts of multi-unit projects shot higher for the month, Canada Mortgage and Housing Corp. says.

Continue Reading On canadianmortgagetrends.com »

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