Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
CREA raises 2014 home sales forecast + MORE Sep 17th
OTTAWA – The Canadian Real Estate Association raised its home sales forecast Monday on the back of stronger than expected sales in recent months after a slow start to the year.
The association said sales through its Multiple Listing Service are now expected to total 475,000 homes for 2014, up fr.... More »
Which Mortgage Features Are Right For You? + MORE Jul 25th
For most people, buying a house is the biggest decision they’ll ever make. So it’s no wonder that having to pay for thing over the next 25 or 30 years makes a lot of people pretty anxious.
After all, it’s a pretty intimidating transaction. First you have to assemble a stack of cash for the do.... More »
CMHC reports annual pace of housing starts slowed in February + MORE Mar 9th
The housing agency said Friday the annual pace of housing starts slowed in February as higher mortgage rates and other economic conditions soften demand. Economists had expected an annual pace of 205,000 for the month but instead fell to 173,153 units..... More »
Is your mortgage up for renewal during the pandemic? Here’s what you need to know Sep 8th
First things first: If you’re staying with your existing lender, then you typically don’t have to requalify..... More »
Watch: What is mortgage affordability? + MORE Feb 27th
Not sure how you much can borrow to purchase a property? To find out, you’ll need to know about “mortgage affordability.” That’s how much money you are able to borrow to purchase a home. This video outlines the factors that can influence mortgage affordability and it shares everyth.... More »
Mortgage Careers of the Week
– canadianmortgagetrends.com
Company: SAFEBRIDGE Financial Group Position Title: SafeBridge Client Service Representative Years of Experience Required: 5 years experience Are licences or registrations required? Preferred but not required Location of Position: Toronto,…
Slow credit or poor credit? There’s a mortgage solution.
– canadamortgagenews.ca
Life doesn’t always go according to plan. You’ve heard that saying before. When you have financial trouble, it can affect your credit score. Today, that makes qualifying for a loan or mortgage very difficult….. but not impossible. With all the new mortgage rule changes over the past 5 years, its made borrowing at […]
Buying Conditions In YOUR Region: Royal LePage Market Report
– ratesupermarket.ca
Buyers and sellers take note – Royal LePage has come out with their much-anticipated seasonal Market report, which breaks down the buying conditions in markets nationwide.
As the coldest winter in decades comes to an end, homebuyers are coming out of hibernation and the spring housing market is in full bloom. After a ho-hum start to the first quarter of 2014 (where few braved the winter cold to check out open houses), more homeowners are putting their homes on the market. With mortgage rates near record lows and inventory levels up, we could be returning to balanced market territory in many regions across Canada.
Two-Storey Homes Lead the Pack
Despite a sluggish start to 2014, most regions across Canada saw modest year-over-year price growth. The average price of a home rose between 2.5 per cent and 5.4 per cent, depending on the region and type of home.
Two-storey homes remained in highest demand through Q1, and will now cost buyers and average of $428,943 – up 5.4 per cent from last year…
Mortgage Rule Update: How Will OSFI B21 Impact You?
– ratesupermarket.ca
A new round of mortgage regulations has been introduced to the Canadian Housing Market, but don’t panic – this set is much less likely to impact your ability to buy a home.
The Office of the Superintendent of Financial Institutions (OSFI) revealed the proposed regulations today for public review. They’ll remain open for comment until May 23, when a final version will be drafted and implemented. Dubbed B21, the changes target providers of mortgage default insurance, which is required by all buyers paying less than 20 per cent down on their home purchase.
The purpose of the regulations is to create consistency between mortgage insurers’ underwriting practices, and create greater disclosure and transparency.
An Additional Round of Changes
These changes are a follow up to the B20 regulations introduced last summer, the fourth in a series of changes designed to discourage risky borrowing and too-high debt ratios. Those restrictions capped amortizations at 25 years, changed TDS and GDS ratios, and limited LTVs for refinances and HELOCs…
OTTAWA – Canada’s financial regulator is looking to issue new guidelines governing high-risk mortgages in the country’s housing market.
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on the ability of borrowers to service their debts and also require them to tighten monitoring procedures.
But OSFI has stopped short — so far — of further tightening mortgage rules, such as requiring that low-risk mortgages also be subject to 25-year amortization periods. Currently the rule applies only to higher-risk mortgages with less than 20 per cent down payment, where insurance is mandatory.
CIBC deputy chief economist Benjamin Tal says the new guidelines, once adopted, would have only minimal impact on the market.
They would formalize what is already the practice in Canada among lenders, such as Canada’s banks.
Tal adds that OSFI and the government are no doubt monitoring the spring housing market to determine if stricter measures are needed, but are likely encouraged that the market is showing signs of cooling…
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on the ability of borrowers to service their debts and also require them to tighten monitoring procedures.
But OSFI has stopped short — so far — of further tightening mortgage rules, such as requiring that low-risk mortgages also be subject to 25-year amortization periods. Currently the rule applies only to higher-risk mortgages with less than 20 per cent down payment, where insurance is mandatory.
CIBC deputy chief economist Benjamin Tal says the new guidelines, once adopted, would have only minimal impact on the market.
They would formalize what is already the practice in Canada among lenders, such as Canada’s banks.
Tal adds that OSFI and the government are no doubt monitoring the spring housing market to determine if stricter measures are needed, but are likely encouraged that the market is showing signs of cooling…
