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Latest News
CMHC reports September pace for housing starts up from August + MORE Oct 19th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in September was up 5% compared with August..... More »
Insurance Premiums May Rise in 2019 Aug 16th
OSFI is tightening mortgage lending again. But this time, it’ll be less impactful for consumers. The banking regulator issued its final Mortgage Insurer Capital Adequacy Test (MICAT) guideline last week. MICAT is the “framework for assessing the capital adequacy of mortgage insurance companies,.... More »
Home Capital shares tumble after OSC launches proceedings against firm, executives + MORE Apr 21st
Home Capital Group Inc. shares touched a one-year low on Thursday, a day after the Ontario Securities Commission launched proceedings against the Toronto-based mortgage lender and some of its current and former executives..... More »
Paying down your mortgage faster comes with trade-offs + MORE Apr 18th
While extra payments can reduce long-term interest costs, they may also limit liquidity, trigger penalties and crowd out other financial priorities.... More »
Next week's new mortgage rule won't cool down hot markets + MORE Feb 12th
Starting Monday, you'll need more cash to insure a mortgage on many homes in Canada. The new rule may be 'good politics,' but it won't do much to bring housing prices in overheated markets back down to Earth..... More »
Canada’s Conservative government has no immediate plans for a shift in mortgage rules, its finance minister said on Sunday.
Can I Still Get a “Zero Down” Mortgage with a Credit Union?
– ratesupermarket.ca
In the aftermath of the “Great Recession” when the U.S. housing market imploded, sending the global economy into a tailspin, Canada’s financial institutions were resoundingly praised for their stability and sound lending practices. Still, our country’s financial leaders recognized that there were some risks inherent in the system, and mortgage regulations were introduced to tighten any loopholes.
One notable series of changes, introduced by the Office of the Superintendant of Financial Institutions revolved around residential mortgages, including efforts to stop banks from offering “cash back” or “zero down payment” mortgages. As of 2008, buyers have been required to make a minimum 5 per cent down payment on their home purchase when taking out a mortgage with a federally-regulated lender.
But since credit unions are regulated provincially, they don’t fall under OSFI rules, and are able to offer many mortgage options that the banks increasingly can not, meaning the zero per cent down mortgage does, technically, still exist…
CMHC Alludes to More Changes
– canadianmortgagetrends.com
The quest to trim government exposure to mortgage risk continues. In a speech Friday, CMHC head Evan Siddall said the country’s no. 1 default insurer may start offloading some risk to lenders. “…We are evaluating a range of ideas on future improvements to our housing finance system,” he said, “including risk-sharing with lenders to further […]
Bissada on Online Origination
– canadianmortgagetrends.com
Few people in this country understand the potential of online mortgage origination better than Yousry Bissada, President & CEO of Kanetix. That’s why it’s always informative to hear his predictions on the topic. Bissada visited Canadian Mortgage Hangout on Friday and shared his read on the pulse of Canada’s online mortgage industry. Below are key takeaways from […]
