Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Why Canadian fixed mortgage rates are rising again + MORE May 15th
After briefly dipping below 4%, most five-year fixed mortgage rates at Canada’s major banks are back above the 4% mark, and could stay elevated for the foreseeable future, experts say..... More »
What the CMHC premium hike means for you + MORE Mar 19th
The CMHC is raising mortgage insurance premiums as of today.
Luckily, if you already have a mortgage or if you applied for one before March 17, these changes won’t affect you. If you’re planning to buy a home with a down payment of less than 20%, however, be aware that you’ll have.... More »
Mortgage Brief…BC’s 15% Foreign property tax coming to Toronto? + MORE Jul 29th
And it begins in Vancouver… the long-awaited, little debated foreign property tax is about to begin. Foreigners wanting to buy in Vancouver will need to add 15% to the purchase price.. Put another way, this adds $150,000 to the purchase price of a $1,000,000 property. The new tax begins Augu.... More »
The Latest in Mortgage News – Fresh Round of Fixed-Rate Hikes Underway Feb 3rd
Over the past couple of weeks, all of the big banks and countless other mortgage lenders have bumped up some of their fixed rates. Meanwhile, markets are now fully pricing in a rate hike by the Bank of Canada at its March meeting, which will raise rates for the country’s variable-rate holders..... More »
Bank of Canada Raises Overnight Rate to 1.75%; Cites New Trade Policy and Growing Economy Oct 25th
Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April.
After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the ov.... More »
Equitable Bank
– canadianmortgagetrends.com
Company: Equitable Bank Position: Assistant Manager, Residential Prime Mortgage Underwriting Location: Vancouver, B.C. Apply to: Click here Assistant Manager, Residential Prime Mortgage Underwriting Job Summary: The Assistant Manager is expected to take on a senior role within the team by providing support, guidance, and mentoring to team members and helping execute business unit priorities. He/she will approve recommended mortgage applications within prescribed lending limits as well as ensure that team members are being diligent with their follow-up procedures and assist them in meeting their target productivity ratios. The Assistant Manager will support management and will be responsible for ensuring that READ MORE
Alternative lender Meridian has launched the first shot in the spring mortgage wars with a one-year fixed mortgage rate of 1.69 per cent.
Smart Mortgage Solutions, Mortgage Architects
– canadianmortgagetrends.com
Company: Smart Mortgage Solutions, Mortgage Architects Position: Salaried Mortgage Underwriter/ Client Care Specialist Location: Cochrane, AB Apply to: lorrie@lorrieamp.com or 403-932-4460 Salaried Mortgage Underwriter/ Client Care Specialist Responsibilities: Candidate must be experienced with internal and external customers, competent in underwriting a deal from head to toe and be able handle stressful situations; you will be responsible to find solutions and generate options for today’s mortgage customer. The position will be to work full time in the office 9-5 (somewhat flexible) in Cochrane, 5 days a week. Your Qualifications: Well -informed In-depth product knowledge in A and B business READ MORE
CMHC Q1 Report Calls Out Riskiest Canadian Markets
– ratesupermarket.ca
“Location, location, location” is the age-old real estate mantra. And where you happen to live in Canada right now will have a major impact on the value of your personal slice of the country’s real estate market. The CMHC’s latest Housing Market Report for the first quarter of 2016 calls out four cities in particular – Calgary, Saskatoon, Regina, and Toronto – as “problematic…overvalu[ed] and overbuil[t].” But residents of other cities shouldn’t gloat, as those potentially problematic conditions exist in most major markets.
INFOGRAPHIC: 2015 Canadian Mortgage Stats>
The National Perspective
This CMHC analysis looks at 15 major urban areas for signs of overvalued or overbuilt housing stock. Overall, the CHMC feels Canadian house prices are moderately overvalued. In the agency’s interpretation, “house prices remain higher than levels consistent with personal disposable income, population growth and other factors.”
One major concern for a drop in prices is an oversupply of housing stock…
