Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best GIC rates in Canada for 2024 + MORE May 21st
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The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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More Canadians are rethinking their bank. Should you? Jul 22nd
Clinton Begin was growing tired of frequent visits to bank branches and calling into the trading desk to check on various transactions. “There (were) a lot of things that just took too much of my time. I was always phoning, always going to visit them. It was always a big deal,” he recalled.
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Is an all-weather portfolio the answer to the shortage of “safe” investments? Jan 25th
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »
What can I hold in an FHSA? Jan 9th
Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e.... More »
Coady: Government Prepared for Market Fluctuations After Brent Crude Prices Plunge - VOCM + MORE Mar 18th
Coady: Government Prepared for Market Fluctuations After Brent Crude Prices Plunge VOCMExplained: Why Banks Are Both Oil’s Best Friend and Worst Enemy Investing.comThe Oil Price Collapse Continues After Brief Respite OilPrice.comOPEC+ Isn't Panicking About Oil's Su.... More »
What You Need to Know About the Canadian Mortgage Stress Test
– canadianfinanceblog.com
In late 2017, OSFI, the agency that supervises and regulates Canada’s banks, unveiled a new mortgage stress test, designed to protect Canadian borrowers from increasing debt burdens, and the prospect of rising interest rates. It also served to cool off a couple of Canada’s most expensive housing markets at the time. This test, which is really a set of rules, targets anyone who applies for a mortgage from a Canadian bank, regardless of their down payment amount.
In this article, I’ll cover everything you need to know about the mortgage stress test, including how it’s calculated, and what you as a potential homebuyer can do to prepare for tighter lending rules. But first, let’s take a look at the regulatory agency behind the mortgage stress test.
What Is OSFI?
OSFI is short for The Office of the Superintendent of Financial Institutions. The independent agency of the Government of Canada is tasked with regulating the banking and insurance industries in Canada, as well as trust companies, loan companies, and pension plans…
In this article, I’ll cover everything you need to know about the mortgage stress test, including how it’s calculated, and what you as a potential homebuyer can do to prepare for tighter lending rules. But first, let’s take a look at the regulatory agency behind the mortgage stress test.
What Is OSFI?
OSFI is short for The Office of the Superintendent of Financial Institutions. The independent agency of the Government of Canada is tasked with regulating the banking and insurance industries in Canada, as well as trust companies, loan companies, and pension plans…
