BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th

The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable.

At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rates fall even more?

A little wisdom from those who’ve been there: this is not just a financial transaction—it’s your life. Sooner or later, you’ve got to get on with it. And over the 20 or 30 years it takes to pay off your mortgage, it won’t much matter what the rate was the day you first got approved.

Especially when you look beyond Canada’s Big Five banks, you’ll find attractive rates right now. For example, buyers in B.C. can find great rates at Coast Capital Savings Credit Union. Its five-year high-ratio fixed mortgage has a lower advertised rate than any of the Big Five (as at Oct. 30, 2024), based on independent, external third-party market research.

Plus, for a limited time, you can get a cash bonus when open a new mortgage or switch your existing mortgage to Coast Capital…

Markets around the globe jolted awake with an unexpected surge following Donald Trump’s U.S. election victory.