Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Beyond home prices: What the new CMHC affordability index reveals about Canada + MORE Apr 24th
Take a look at just about any housing affordability index in the country and you’ll notice something pretty quickly: they almost always focus exclusively on home prices and mortgages. Rental units simply aren’t included.
The Canada Mortgage and Housing Corporation (CMHC) has acknowledged this.... More »
Honouring the latest Mortgage Hall of Fame inductees Oct 20th
After a pandemic-induced hiatus, hundreds of mortgage professionals gathered at the Vancouver Convention Centre Monday night to honour the latest inductees into the Canadian Mortgage Hall of Fame..... More »
Mortgage arrears have yet to peak, but unlikely to reach long-term norm: BMO + MORE Aug 1st
Despite a gradual rise, Canadian mortgage arrears are expected to remain manageable due to the economic recovery and the mortgage stress test.... More »
Latest in Mortgage News: OSFI leaves stress test rate unchanged + MORE Dec 13th
Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged..... More »
You Lawyer May Be Overcharging You Jun 13th
Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one of the big six banks, like hundreds of thousands of Canadians do every year. Suddenly, you get a call from your lawyer. They wa.... More »
BoC’s Call for Longer Mortgage Terms Raises Questions
– canadianmortgagetrends.com
Earlier this week Bank of Canada Governor Stephen Poloz called on banks and other lenders to offer more innovative mortgage products, namely longer-term mortgages. During a speech in Winnipeg, he said longer mortgage terms would “mitigate the normal risks in the system both for lenders and for borrowers.” He didn’t specify just how long those […]
Are US-Style Long-Term Mortgages Coming to Canada?
– ratesupermarket.ca
Bank of Canada Governor Stephen Poloz says it’s time to rethink how we manage mortgages in Canada. In a speech this week to the Canadian Credit Union Association and Winnipeg Chamber of Commerce, Poloz suggests we should encourage longer term mortgages and create a market for private mortgage based security. All in an effort to ease some of the financial obstacles homebuyers face getting into the real estate market. This is especially true for first time homebuyers.
In his prepared remarks to the conference called “The future of Canada’s mortgage market,” Poloz said, “More choice for borrowers and more ways for lenders to diversify risks are desirable. To be clear, the system is not broken – it has served Canadians and financial institutions well. But we should not stop looking for improvements.”
Poloz also pointed to new measures announced in the Federal Budget as a progressive move for the mortgage system. That move will see the Canadian Mortgage and Housing Corporation (CMHC) share an equity stake with first time homebuyers in their purchase…
Top 3 Things Homebuyers Need to Know this Spring
– canadamortgagenews.ca
With warmer weather comes a renewed energy and hope for the coming months. It’s also the official start of the Spring housing market.
Are you considering buying a home? If so, here are a few things you should know before you head out house hunting.
#1 – Make it conditional
No matter what, insert a condition of finance clause into your offer for five business days. There are almost no exceptions to this rule.
There has been a lot of hype around bank preapprovals in 60 seconds. Uh, yeah… ok. Do you really think any bank will underwrite and approve you for a mortgage in 60 seconds? There are so many things that could go wrong with your mortgage and the property. Is the condo corporation financially viable? Is the house worth what you paid? Are there any issues with the title? Any easements, liens or other items that could prevent you from getting a mortgage? I’m just scratching the surface. But, I think you get my point.
Today, we’re seeing the unexpected effects of all the government mortgage rule changes…
