BoC’s Call for Longer Mortgage Terms Raises Questions + MORE May 9th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Siddall and Taylor Go Head-to-Head Over Housing + MORE Jun 8th

Note: This editorial piece was previously published on RateSpy.com. It is being reprinted with permission due to the important and timely issues raised.  Rarely have the heads of Canada’s housing agency and largest mortgage broker association been at such odds publicly. It feels like CMHC bos.... More »
 Canada mortgage

CMHC’s Siddall Warns Homeownership “Party” Coming to an End + MORE May 12th

The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership as a sole savings vehicle will come to an end. Evan Siddall made the comments during an interview with BNN Bloomberg’s Aman.... More »

Siddall Launches Latest Volley in War of Words with the Mortgage Industry Jun 14th

For anyone who has been following the saga, it should be plainly obvious where Evan Siddall, head of the CMHC, stands on the mortgage stress test. In a recent editorial, we took an in-depth look at Siddall’s at-times passionate defence of stricter mortgage qualification rules. Part of that include.... More »

Mortgage Growth Slows, Alt-Lender Share Grows: CMHC Jul 17th

Canada’s mortgage market grew by its slowest pace in more than 25 years in 2018, according to new data released by the Canada Mortgage and Housing Corporation. At the same time, the share of the market controlled by alternative lenders—which typically lend to riskier clients and charge higher in.... More »

B.C. Regulator Shuts Down Unlicensed Broker with $500M in Volume Jun 5th

An unlicensed B.C. mortgage broker accused of arranging half a billion in mortgages for hundreds of clients has been issued a cease-and-desist order by the province’s mortgage regulator. The Financial Institutions Commission of British Columbia (FICOM) announced last week that its Registrar of.... More »
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 […]

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Are US-Style Long-Term Mortgages Coming to Canada?
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…

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Top 3 Things Homebuyers Need to Know this Spring
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…

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