Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
What To Expect in 2023 Jan 6th
Happy new year everyone! I hope everyone reading this took some time to reflect and recharge over the holiday season. There was a lot of negativity swirling around in 2022, and I’m sure a lot of you needed a break from it all. I sure did. It’s easy to get swept up in all of the doom-and-gloom. B.... More »
External Factors a Wild Card in GTA Housing Market Forecast Oct 1st
Among external factors that affect housing markets, two are by far the most important and both are more or less directly controlled by the federal government. The first is policy regulation that defines the rules and parameters under which mortgage loans can be originated. The second is the interest.... More »
Stress Test Causing National Housing Slump: CREA May 21st
The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000,.... More »
The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th
Canada's federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages..... More »
This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th
Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon..... More »
How homemade pizza can tame bad money habits
– moneysense.ca
In our April 2016 issue of MoneySense, we introduced you to Sammu and Mandy Dhaliwall, a young married couple with three kids from Brampton, Ont. They are trying to juggle RRSPs, TFSAs, paying down their $350,000 mortgage as well as their $90,000 home equity line of credit. Throughout the year we gave them a financial challenge every four weeks to help them get their finances in tip top shape. Make sure to follow along! For their latest challenge, we asked them to read Moolala by Bruce Sellery and to write about three money lessons they learned from the book. Here’s what they had to say. .cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}Will shopping for mortgage rates hurt our credit score?
Both Mandy and I found Moolala by Bruce Sellery—along with its accompanying exercises—an interesting read on how to manage money more effectively. Both of us had already gone through similar money exercises before but these served as good refreshers…
Tech IPO hopes fall as Real Matters pushes back target date
– theglobeandmail.com
Mortgage-services business unable to update financials to public reporting standards in time for planned fall launch
Non-banks ‘crippled’ by Ottawa’s changes to mortgage lending
– theglobeandmail.com
Many say Ottawa’s moves to cool housing market forcing them to hike rates
Drop in Vancouver home sales started before new tax: CMHC
– moneysense.ca
OTTAWA – A report by Canada Mortgage and Housing Corp. says home sales in Vancouver were already slowing before the plunge in recent months in the wake of a new tax on foreign buyers.
In its housing market insight report into the preliminary impact of the foreign buyers tax, CMHC said Thursday it’s too early to determine the long-term impact of the decision.
The housing agency says the drop in sales in August and September continued an already established trend, particularly at the higher end of the price range.
Robyn Adamache, CMHC’s principal market analyst for Vancouver, said foreign buyer activity is one of many factors in Vancouver.
“Equally important are housing and land supply constraints as well as the economic and demographic fundamentals that drive housing demand,” Adamache said in the report.
“Sales and prices had already started to dip before the introduction of the foreign buyers tax, so it basically underlined existing trends in the resale market.”
The Real Estate Board of Greater Vancouver reported earlier this week that September home sales fell 32…
In its housing market insight report into the preliminary impact of the foreign buyers tax, CMHC said Thursday it’s too early to determine the long-term impact of the decision.
The housing agency says the drop in sales in August and September continued an already established trend, particularly at the higher end of the price range.
Robyn Adamache, CMHC’s principal market analyst for Vancouver, said foreign buyer activity is one of many factors in Vancouver.
“Equally important are housing and land supply constraints as well as the economic and demographic fundamentals that drive housing demand,” Adamache said in the report.
“Sales and prices had already started to dip before the introduction of the foreign buyers tax, so it basically underlined existing trends in the resale market.”
The Real Estate Board of Greater Vancouver reported earlier this week that September home sales fell 32…
Canada’s new mortgage rules could leave millennials struggling to buy a home, realtors say.
But there are benefits, too. Such as keeping them from buying units they can’t afford.
A Vancouver home for sale. (Photo: Jonathan Hayward/CP)
Millennials could lose as much as 20 per cent of their “purchasing power” when new federal mortgage rules kick in on Oct. 17, the B.C. Real Estate Association (BCREA) said Thursday.
“Purchasing power” describes a consumer’s ability to buy goods and services. In this case, it means the amount they can borrow to buy a home.
The BCREA arrived at its conclusion using a family with a household income of $80,000.
Such a household can currently buy a $505,000 home with a five per cent down payment.
But that wouldn’t be possible under the new rules because of a “stress test” requiring all insured mortgages, which have down payments of less than 20 per cent, to be qualified at higher rates, the BCREA said.
This hypothetical family could only buy a $405,000 property under the new rules — $100,000, or 20 per cent less than what they could have had before…
