Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
What home buyers should know about the Canadian mortgage stress test + MORE May 28th
In late 2017, the federal government introduced a mortgage stress test for anyone applying for or renewing a home loan. But, if you’re like nearly half of Canadians polled by TD Bank in 2019, you may not understand what the test is—or who it affects.
And with the recent announcement that the s.... More »
Mortgage insurers clarify qualification rules for VRM applications amid rising rates Jul 22nd
The Bank of Canada's historic 100-bps rate hike last week has led to confusion over how the stress test should be applied to variable rate mortgage applications already in lender pipelines..... More »
How the Bank of Canada’s benchmark rate impacts your finances + MORE Mar 7th
The Bank of Canada (BoC) held its benchmark interest rate at 5% on March 6, marking the fifth consecutive time it has left the rate unchanged. Economists widely expect the BoC to lower its rate at some point in 2024, as inflation falls and the Canadian economy weakens. However, in its March rate ann.... More »
Mortgage brokers rated their lenders, and these are the results + MORE Apr 16th
If you want to know how mortgage lenders are performing in today’s volatile market, who better to ask than a mortgage broker?.... More »
Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20% + MORE Apr 16th
Variable-rate mortgage holders are about to see their interest costs rise again after Canada's Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday..... More »
Have Questions About the New Stress Test Rate? Here Are Some Answers…
– canadianmortgagetrends.com
The Department of Finance created shockwaves this week with its announcement that it will be revamping how insured mortgages are stress tested. Now that the dust has settled, here’s a more in-depth look at the implications, as well as some industry reaction. But first, a quick recap of what’s changing come April 6, 2020: Current stress test rate for insured mortgages (typically those with less than 20% equity): 5.19% Based on the Big 6 banks’ posted 5-year fixed rates. New […]