Higher Default Insurance Premiums on the Way? + MORE Sep 25th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News

Q1 Lender Earnings: The Recovery is Underway + MORE May 22nd

Some of the country’s key mortgage lenders unveiled their first-quarter results, which were positive across the board. The lenders were able to take advantage of a hot housing market, alongside improving economic conditions and reduced loss provisions. One highlight was Home Capital addressing.... More »
mortgage

Mortgage growth has slowed… so why are BANKS winning & CONSUMERS losing? + MORE Feb 13th

I reviewed some recent stats that explain how overall mortgage growth has fallen to its lowest level in the past 17 years! Overall, mortgages outstanding across Canada total more than $1.5 trillion. And, while this total continues to increase year over year, the rate of growth has decreased. We sho.... More »

The Latest in Mortgage News: 2020 Forecasts + MORE Jan 2nd

Following a challenging 2018, by most accounts 2019 could be characterized as a “turnaround year” for Canada’s housing market. And 2020 is looking to bring much of the same. That’s according to predictions for the new year by CMHC, the Canadian Real Estate Association (CREA) and .... More »
 home loans

I have a home equity line of credit and rates are heading up fast. Am I in trouble? + MORE Apr 19th

If rates keep rising, your monthly interest payments could almost double. But there are some things you can do to protect yourself..... More »
 property

RBC says mortgage demand up ahead of new rules, reports record annual net income + MORE Nov 30th

TORONTO _ Royal Bank of Canada saw an uptick in demand for mortgages this fall as borrowers look to secure loans before tougher rules _ including a stress test _ take effect in the new year, one of the bank’s executives says. Neil McLaughlin, RBC’s head of personal and commercial banking.... More »

Higher Default Insurance Premiums on the Way?

– canadianmortgagetrends.com

Canada’s banking regulator wants mortgage default insurers to put more money between themselves and taxpayers, especially for mortgages they insure in riskier cities. The new rules, detailed today by OSFI, will force government-backed insurers to bolster their capital on mortgages in certain areas. Effective January 1, 2017, this could make mortgages more expensive for insurers and consumers alike. “When house prices are high relative to borrower incomes, the new framework will require that more capital be set aside,” said Superintendent Jeremy Rudin.  In a report today, BMO Capital Markets referred to these changes as “modestly tougher capital requirements.” It said that READ MORE

Continue Reading On canadianmortgagetrends.com »

A 15% foreign buyer’s sales tax in the Greater Toronto Area is an “obvious step” to take, explains CIBC Deputy Chief Economist Benjamin Tal, but it won’t solve the main barrier to the city’s affordable housing problem.
“It might be prudent [for Toronto] to take some sort of action,” said Tal during a recent interview. “I’m not predicting there will be a tax, nor am I suggesting there should be, but the implementation of a foreign buyer tax in Toronto is an obvious step to cooling the market.”
Read more: New tax could make B.C. foreign buyers flock to Toronto »
Tal’s comments come after a busy week where media stories were dominated with further problems in the way foreign buyers are able to obtain Canadian mortgage and shortly after data was released regarding the impact of Vancouver’s foreign buyer tax.
According to a report released by the B.C. Ministry of Finance, there was both a big rush to close deals before the new foreign buyers’ tax took effect on Aug…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!