How much income do I need to qualify for a mortgage in Canada? + MORE Jun 20th

Interested in learning more about property mortgages in Canada? Look no further!
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The latest mortgage news: Variable-rate mortgages are making a comeback + MORE Jun 29th

Mortgage borrowers are increasingly opting for variable-rate mortgages, a trend that is expected to continue as the Bank of Canada continues to lower interest rates..... More »
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As expected, rates are beginning to fall + MORE Jul 17th

Some good news on mortgage rates… Mortgage Brokers are receiving good news this week from many financial institutions.  Wholesale fixed mortgage rates are falling.  Great news for anyone buying, refinancing or renewing their mortgage in the near future.   The news co.... More »

Weekly mortgage digest: Which big banks just dropped fixed rates? + MORE Jul 11th

After a spike in bond yields last week prompted some mortgage lenders to increase certain rates, fixed mortgage rates are again trending downward..... More »

Should you get a 30-year mortgage?  + MORE Jul 8th

Signing a 30-year mortgage in Canada can be an attractive option for some home buyers in the face of relentless real estate prices and historically high interest rates. Specifically first-time home buyers and those now renewing their mortgages. While prices in Toronto have fallen slightly, with .... More »
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Making sense of the markets this week: June 23, 2024 + MORE Jun 23rd

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. We’re building more houses—and prices are down! On Monday, the Canada Mortgage and Housing Corporation announce.... More »
Lenders across the country, including three of Canada’s Big 6 banks, are once again busy slashing fixed mortgage rates—a welcome sign for those facing renewal in the coming months.

Continue Reading On canadianmortgagetrends.com »

The Bank of Canada made a long-awaited rate cut on June 5, but the effects of lower mortgage rates have yet to trickle down into housing market data. That was evident in May, as real estate affordability continued to worsen for would-be home buyers.

The latest monthly affordability report from Ratehub.ca, which calculates the minimum income required to qualify for a mortgage for the average-priced home in Canada’s major markets, found the measure increased in 11 of the 13 cities studied. (Ratehub and MoneySense are both owned by Ratehub Inc.)  

The report analyzes regional real estate data, as well as mortgage and stress test rates, to see how affordability is changing in real time. In May, the average five-year fixed mortgage rate was 5.49%, resulting in a mortgage stress test rate of 7.49%. (The mortgage stress test requires borrowers to prove they can afford a mortgage at a rate 2% higher than the one they get from their lender.)

May’s decline in affordability was due to a combination of stagnant interest rates—which were little changed from April—and a short-term uptick in home prices in most Canadian cities…

Continue Reading On moneysense.ca »

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