Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
After nearly 50 years of providing residential mortgages to Canadians, Industrial Alliance Financial Group announced its exit from the space this month. “This is a result of our decision to focus on investments in key sectors for the Group,” iA spokesperson Pierre Picard told CMT. “.... More »
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 »
For the second year, Evan Siddall, President and CEO of the Canada Mortgage and Housing Corporation, attended the National Mortgage Conference in Toronto to defend and provide updates on the agency’s programs and policies. He participated in a candid on-stage chat with Mortgage Professionals Canad.... More »
They’re both 25 and make $262,000. This couple wants to pay off their mortgages and spend more on travel. How do they start? Feb 4th
Ace and Ada know they make a lot money for people their age, but it came out of “sweat and tears” and following in the footsteps of immigrant parents. Now they want to know how to spend it..... More »
The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada.
They are responding to calls by several real estate boards in Canada to ease the new B-20 stress-test guidelines that were brought into effect in January 2018.
The new rules raise the bar for a borrower’s mortgage affordability. Now borrowers have to prove they could afford their mortgage even if rates were two percentage points higher than their contract rate or the Bank of Canada posted five year fixed rate, whichever is higher. This has had a cooling effect on the two hottest real estate markets in Canada, Toronto and Vancouver. Both cities real estate boards have said the rules are “hurting” Canada’s economy.
The Toronto Real Estate Board (TREB) says B-20 needs to be “revisited.” They say it’s discouraging otherwise qualified buyers to get into the market.
But the IMF disagrees…
Earlier this month, Bank of Canada Governor Stephen Poloz called on banks and other lenders to start pushing longer-term mortgages. Last week, HSBC responded by offering a record-low 10-year fixed rate of 2.99%. That means the peace of mind of knowing mortgage payments won’t change for 10 years can be had for just a quarter-point […]
The leaders lost ground in the broker channel last quarter. The top five lenders reportedly accounted for the lowest combined market share in two years. That came as mortgage growth is trying to halt its long industry-wide descent. Here’s a look at individual lender performance in the broker space, in Q1: Rank Broker Channel Lender […]