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Latest News
Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes Apr 13th
The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months.
While the federal government is taking .... More »
Q1 Earnings Mortgage Morsels: TD + MORE Mar 11th
TD Bank kicked off the first quarter with a 13% increase in net income, while the bank's U.S. division saw a 27% leap in earnings growth..... More »
Latest in Mortgage News: June Data Indicates a Housing Rebound. But Will it Last? + MORE Jul 13th
Home prices, sales and new starts are all rebounding, according to the latest June data. But some, including the Canada Mortgage and Housing Corporation (CMHC), say risks remain. This week, a slew of housing data was released from local real estate boards and the CMHC showing overall improvements in.... More »
Ask the Expert: The homeowner’s debt dilemma — should you go Bankruptcy or Consumer Proposal? Nov 24th
If you’re a homeowner facing the crushing weight of debt, you’re probably aware the two most dramatic debt resolution solutions: Bankruptcy and Consumer Proposal (CP).
A Consumer Proposal is often recommended because it is seen as gentler and less damaging than bankruptcy. But .... More »
CMHC reports annual rate of housing starts in June down six per cent from May + MORE Jul 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in June fell six per cent compared with May..... More »
Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers
– ratesupermarket.ca
It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opinion article in the Financial Post, Christopher Alexander, who is executive vice-president and regional director of RE/MAX INTEGRA for Ontario-Atlantic Canada, writes the stress test “is causing more harm than good.”
The stress test requires homebuyers that make a down payment of less than 20 percent to qualify for an interest rate that is at or higher than the Bank of Canada’s five-year benchmark rate (5.34 percent at the time of writing). In 2018, it was expanded to homebuyers who put down 20 percent or more; they now need to qualify for a mortgage rate two percent higher than the one offered by their lender (or the Bank of Canada’s rate five-year benchmark rate, whichever one is higher)…
