Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Rise in bond yields could send fixed mortgage rates higher, experts say Jan 21st
A sudden rise in bond yields this week could cause some lenders to reverse recent fixed mortgage rate cuts, experts say..... More »
Bond yields plunge. What it means for fixed mortgage rates Jul 25th
Bond yields dove over 30 basis points on Friday as economic worries start to replace inflation concerns..... More »
13,000 CIBC mortgage clients have come out of negative amortization Dec 19th
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
Is your mortgage up for renewal during the pandemic? Here’s what you need to know Sep 8th
First things first: If you’re staying with your existing lender, then you typically don’t have to requalify..... More »
The Sea Change in Canadian Mortgage Insurance + MORE Dec 2nd
Few realize how dramatically Canada’s mortgage insurance market has changed..... More »
Looser Mortgage Standards Hit the UK! Is Canada Next?!
– canadamortgagenews.ca
There’s nothing surprising about the loosening of mortgage standards to spur growth. In the last real housing bubble of 1990, banks and government brought in stricter lending rules, making it tougher for borrowers to get a mortgage.
Fast forward to the present. We’ve yet to see a housing bubble or market crash, but the government has taken drastic – perhaps even unheard of – precautions to slow the housing market.
In 1990, I was working for the largest trust company in Canada. I can tell you that it has never been harder to qualify for a mortgage than it is today!
In 2006, we had more aggressive lending programs like zero-down payment options, and amortizations went from 25 years to 30, to 35 years and even up to 40 years!
There were interest-only mortgages (we just got a modified version of this back), and you could even finance your purchase for up to 100% of the purchase price.
Forecast time!
Watch for financial institutions to begin loosening their lending policies in Canada as the appetite for mortgage business becomes greater…
