Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
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 »
7 smart strategies for first-time home buyers + MORE Nov 19th
If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the.... More »
The best 5-year fixed mortgage rates in Canada Mar 22nd
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
Opinion: Mortgage loyalty isn’t given, it’s earned + MORE Feb 5th
Jill Moellering shares why clients aren’t just chasing the lowest rate—they’re looking for trust, service, and the right mortgage for their needs..... More »
Housing starts stable in 2023, but demand still outpaces growing supply of apartments + MORE Mar 28th
The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities remained stable at near all-time high levels last year, driven by a surge of new apartments—despite demand still outpacing supply for rental housing.
The agency released its biannual housing su.... More »
Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage
– canadianmortgagetrends.com
Soaring home prices over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for.
The CMHC Takes a Step in the Right Direction
– canadamortgagenews.ca
In July 2020, with CEO Evan Siddall at the helm, the CMHC decided to tighten the rules for insured mortgages. With revisions like a much higher minimum credit score, and much lower maximums for gross and total debt service ratios, it instantly became much more difficult for Canadians to qualify for an insured mortgage. Unsurprisingly, this proved to be an unpopular move. So why did Siddall do it?
Fear, for one. Siddall predicted that the pandemic would cause an economic downturn, and that home prices would plummet by as much as 18%. He also assumed that by introducing these restrictions, the CMHC’s two main competitors (Canada Guaranty and Sagen) would follow suit.
As we now know, the economy didn’t crash. Home prices certainly did not plummet, nevermind by 18%. And Canada’s two other prominent insurers didn’t impose more restrictive criteria as he predicted (and hoped) they would. The result was a decision driven by fear and ego that cost the government billions of dollars in lost revenue, and made it harder for Canadians to secure a mortgage…
