Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Two Thirds of Canadians Don’t Understand Their Mortgage Agreement + MORE May 13th
Did you know: two in three Canadians are signing over thousands of dollars in contracts they don’t fully understand? It sounds foolhardy – but that’s the reality in Canada’s mortgage market, according to Scotiabank’s annual mortgage poll. The survey found just 33 per c.... More »
Higher Default Insurance Premiums on the Way? + MORE Sep 25th
Canada’s banking regulator wants mortgage default insurers to put more money between themselves and taxpayers, especially for mortgages they insure in riskier cities. The new rules, detailed today by OSFI, will force government-backed insurers to bolster their capital on mortgages in certain area.... More »
2024 housing market and interest rate forecasts + MORE Dec 28th
2023 was a year that tested the resilience of Canadian mortgage holders. And as we look forward, there's optimism that 2024 will be the year of rate relief..... More »
How financially viable is your rental property? Apr 13th
After rising steadily in many cities across Canada for many years, real estate has been on a particular tear over the past year—and rental property investing has become an area of interest for plenty of people as a result.
But a soaring market isn’t a guarantee of success. If you’re thinking.... More »
Apartment sales driving Lower Mainland housing market - Chilliwack Progress + MORE Nov 3rd
Chilliwack ProgressApartment sales driving Lower Mainland housing marketChilliwack ProgressVancouver and the Fraser Valley both experienced above-average home sales last month, according to local real estate board figures, as buyers try to get ahead of the new mortgage requirements in January. Vanco.... More »
CMHC’s tighter mortgage rules succeed in reducing exposure
– theglobeandmail.com
Federal housing agency reports total value of mortgage insurance continued to shrink in 2014
More Mortgage Rules To Come This Summer
– ratesupermarket.ca
The mortgage market is getting even tighter for today’s prospective home buyers. The Office of the Superintendent of Financial Institutions (OSFI) has announced yet another slew of mortgage rules. The draft guidelines, which OSFI states “sets out principles that promote and support sound residential mortgage insurance underwriting,” have been revealed for consultation, and will be finalized on May 23.
As of June 30th, two of these important rules that will be in place:
- First lenders will have to obtain third party verification of borrowers income.
-Private insurers still use a non-traditional form of income verification and that could change soon.
Just like banks, a separate party can look into your income and stability when a person is asking for a loan. As well, cash back mortgages will not longer be available for borrowers who can’t put at least 5 per cent down.
Who Will Be Affected?
These new rules could make it harder for many to borrow. With the high cost of housing in Canada, many home buyers are getting into high-ratio mortgages just so they can get into the real estate game…
Average US rate on 30-year mortgage rises to 3.8 per cent; 15-year rate up to 3.02 per cent
– walletpop.ca
WASHINGTON – Average long-term U.S. mortgage rates are up this week to the highest level since mid-March.Mortgage giant Freddie Mac said Thursday that the national average for a 30-year fixed-rate mortgage rose to 3.80 per cent this week from 3.68 per cent a week earlier.The rate on 15-year fixed-rate mortgages averaged 3.02 per cent, up from 2.94 per cent and the first time it’s topped 3 per cent since it hit 3.06 per cent in mid-March.A year ago, the average 30-year rate stood at 4.21 per cent and the 15-year at 3.32 per cent.The 30-year average rate hit a record low 3.31 per cent in November 2012. The 15-year average hit bottom at 2.56 per cent in May 2013.Len Kiefer, deputy chief economist at Freddie Mac, said U.S. interest rates were driven higher this week in part by news the U.S. trade deficit hit a seven-year high in March.To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates…
