Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The big question on mortgage borrowers’ minds: fixed or variable? Feb 15th
With variable mortgage rates potentially at a peak and fixed rates having recently retreated, borrowers are asking themselves the age old mortgage question: should you go fixed or variable?.... More »
Is the family responsible to pay the mortgage for a loved one who has passed away? + MORE Aug 18th
When someone dies and owes money on a mortgage, is their common-law spouse responsible for paying it off? The house was in the name of the deceased only—the common-law spouse wasn’t a co-signer on the mortgage, and her name is not listed on the deed. —Louine
You’re 2 minut.... More »
CMHC’s Siddall Defends Policies, Provides Update on the FTHBI + MORE Nov 24th
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 »
Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say - Global News Mar 2nd
Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say Global NewsCoronavirus rate cut could open Poloz's finale at Bank of Canada BNNBloomberg.caBoC Increasingly Likely to Deliver a Surprise Rate Cut This Week - Mortgage Rates & Mortgage Broker .... More »
Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th
I started CanadaMortgageNews.ca in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying ju.... More »
Mortgage Stress Test Sidelining Young Buyers
– canadianmortgagetrends.com
New data shows the country’s youngest buyers are being affected most by the government’s mortgage stress tests. Mortgage originations were down 8.9% overall in Q2, while those among buyers between the ages of 18 and 25 were down 13.4% compared to last year, according to TransUnion’s latest Industry Insights Report. This marks the fourth consecutive […]
Mortgage Rates are still trending Lower… Yes, in August!
– canadamortgagenews.ca
A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known.
The feds wanted to slow the housing market. They also wanted to ensure that borrowers could afford the much anticipated mortgage rate hikes. Rates have to go up some time, right?! When?!
Well, let’s fast forward to 2019! The real estate market has cooled off with fewer transactions in both 2018 and 2019. The government’s wish was granted. Fewer people could pass the stress test. But those imminent rate hikes never happened.
Today, you must qualify with an interest rate that is DOUBLE your actual contract rate. Yes, DOUBLE!
Another popular phrase? Housing Bubble…
The real estate market has to crash, right?! Well, it seems like the expected rate increases and housing bubble just haven’t materialized. In fact, interest rates have come down by around 1% since January 2019…