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Latest News
Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th
I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation. It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »
CMHC reports annual pace of housing starts in April up from March May 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts for April rose 17% compared with March..... More »
What Impact will the Stress Test have when Renewing Your Mortgage? Feb 28th
So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term.
Does the mortgage stress test affect you? Absolutely! And, here’s how…
SCENARIO 1: Your current.... More »
70% of Scotiabank’s mortgage originations in Q1 were multi-product deals + MORE Mar 1st
Scotiabank is reporting success in its efforts to grow its deposits and increase profitability by doing more cross-selling to new mortgage clients..... More »
How much income do you need to buy a home in Canada? A look at housing affordability in May 2025 Jun 23rd
After an unseasonably chilly spring housing market, green shoots are appearing in terms of buyer demand—and that could mean days are numbered for easy borrowing conditions.
The latest data from the Canadian Real Estate Association revealed that, after six months of declines, sales firmed up bet.... More »
A Mountie surveys the damage on a street in Fort McMurray, Alberta, Canada in this May 4, 2016 image posted on social media. (Alberta RCMP/Reuters)FORT MCMURRAY, Alta. – The federal housing agency says rebuilding efforts in Fort McMurray, Alta., are going faster than expected, with reconstruction underway on one-third of the homes destroyed in last year’s wildfires.
In a report released today, Canada Mortgage and Housing Corp. says 844 housing units are being rebuilt and that is expected to rise to close to 1,000 units later this year.
It says at the current pace, all home rebuilding activity should be complete in three to four years.
The fires that swept through the community of about 70,000 in May of last year caused an estimated $3.8 billion in insured property damage and destroyed nearly 2,600 homes.
CMHC says about one per cent of the units in Fort McMurray can’t be rebuilt due to flood defence measures.
The post Fort McMurray rebuild going faster than expected, says CMHC appeared first on Macleans…
What OSFI’s Tightened Rules on Uninsured Mortgages Means for Homebuyers
– ratesupermarket.ca
Canada’s top banking regulator is proposing rules that will make it harder for some to qualify for a mortgage.
On the heels of the first interest rate hike in seven years, the Office of the Superintendent of Financial Institutions (OSFI) is proposing stricter rules on uninsured mortgages that could have an even more profound effect on the housing market.
Under these new rules, buyers with a 20 per cent down payment or more now have to undergo a more rigorous stress test, and qualify based on the highest posted five-year fixed rate – 4.64 per cent, roughly 200 basis points higher than actual mortgage rates.
Last year, in an effort to cool down hot real estate markets in cities like Toronto and Vancouver, Ottawa introduced new mortgage rules on only insured mortgages – meaning those who put less than 20 per cent down. Anyone with an uninsured mortgage were exempt from that stress test. But since then, the uninsured mortgage market has grown. So, to help reign in this segment of the market, OSFI is now proposing extending the stress test to uninsured mortgages…
Rebuilding homes in Fort McMurray, Alta., going faster than expected
– canadianbusiness.com
Rebuilding efforts in Fort McMurray, Alta., are running ahead of expectations, with reconstruction underway on one-third of the homes destroyed in last year’s wildfire, according to Canada Mortgage and Housing Corp.
In a report Thursday, the federal agency said the rebuilding of 844 housing units has started and that number is expected to rise to about 1,000 this year. It said 122 of the projects were started last year and 722 in the first half of this year.
CHMC market analyst Tim Gensey said the agency underestimated how many construction workers would come to Fort McMurray when it suggested last December only 600 units per year could be rebuilt.
He said the strong numbers also reflect the devotion of residents.
“One of the fears I’ve heard around the community is that people might just take the insurance money and leave Fort McMurray,” he said.
“However … the people who live there permanently love their community and they are staying.”
Gensey said about 550 of the units being rebuilt are single-family detached houses and most of the rest are townhouses…
In a report Thursday, the federal agency said the rebuilding of 844 housing units has started and that number is expected to rise to about 1,000 this year. It said 122 of the projects were started last year and 722 in the first half of this year.
CHMC market analyst Tim Gensey said the agency underestimated how many construction workers would come to Fort McMurray when it suggested last December only 600 units per year could be rebuilt.
He said the strong numbers also reflect the devotion of residents.
“One of the fears I’ve heard around the community is that people might just take the insurance money and leave Fort McMurray,” he said.
“However … the people who live there permanently love their community and they are staying.”
Gensey said about 550 of the units being rebuilt are single-family detached houses and most of the rest are townhouses…
BREAKING: Ontario Car Insurance Rates Increase
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 0.76 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the second quarter of 2017, approved rates from auto insurance companies increased by 0.76 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by as much as 1.04 per cent, and another inflating its rates by 8.97 per cent on average.
“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement…
