Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
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 »
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 »
Making sense of the markets this week: September 24, 2023 + MORE Sep 23rd
Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, shares financial headlines and offers context for Canadian investors.
No surprise: Canada’s inflation rate ticked up in August
Canada’s annual inflation rate jumped to 4% in August, up from 3..... More »
Scotiabank “intentionally slowing” its mortgage portfolio + MORE Mar 2nd
With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book..... More »
Brokers react to the government’s “nonsense” mortgage charter + MORE Dec 1st
The Liberal government last week unveiled a "new" Canadian Mortgage Charter aimed at ensuring lenders offer relief to mortgage borrowers who are struggling to make their payments..... More »
How can I save on monthly mortgage payments besides switching to a fixed-rate mortgage?
– thestar.com
Spreading out your mortgage balance over a longer term can help lower monthly mortgage payments and give you some wiggle room in your budget.
How will the latest rate hike impact variable-rate mortgage holders?
– canadianmortgagetrends.com
Variable-rate mortgages in Canada are now averaging about 4.20%, a full percentage point higher than they were a week ago.
The Canadian mortgage stress test, explained
– moneysense.ca
The Canadian mortgage stress test applies to anyone applying for a mortgage, refinancing their current home loan, or renegotiating the terms of their mortgage contract with a federally regulated lender. And while provincially regulated lenders have more flexibility when it comes to mortgage approvals, many still use the test to evaluate customers’ financial risk. This means that most home buyers in Canada are subjected to the stress test.
“It applies to everyone—you, me, first-time buyers and 10-time buyers,” says Maxine Crawford, a mortgage broker who serves the Greater Toronto Area (GTA) and elsewhere in Ontario. “That includes people who already own a home and need to refinance or renew their mortgage [with a different lender.]”
In spite of its broad application, many Canadians have never heard of the stress test or still don’t understand how it works. Here’s what you should know before you apply for your next home loan.
What is the mortgage stress test?
First off, it’s not a test like the kind you encounter in school…