Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
What happens when your landlord misses mortgage payments? + MORE Jun 11th
You held up your end of the bargain and paid your rent on time—only to learn your landlord failed to keep up with mortgage payments and the home may need to be sold. Panic sets in, as you don’t know if you can continue to call this place your home. Experts say there are a number of ways thi.... More »
Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd
More and more Canadians are having trouble making payments as rates continue to rise. Here’s how to get back on track and make sure you don’t put your home in jeopardy..... More »
U.S. mortgage rates dip slightly, sending 30-year loans to 6.23% + MORE Nov 30th
Mortgage rates fell after three weeks of increases, giving prospective buyers some relief from price pressures. .... More »
OSFI unlikely to tweak the mortgage stress test tomorrow + MORE Dec 16th
Canada's banking regulator is set to announce the results of its annual review of the mortgage stress test's minimum qualifying rate on Thursday..... More »
Loanova prepares to launch Canada’s first fractional mortgage platform + MORE Nov 27th
The tech-driven startup plans to let everyday investors buy small stakes in syndicated mortgages, while helping borrowers who don’t qualify for traditional bank financing..... More »
Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20%
– canadianmortgagetrends.com
Variable-rate mortgage holders are about to see their interest costs rise again after Canada’s Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday.
Bank of Canada Raises Benchmark Interest Rate
– canadamortgagenews.ca
Yesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years.
All of this might seem terrifying. But let me assure you: there’s no need to panic.
How Does This Affect Me?
If you’re looking to secure a fixed-rate mortgage, you can take a deep breath. The rate hike announced yesterday won’t directly affect you. Why? Because fixed rates are based on Canada’s 5-year government bond yields. Those are currently sitting at 2.53% and have not changed with this latest Bank of Canada rate hike.
In fact, I don’t expect fixed-rate mortgages to move much at all over the next 12-18 months. Those rates already increased over the last five months in anticipation of rising rates, so investors have built in the rate hikes already…
