One in four Canadians say that if interest rates continue to rise, they'd struggle to pay their mortgages
Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20% after Canada’s banking regulator imposed a new stress test for homebuyers who don’t need mortgage insurance. Read: Toronto home sales to slip, prices to climb As a result, alternative lenders are seeing an […]
Construction of new homes increased 3.3% in November, with the gain largely coming from single-family houses being built at the strongest pace in more than a decade. Read: Snapshot: U.S. economic data The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 1.3 million units. […]
Homeownership in Canada is at 67.8%, down from 69% in 2011.
For coverage and cost, clients can probably do better
Canada’s banking regulator has published the final changes to its guidelines for residential mortgage underwriting, including a financial stress test for buyers who don’t need mortgage insurance. The Office of the Superintendent of Financial Institutions (OSFI) says Tuesday the changes will come into force by January 1, 2018. Read: How to holistically stress test client […]
Stricter regulations aimed at tightening mortgage lending to take some of the risk out of the market will be finalized by the end of the month, the federal financial regulator said Tuesday. Final changes to the Office of the Superintendent of Financial Institutions’ (OSFI) residential mortgage lending guidelines, also known as B-20, will come into […]
Today, CMHC's mortgage loan insurance premium increases take effect.
Future homeowners can find a variety of finance tools and calculators online. But are those tools helpful?
RBC is the first bank to lower its mortgage rate, and is offering a 5-year fixed rate as low as 2.84%.