Mortgage

Sept. 8, 2017

Mortgage Rate Increase & Potential Rule Change

The Bank of Canada increased their rate this week, resulting in a mortgage rate increase for home owners\purchasers. The prime interest rate is now 3.2% and will certainly affect the purchasing power of home buyers.

The government has also announced they may introduce a 200 point stress test ...

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Posted in Mortgage
Feb. 3, 2017

Mortgage Insurance Gets More Expensive

In another ‘effort' to make housing more ‘affordable' for Canadians, CMHC raised their mortgage insurance premiums on January 17th, 2017.

These new premiums are seen as a direct consequence of the regulatory changes implemented by the federal government in October 2016. In their press release, CMHC advises that it should ...

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Posted in Mortgage, News
Dec. 20, 2016

New First-Time Buyer Home Downpayment Loan Program

As you’ve probably heard, the BC Government will lend first-time homebuyers up to 5% of the purchase price to use as a downpayment to a maximum of $37,500.

There are many details still to be clarified - below is our understanding of the new regulations. However, we’re not mortgage experts ...

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Dec. 10, 2016

Have Mortgage Rates Bottomed Out?

According to the Financial Post, Canadian mortgage rates may be bottoming out in Canada. Rates have been historically low for years, and are not expected to remain at these low rates forever. Read their article for all the details.

Posted in Mortgage
Oct. 18, 2016

Big Changes to Mortgage Requirements: How They Will Affect You

Buyers with less than 20% down payment will qualify for 20% less financing.  Previously a client could be qualified on the actual fixed mortgage rate they chose as long as that term was for 5 years or more.  If the term was less than 5 years or a variable rate ...

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Posted in Mortgage, News
Sept. 18, 2016

Mortgage Rate Forecast - September 2016

Below is the September issue of the Mortgage Rate Forecast. The 5-year interest rate increased 10 points briefly in the third quarter to 4.74, but fell back to 4.64. Rates are expected the increase slightly over the next year. View the PDF for all the details.  You should ...

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Posted in Mortgage
July 28, 2016

OSFI Trying to Manage Mortgage Risk

The Office of the Superintendent of Financial Institutions (OSFI), which regulates Canada's banking system, sent a letter to federally regulated financial institutions regarding their concerns about household debt, low interest rates, and the rapid home price increases.

The OSFI intends on monitoring:

  • Income verification
  • Non-conforming loans
  • Debt service ratios
  • Appraisals ...
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Posted in Buying , Mortgage
July 7, 2016

Mortgage Rates

View the latest mortgage rates.

 

Posted in Mortgage
June 28, 2016

Questions to Ask Your Mortgage Professional

Learn the questions you should ask your mortgage professional if you're considering buying a home and want to get pre-approved for a mortgage, or you're thinking of selling and wondering if can get out of your existing mortgage, or porting your mortgage to a new home.

General Mortgage ...

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