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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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 ...
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 ...
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.
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 ...
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:
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.
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