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Brokers react to the government's "nonsense" mortgage charter
11/29/2023 | Posted in Mortgage News by Paul DeAdder
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 ... More
OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches
10/20/2023 | Posted in Mortgage News by Paul DeAdder
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week.
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OSFI reaches decision on proposed mortgage guideline changes
10/18/2023 | Posted in Mortgage News by Paul DeAdder
Canada’s banking regulator has revealed its decision on initial public consultation regarding its B-20 guidelines, indicating in a statement yesterday that it will not ... More
Banking regulator working with lenders to stamp out ultra-long mortgages
9/27/2023 | Posted in Mortgage News by Paul DeAdder
Canadian banks have approximately $250 billion in mortgages with repayment terms set at 35 years or longer
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Big Six banks to allow 6-month mortgage payment deferral
3/18/2020 | Posted in Mortgage News by Paul DeAdder
Canada’s largest banks are coordinating their approach to the COVID-19 coronavirus outbreak to protect their employees and customers.
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Reverse mortgages are booming in Canada
9/16/2019 | Posted in Mortgage News by Paul DeAdder
Reverse mortgages are surging in Canada as more older people join the country’s debt bandwagon.
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Consumers Rush to Lock in Mortgage Rates ahead of Bank of Canada Rate Hikes
9/12/2017 | Posted in Mortgage News by Paul DeAdder
The number of Canadians who applied for a fixed-rate mortgage in August saw a substantial spike, with 59.31% of users on the LowestRates.ca website opting for a fixed-rate ... More
Refinancing is driver of new loans growth: CMHC
8/9/2017 | Posted in Mortgage News by Paul DeAdder
The number of new mortgages continued higher in 2016 but the share of first-time buyers slipped, CMHC says. The crown corporation reports that there were just over 1 ... More
Proposed mortgage rules aim to reduce financial risk in Canada's hot housing markets
7/7/2017 | Posted in Mortgage News by Paul DeAdder
New rules proposed by the federal government to curb financial risks associated with the country's hot housing markets could make it more difficult to secure a ... More
Canada's central bank acts to defuse housing market threat
6/15/2017 | Posted in Mortgage News by Paul DeAdder
Canada's central bank, which had long said interest rates are too blunt a tool to tackle the country's housing market, may have finally decided to act and at least ... More
Ontario moves to toughen oversight of syndicated mortgage investments
4/28/2017 | Posted in Mortgage News by Paul DeAdder
The Ontario government will shift regulation of syndicated mortgage investment products to the Ontario Securities Commission in a move to toughen oversight of a rapidly growing ... More
Lending market to slow down noticeably in the next few years: CIBC
2/17/2017 | Posted in Mortgage News by Paul DeAdder
The Canadian lending market will enter a period of relative cooling in the next few years as far-reaching changes to mortgage rules finally begin to make themselves felt, ... More
Bank of Canada maintains overnight rate target at 1/2 per cent
12/7/2016 | Posted in Mortgage News by Paul DeAdder
The Bank of Canada is holding its benchmark interest rate at 0.5 per cent as economic conditions move along largely in line with its expectations.
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CMHC passes stress test extreme scenarios
11/17/2016 | Posted in Mortgage News by Paul DeAdder
Canada Mortgage and Housing Corp. says its stress testing shows it will be able to withstand even the most extreme economic scenarios.
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Mortgage insurance premiums set to rise
11/14/2016 | Posted in Mortgage News by Paul DeAdder
Homeowners could be facing mortgage insurance price increases next year according to the boss of Canada’s largest private mortgage insurer.
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Non-banks "crippled" by new mortgage rules says broker
10/11/2016 | Posted in Mortgage News by Paul DeAdder
The new mortgage rules being introduced by Ottawa next week are already having a “crippling” impact on non-bank mortgage lenders according to online broker Butler ... More
New rules will cool down mortgage market, not home prices
10/7/2016 | Posted in Mortgage News by Paul DeAdder
The dynamism of the Canadian mortgage market itself might be at risk due to the tighter regulations announced by Finance Minister Bill Morneau earlier this week, an observer ... More
Genworth: One-third of mortgage consumers at risk due to new measures
10/7/2016 | Posted in Mortgage News by Paul DeAdder
Fully one-third of consumers would encounter difficulties in meeting the new debt service ratios as outlined by the tightened mortgage measures introduced by Finance Minister ... More
Getting a mortgage at two major Canadian banks just got harder for some new Canadians
9/27/2016 | Posted in Mortgage News by Paul DeAdder
Two major Canadian banks have closed a loophole that allowed new Canadians here for less than five years to bypass income verification when purchasing a home.
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1 million Canadians would struggle with interest rate rise: TransUnion
9/14/2016 | Posted in Mortgage News by Paul DeAdder
Up to a million Canadians would struggle to cope with a 1 per cent rise in interest rates with 700,000 at risk from even a 0.25 per cent rise.
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