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mortgage consumers News and Articles | My Blog

Ottawa to allow 30-year amortization for first-time buyers' mortgages on new homes

4/11/2024 | Posted in Government and Regulation by Paul DeAdder

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Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain homebuyers, but say expanding the policy to all Canadians ... More


OSFI rejects Competition Bureau recommendation to drop mortgage stress test for lender switches

3/22/2024 | Posted in Government and Regulation by Paul DeAdder

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Canada’s banking regulator says it has no plans to remove the stress test on uninsured mortgages for borrowers who choose to switch lenders.

... More


Is it time for aggressive rate cuts?

3/19/2024 | Posted in Canadian Economy and Interest Rates by Paul DeAdder

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'I hope they're not tepid,' says expert about BoC's upcoming decisions

... More


Variable or short-term fixed mortgage? Where experts see the "sweet spot"

3/13/2024 | Posted in Mortgages and Real Estate by Paul DeAdder

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The Canadian mortgage space is already seeing some rates on offer decline heading into the spring market, despite no clear indication yet from the Bank of Canada that interest ... More


B.C., Ontario mortgage-holders increasingly missed payments in Q4, Equifax says

3/5/2024 | Posted in Financial Health by Paul DeAdder

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Equifax Canada says consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023.

... More


Under-35 households lead the way in reducing mortgage debt, StatCan reports

1/25/2024 | Posted in Mortgages and Real Estate by Paul DeAdder

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Canada’s youngest demographic of homeowners is the only group to have reduced their mortgage debt since rates started rising in 2022.

... More


'A buyers' market with no buyers': CIBC economist on housing market

12/13/2023 | Posted in Canadian Housing Market by Paul DeAdder

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Some home sellers are struggling to find buyers amid high mortgage costs, according to an economist who says Canada’s housing market is in the midst of “a very ... More


Latest in Mortgage News: OSFI leaves stress test rate unchanged

12/13/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Canada’s banking regulator confirmed it will leave the mortgage stress test for uninsured mortgages unchanged.

... More


Mortgage deselection: Can your lender choose not to renew your mortgage?

12/11/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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In its third-quarter earnings call, Scotiabank said it was undertaking a strategy of “customer deselection at renewal” as part of its efforts to slow its mortgage ... More


Mortgage market risks rising in high-rate environment: CMHC

11/15/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Surging interest rates are weighing down on current homeowners – and further turbulence is on the horizon

... More


New mortgage activity slowing - but debt continues rising, says CMHC

11/9/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Residential mortgage debt in Canada totalled $2.14 trillion as of August this year, up by 3.4% compared with the same month in 2022 as the value of uninsured mortgages ... More


Most Canadian mortgage holders facing big payment shock: RBC

10/31/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Canadian homeowners are facing a significant payment shock on their mortgages unless interest rates decline in the coming years, according to a new Royal Bank of Canada (RBC) ... More


Bank of Canada delivers rate hold, but maintains hawkish bias

10/25/2023 | Posted in Canadian Economy and Interest Rates by Paul DeAdder

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The Bank of Canada delivered its second straight rate hold today, but signalled that it remains concerned about inflationary risks and price pressures.

... More


OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches

10/20/2023 | Posted in Mortgage News by Paul DeAdder

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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.

... More


Ontario legal experts pushing to close loophole that allows scammers to mortgage homes without victims' knowledge

10/18/2023 | Posted in Home Owners by Paul DeAdder

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Police forces and legal experts in Ontario are pushing for the provincial government to make legislative changes that would reduce elaborate fraud scams targeting ... More


OSFI reaches decision on proposed mortgage guideline changes

10/18/2023 | Posted in Mortgage News by Paul DeAdder

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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


OSFI seeing a deterioration in credit quality, says borrowers to face challenges at renewal

10/12/2023 | Posted in Home Owners by Paul DeAdder

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Canada’s banking regulator says the sustained increases in interest rates over the past 18 months have challenged some borrowers’ ability to pay and led to a ... More


Mortgage renewals could cause severe downturn

10/7/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Upcoming mortgage renewals at high interest rate levels will potentially drive the Canadian economy into a more severe downturn than anticipated.

... More


Homeowners brace for mortgage payment shock amid higher-for-longer rate outlook

10/2/2023 | Posted in Home Owners by Paul DeAdder

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With interest rates increasingly expected to stay higher for longer, many of the homeowners who locked in low rates years ago are likely bracing themselves for financial pain ... More


Banking regulator working with lenders to stamp out ultra-long mortgages

9/27/2023 | Posted in Mortgage News by Paul DeAdder

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Canadian banks have approximately $250 billion in mortgages with repayment terms set at 35 years or longer

... More


Latest in mortgage news: Mortgage rates keep surging higher

9/29/2023 | Posted in Mortgage Interest Rates by Paul DeAdder

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Mortgage providers across the country have been busy raising rates over the past week, and it could continue next week with as bond yields continue to rise.

... More


Fixed mortgage rates expected to surge as bond yields reach 16-year high

9/22/2023 | Posted in Mortgage Interest Rates by Paul DeAdder

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Fixed mortgage rates could surge higher in the coming week after Government of Canada bond yields—which lead fixed mortgage rates—shot up to a 16-year-high.

... More


Mortgage interest costs now up over 80% since the start of the BoC's rate hikes

9/14/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Canadian mortgage borrowers continued to see their interest costs climb in the second quarter, which have now soared over 80% since the Bank of Canada started raising interest ... More


Fixed rates back as top mortgage product of choice: National Bank

8/23/2023 | Posted in Mortgage Interest Rates by Paul DeAdder

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Despite interest rates potentially being at or near a peak, borrowers aren’t betting on rate cuts anytime soon.

... More


Canada's mortgage stress test: Obsolete or still doing its job?

8/14/2023 | Posted in Home Buyers by Paul DeAdder

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Originally introduced to mitigate borrower default risks in the event of rising interest rates, some brokers now argue that Canada’s mortgage stress test is no longer ... More


Expect interest rates to remain high until 2025: former BoC governor

8/2/2023 | Posted in Mortgage Interest Rates by Paul DeAdder

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A prolonged period of heightened interest rates will be critical to Canada’s central bank reaching its inflation target, a former Bank of Canada Governor said.

... More


What impact might OSFI's new proposals have on borrowing costs?

7/26/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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The plan might help safeguard the stability of the financial system - but could also see mortgage costs rise.

... More


What mortgage owners need to know about the Bank of Canada's rate hike

7/13/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Following the Bank of Canada’s latest interest rate hike, experts say Canadian mortgage owners will feel the impact of higher borrowing costs, either in the form of ... More


How are mortgages keeping inflation high?

7/15/2023 | Posted in Canadian Economy and Interest Rates by Paul DeAdder

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The Bank of Canada hiked interest rates again this week in response to persistently high inflation, prompting questions about the role of mortgages in the ongoing battle with ... More


Struggling mortgage holders could see lenders waive fees under new guidelines

7/6/2023 | Posted in Mortgages and Real Estate by Paul DeAdder

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Ottawa has published a new set of guidelines to standardize how Canada’s federally regulated lenders offer mortgage relief to consumers struggling under the weight of ... More


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