mortgage consumers News and Articles | My Blog
Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud
4/12/2024 | Posted in Government and Regulation by Paul DeAdder
The federal government today confirmed plans to consult with the mortgage industry on developing income verification tools through the Canada Revenue Agency.
... MoreOSFI announces new stress test for uninsured mortgages
4/16/2024 | Posted in Mortgages and Real Estate by Paul DeAdder
Canadian regulator cracks down on high-debt mortgages to protect borrowers
... MoreOttawa to allow 30-year amortization for first-time buyers' mortgages on new homes
4/11/2024 | Posted in Government and Regulation by Paul DeAdder
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
Canada’s banking regulator says it has no plans to remove the stress test on uninsured mortgages for borrowers who choose to switch lenders.
... MoreIs it time for aggressive rate cuts?
3/19/2024 | Posted in Canadian Economy and Interest Rates by Paul DeAdder
'I hope they're not tepid,' says expert about BoC's upcoming decisions
... MoreVariable or short-term fixed mortgage? Where experts see the "sweet spot"
3/13/2024 | Posted in Mortgages and Real Estate by Paul DeAdder
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
Equifax Canada says consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023.
... MoreUnder-35 households lead the way in reducing mortgage debt, StatCan reports
1/25/2024 | Posted in Mortgages and Real Estate by Paul DeAdder
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
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
Canada’s banking regulator confirmed it will leave the mortgage stress test for uninsured mortgages unchanged.
... MoreMortgage deselection: Can your lender choose not to renew your mortgage?
12/11/2023 | Posted in Mortgages and Real Estate by Paul DeAdder
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
Surging interest rates are weighing down on current homeowners – and further turbulence is on the horizon
... MoreNew mortgage activity slowing - but debt continues rising, says CMHC
11/9/2023 | Posted in Mortgages and Real Estate by Paul DeAdder
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
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
The Bank of Canada delivered its second straight rate hold today, but signalled that it remains concerned about inflationary risks and price pressures.
... MoreOSFI 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.
... More10/18/2023 | Posted in Home Owners by Paul DeAdder
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
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
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
Upcoming mortgage renewals at high interest rate levels will potentially drive the Canadian economy into a more severe downturn than anticipated.
... MoreHomeowners brace for mortgage payment shock amid higher-for-longer rate outlook
10/2/2023 | Posted in Home Owners by Paul DeAdder
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
Canadian banks have approximately $250 billion in mortgages with repayment terms set at 35 years or longer
... MoreLatest in mortgage news: Mortgage rates keep surging higher
9/29/2023 | Posted in Mortgage Interest Rates by Paul DeAdder
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.
... MoreFixed mortgage rates expected to surge as bond yields reach 16-year high
9/22/2023 | Posted in Mortgage Interest Rates by Paul DeAdder
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.
... MoreMortgage 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
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
Despite interest rates potentially being at or near a peak, borrowers aren’t betting on rate cuts anytime soon.
... MoreCanada's mortgage stress test: Obsolete or still doing its job?
8/14/2023 | Posted in Home Buyers by Paul DeAdder
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
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.
... MoreWhat impact might OSFI's new proposals have on borrowing costs?
7/26/2023 | Posted in Mortgages and Real Estate by Paul DeAdder
The plan might help safeguard the stability of the financial system - but could also see mortgage costs rise.
... MoreWhat 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
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
