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OSFI eliminated mortgage stress test to avoid losing public confidence: Routledge
10/3/2024 | Posted in Mortgage News by Paul DeAdder
Canada’s banking regulator recently relaxed its mortgage stress test rule partly due to concerns about how the public perceives the agency’s role, according to ... More
Mortgage Digest: 50% odds of a 50-bps October rate cut, experts say
10/1/2024 | Posted in Canadian Economy and Interest Rates by Paul DeAdder
Markets are increasingly betting on the Bank of Canada delivering a 50-basis point rate cut during its October 23 policy decision, with the odds now sitting at around 53%
... MoreFederal government releases technical details of its latest mortgage changes
9/25/2024 | Posted in Government and Regulation by Paul DeAdder
As a follow-up to last week’s announcement, the federal government has unveiled a more detailed framework for its updated mortgage rules, which are set to take effect on ... More
Is breaking your mortgage for a lower rate worth the prepayment penalty?
9/22/2024 | Posted in Mortgages and Real Estate by Paul DeAdder
As interest rates continue to drop, borrowers might wonder if they should renegotiate their fixed-rate mortgage. But at what cost?
... MoreFederal government raises insured mortgage cap to $1.5M, expands 30-year amortizations
9/17/2024 | Posted in Government and Regulation by Paul DeAdder
The federal government has unveiled sweeping changes to Canada’s mortgage system, calling them the “boldest reforms in decades.”
... MorePreparing for your mortgage renewal: Tips to ease the stress of higher payments
8/13/2024 | Posted in Mortgage Advice by Paul DeAdder
Millions of Canadian homeowners are facing mortgage renewals in the coming years, with many feeling stressed as they prepare for higher payments amid persistently elevated ... More
First-time buyers relying on gifted down payments more than ever
7/29/2024 | Posted in First Time Home Buyers by Paul DeAdder
Mortgage down payment gifts from family members remain a crucial factor for first-time homebuyers in Canada, even as the housing market cools and economic conditions ... More
Borrowers must adapt to 'new normal' of higher rates, says Macklem
6/16/2024 | Posted in Mortgage Interest Rates by Paul DeAdder
Interest rates may slowly start to be easing around the world, but they won’t be returning to pandemic levels and borrowers will need to adjust accordingly.
... MoreOSFI doubles down on keeping stress test for uninsured mortgage switches
6/13/2024 | Posted in Government and Regulation by Paul DeAdder
The head of Canada’s banking regulator stood firm in rejecting renewed calls to remove the mortgage stress test on uninsured mortgage switches.
... MoreBank Regulator in Canada Warns of Housing-Payment Shock by 2026
5/22/2024 | Posted in Mortgages and Real Estate by Paul DeAdder
Canada’s banking watchdog warned that many homeowners who took out mortgages when rates were near zero during the pandemic will soon face a reckoning as those loans ... More
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.
... More