Canadian Mortgage Trends
- Homebuyers to Face More Stringent Mortgage Stress Test After June 1 8 April 2021Canada's banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages.
- The Latest in Mortgage News: OSFI to Re-launch Review of the Uninsured Stress Test 8 April 2021Canada’s bank regulator has announced it will restart a review of the stress test rate on uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) said it will “resume its policy work on the minimum qualifying rate for uninsured mortgages by issuing a new consultation [Thursday] at noon (ET).” Uninsured mortgages (generally those […]
- More Calls for Policymakers to Intervene in Housing “Frenzy” 1 April 2021Economists from BMO have added their voices to those calling on policy-makers to take action to prevent a potential housing bubble due to prices going "parabolic."
- The State of the Residential Mortgage Market: 2021 26 March 2021Despite the headwinds of a global pandemic, Canadians’ interest in real estate and the resulting rise in prices took even the most seasoned experts by surprise. This, of course, had major implications for the mortgage market. Mortgage Professionals Canada’s Annual State of the Residential Mortgage Market in Canada report provided a detailed look at borrower […]
- RBC Says Policy Response Needed to Tackle Soaring House Prices 25 March 2021Watching Canada’s national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it’s now starting to illicit concern. RBC Economics became the latest to sound the alarm over the “national concern” that rapidly rising house prices are posing. In a […]
Rate Spy
- Late Breaking News from OSFI on its New Stress Test 9 April 2021Important Clarifications… Here’s more of what you need to know about the new stress test rules, straight from the regulator: On the Need to Act Now 25.6% of uninsured mortgages originated between July and December 2020 had a “qualified TDS” above 43%, OSFI says. 44% is the limit, and for a healthy market you really...
- New Uninsured Mortgage Stress Test Starts June 1 8 April 2021Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal… 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts...
- OSFI Resumes Its Stress Test Review 7 April 2021For those who think the 4.79% minimum qualifying rate (mortgage “stress test” rate) is too strict, here’s a breaking update. Tweaks to the often-criticized “stress test” are back on the table. OSFI said today that it “will resume its policy work on the minimum qualifying rate for uninsured mortgages by issuing a new consultation tomorrow...
- First-time Mortgagors: Taking it on the Chin 6 April 2021The Mortgage Report: April 5 Many modest-income Canadians who have never owned a home may never own a home, at least not an average home. That is, unless they can live almost anywhere (work remotely, for example), and/or they’re buying with someone else (e.g., a significant other). Here’s why… First-time homebuyers now expect to pay...
- Stricter Housing Rules: Brace for Impact 1 April 2021If you follow the real estate market—and who doesn’t nowadays?—you’ve likely noticed growing speculation about new mortgage rules. Home prices are seemingly out of control, with national average prices up a shocking 25% y/y — amid a recession no less. “Canada hasn’t had a market overheating of this scope since the late 1980s,” says RBC....
The Mortgage Reports
- What’s the down payment for a $300,000 house? 12 April 2021How big is the down payment for a $300,000 house? That depends entirely on the type of mortgage you choose. Explore your options!
- Mortgage and refinance rates today, April 10, and rate forecast for next week 10 April 2021Today’s mortgage and refinance rates Average mortgage rates fell yesterday. But only by the smallest measurable amount. Still, that was a surprise because earlier in the day they’d looked likely […]
- How to shop for refinance rates and compare offers: 7 steps 9 April 2021If you want to save more money by refinancing your house, make sure to compare refinance rates and lenders. Tips for getting the best refinance rates here.
- Mortgage and refinance rates today, April 9, 2021 9 April 2021Today’s mortgage and refinance rates Average mortgage rates edged lower yesterday, extending the period since we last saw a rise. That was March 30. Unfortunately, it was looking first thing […]
- How to get approved as a self-employed, first-time home buyer 9 April 2021Self-employed first-time home buyers face obstacles other buyers don't. Learn what to expect and how to get mortgage-approved.