Your Source for Mortgage News and Information
Here you will Victoria, BC and Canadian mortgage trends, news and information. We are your Mortgage Broker Victoria, so please feel free to contact us for any more details on the ever-changing mortgage market. Whether you are a first time buyer, a business owner or a sophisticated investor we have a wide range of quality products available to ensure you get the ideal mortgage product for your unique goals and financial situation.
Mortgage Co-Signer vs Guarantor
The recent tighter mortgage qualification rules reducing purchasing power by 20% combined with the higher prices of real estate, particularly in Victoria and Vancouver, can make it difficult for a person, or even a couple, to qualify for a mortgage on their own. But with home prices rising and inflation
New June 1 Stress-Test Mortgage Rules Confirmed
OFSI confirmed that all Conventional Mortgages with 20% down or more will as of June 1st be stress tested at 5.25%. The Deputy Prime Minister and Minister of Finance, Chrystia Freeland also issued a statement of her own, announcing the alignment of the insured stress test with the uninsured stress
A Very Basic Overview of Mortgage Qualification in BC
It doesn’t matter if you’re buying a new home or your first one, home buyers are always looking for the best deal! But it can be easy to focus on the rate before you even know if you’ll qualify. Online calculators never show the whole story. Even if you’ve been
OSFI to Re-Examine Stress-Test Policy
According to the Canadian Mortgage Brokers Association BC, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of
Bank of Canada Policy Rate Announcement – March 2021
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing. The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate
Bank of Canada to maintain current level rate policy
Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ %
2020 Thoughts on Fixed vs Variable
Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great
Affordability and Alternative Lending Options Part 1
Motions within the rental market are excellent signs of the state of housing affordability. When folks cannot find the money to purchase, they rent, and also when there is an influx of renters in a field with constrained housing supply, landlords are in a position to demand more. In Victoria