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 looming, in some housing markets […]
Mortgage Co-Signer vs Guarantor Read More »
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 test, also effective June 1st.
New June 1 Stress-Test Mortgage Rules Confirmed Read More »
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 through the home buying process
A Very Basic Overview of Mortgage Qualification in BC Read More »
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 % along with the deposit rate
Bank of Canada to maintain current level rate policy Read More »
The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above the all-time 2017 low of
Mortgage Stress Test Rate Drops to 4.79% Read More »
Bloomberg Canada – July 19, 2019 The Bank of Canada has lowered the rate used by mortgage stress tests, used to qualify homeowners for mortgage borrowing limits, for the first time in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. It’s the first decrease
Canada Mortgage Qualifying Rate Lowered to 5.19% Read More »
New “Stress-Test” 2017 / 2018 Mortgage Rules Changes Explained Recently as you have probably heard in the major news media, like Global News and CBC, late in 2016, new rules were announced by OSFI with respect to residential home mortgages. The decisions leading up to these new rules are primarily driven by ‘expert’ concerns about
Stress Test Mortgage Update – November 2017 Read More »
When you’re house hunting anywhere in the greater Victoria area; from James Bay to Oak Bay, from Saanich to Langford, it’s a great idea to know the mortgage amount you qualify for, your monthly payments, and that your interest rate will be held for a specified period of time i.e. 90 to 120 days. In
The In’s and Out’s of Mortgage Pre-Approvals Read More »
The Huffington Post Canada | By Daniel Tencer The last thing Canada’s heavily mortgaged homeowners need is an increase in monthly payments, but some experts are saying this is exactly what’s ahead. With earnings plunging in the oil patch and Canadians holding record levels of debt, the country’s banks are turning riskier, and that means
Canadian Interest Rates To Rise As Banks Turn Riskier Than US Ones Read More »
Canada’s housing market continues to set new records, with the average sale price up to $508,097 in April, the busiest month for home sales in Canadian history. The Canadian Real Estate Association says the average house price increased by more than 13 per cent in the year ended in April. CREA has said for several months in
Average Canadian house price rises to $508,097 Read More »
The Bank of Canada announced last week that it is holding the benchmark rate steady for the fifth straight time, noting that “the low level of oil prices will continue to dampen growth in Canada and other energy-producing countries,” although “Canada’s GDP growth in the fourth quarter was not as weak as expected.” Global growth is
The Bank of Canada Announcement Read More »
Huffington Post 02/09/2016 Wayne Karl By this time next week, you will no longer be able to buy a home in Canada priced at more than $500,000 with a five-per-cent down payment. Big deal or no deal? It seems to depend on what market you’re in. In December, Federal Finance Minister Bill Morneau announced the
Will Canada’s New Down Payment Rules Affect You? Read More »
