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Mortgage rates are rising in Canada despite virus-relief cuts

Published on Tue, 31 Mar 2020 14:00:14 +0000

Doug Alexander, Bloomberg News Canada’s mortgage rates are creeping up — even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic. That’s due to the “enormous pressure” Canadian banks face amid disruptions caused by the outbreak, said Sherry Cooper, chief economist at Dominion Lending Centers. “The costs of funds for banks is skyrocketing and bank earnings ... Read More

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News Mortgage Deferral to Help Canadians Experiencing Financial Hardship Due to COVID-19

Published on Thu, 26 Mar 2020 13:43:56 +0000

During this period of unprecedented economic upheaval and financial uncertainty, Canada’s largest banks are offering mortgage payment relief to customers by way of deferred mortgage payments. All customers who are currently in good standing and have been impacted by COVID-19 can apply for mortgage relief from their bank. Customers will answer a few questions to help their banks direct applications ... Read More

The post News Mortgage Deferral to Help Canadians Experiencing Financial Hardship Due to COVID-19 appeared first on Mortgage Talk Canada.

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Tweaking stress test rate doesn’t use all the tools available

Published on Mon, 24 Feb 2020 16:20:28 +0000

By: Myke Thomas The B-20 mortgage qualifying stress test will be tweaked as of April 6 and, not surprisingly, the bureaucracy is strong in this one. As it stands now, the stress test requires all borrowers to qualify for mortgages based on the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate from ... Read More

The post Tweaking stress test rate doesn’t use all the tools available appeared first on Mortgage Talk Canada.

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Ottawa unveils new mortgage stress test rules that will make it easier to pass

Published on Thu, 20 Feb 2020 15:22:47 +0000

New rules will be in force as of April By: Peter Evans Starting in April, the government will change the rules that cover mortgage lending in a way that should, in the short term at least, make it easier to qualify for a loan to buy a home. The Department of Finance says that as of April 6, the so-called ... Read More

The post Ottawa unveils new mortgage stress test rules that will make it easier to pass appeared first on Mortgage Talk Canada.

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Is the Mortgage Stress-Test Rate About to Drop?

Published on Mon, 10 Feb 2020 14:31:14 +0000

Monday Morning Interest Rate Update for February 10, 2020 by David Larock Last week TD Bank lowered its posted five-year fixed rate from 5.34% to 4.99%. You might be wondering why this is worth writing about because the Big Six banks don’t actually lend at their posted rates. Instead, those rates have primarily been used to significantly inflate the size of ... Read More

The post Is the Mortgage Stress-Test Rate About to Drop? appeared first on Mortgage Talk Canada.

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Policies should focus on housing supply, not on stress test

Published on Tue, 04 Feb 2020 21:01:15 +0000

by Ephraim Vecina Amid the considerable market impact of the B-20 regulations, multiple observers and industry organizations have called for revisions of the mortgage qualification stress testing, but the chief of the Bank of Nova Scotia has argued that such changes would not address the root of the nation’s housing crisis. Scotiabank president and CEO Brian Porter recently said that what policies should ... Read More

The post Policies should focus on housing supply, not on stress test appeared first on Mortgage Talk Canada.

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The Bank of Canada’s Cautionary Comments Push Fixed Mortgage Rates Lower

Published on Tue, 28 Jan 2020 17:27:55 +0000

by David Larock The Bank of Canada (BoC) left its policy rate unchanged last week, as widely expected, and that means variable mortgage rates will remain at their current levels for the time being. The Bank also issued its latest Monetary Policy Report (MPR), which provides us with its quarterly assessment of economic conditions both at home and abroad. The January MPR, ... Read More

The post The Bank of Canada’s Cautionary Comments Push Fixed Mortgage Rates Lower appeared first on Mortgage Talk Canada.

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U-Haul ranking indicates growth in Chatham

Published on Mon, 20 Jan 2020 16:23:44 +0000

U-Haul has named Chatham its No. 10 growth city in Canada after arrivals of one-way trucks to the city rose in 2019. By: Tom Morrison U-Haul has named Chatham its No. 10 growth city in Canada after arrivals of one-way trucks to the city rose in 2019. There was a two per cent increase in arrivals last year, while departures ... Read More

The post U-Haul ranking indicates growth in Chatham appeared first on Mortgage Talk Canada.

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5 ways the housing market will surprise us all in 2020

Published on Tue, 14 Jan 2020 15:18:38 +0000

By: Sanjiv Das In my three decades in the financial markets, I’ve come to expect the unexpected. With the new year upon us, I’m sharing five predictions for the U.S. housing market that counter conventional wisdom. These ideas may not necessarily come to pass, but I’ll explain how they could materialize. Thinking about these outcomes aren’t just theoretical but can ... Read More

The post 5 ways the housing market will surprise us all in 2020 appeared first on Mortgage Talk Canada.

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Developers answer the call for housing outside downtown core

Published on Mon, 06 Jan 2020 14:42:02 +0000

by Kimberly Greene Housing affordability is a significant conversation that is taking place across the country, especially in high-density, urban cities. Even as the risk profile for Toronto and Vancouver housing markets have come down to “moderate” levels, the fact remains that the demand hasn’t gone away, and that means that prices are remaining out of reach for many people. British ... Read More

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