Banking regulator working with lenders to stamp out ultra-long mortgages

9/27/2023 | Posted in Mortgage News by Jessi Sandhu

Canadian banks have approximately $250 billion in mortgages with repayment terms set at 35 years or longer ... More

Tags: Mortgage Consumers, OSFI

Latest in mortgage news: Mortgage rates keep surging higher

9/29/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Mortgage providers across the country have been busy raising rates over the past week, and it could continue next week with as bond yields continue to rise. ... More

Tags: Home Buyers, Mortgage Consumers, Mortgage Renewals

Fixed mortgage rates expected to surge as bond yields reach 16-year high

9/22/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Fixed mortgage rates could surge higher in the coming week after Government of Canada bond yields—which lead fixed mortgage rates—shot up to a 16-year-high. ... More

Tags: Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing

Mortgage interest costs now up over 80% since the start of the BoC's rate hikes

9/14/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canadian mortgage borrowers continued to see their interest costs climb in the second quarter, which have now soared over 80% since the Bank of Canada started raising interest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Home Buyers, Home Owners, Mortgage Consumers

Fixed rates back as top mortgage product of choice: National Bank

8/23/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Despite interest rates potentially being at or near a peak, borrowers aren’t betting on rate cuts anytime soon. ... More

Tags: Fixed Rate Mortgages, Mortgage Consumers, Mortgage Refinancing, Mortgage Renewals

Canada's mortgage stress test: Obsolete or still doing its job?

8/14/2023 | Posted in Home Buyers by Jessi Sandhu

Originally introduced to mitigate borrower default risks in the event of rising interest rates, some brokers now argue that Canada’s mortgage stress test is no longer needed ... More

Tags: Home Buyers, Mortgage Consumers, Stress Test

Expect interest rates to remain high until 2025: former BoC governor

8/2/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

A prolonged period of heightened interest rates will be critical to Canada’s central bank reaching its inflation target, a former Bank of Canada Governor said. ... More

Tags: Mortgage Consumers, Mortgage Interest Costs, Mortgage Rates Canada

What impact might OSFI's new proposals have on borrowing costs?

7/26/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

The plan might help safeguard the stability of the financial system - but could also see mortgage costs rise. ... More

Tags: First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Interest Costs, Mortgage Trends, OSFI

What mortgage owners need to know about the Bank of Canada's rate hike

7/13/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Following the Bank of Canada’s latest interest rate hike, experts say Canadian mortgage owners will feel the impact of higher borrowing costs, either in the form of higher ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Consumer Spending, Home Buyers, Mortgage Consumers

How are mortgages keeping inflation high?

7/15/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada hiked interest rates again this week in response to persistently high inflation, prompting questions about the role of mortgages in the ongoing battle with high ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Mortgage Consumers

Struggling mortgage holders could see lenders waive fees under new guidelines

7/6/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Ottawa has published a new set of guidelines to standardize how Canada’s federally regulated lenders offer mortgage relief to consumers struggling under the weight of higher ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Government Intervention, Mortgage Consumers

Rising mortgage interest costs now biggest factor driving inflation - and they're not done yet

6/28/2023 | Posted in Canada Living by Jessi Sandhu

Inflation cooled on a month-over-month basis in May, but one factor that has been unrelenting in driving the consumer price index higher is mortgage interest costs — and the ... More

Tags: Canada Living, Canadian Households, Household Debt, Mortgage Consumers, Mortgage Interest Costs

How risky is it to extend Canadian mortgage amortizations?

6/27/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada's record pace of interest rate hikes has led to the repayment period for many variable rate mortgages lengthening to over 30 years, helping to shield households from ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Deferrals, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgage Trends, Variable Rate Mortgages

When will the Bank of Canada put the brakes on its rate-hike campaign?

6/27/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Economists weigh in on the possibilities for the central bank’s policy rate ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers

Another week, another rise in fixed mortgage rates. How high could they go?

6/24/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Mortgage lenders, including most of the big banks, have continued to hike their fixed mortgage rates following the recent surge in Government of Canada bond yields, which are used ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Interest Rates, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

Interest rate shock won't hit fixed-rate mortgage borrowers until 2025, expert says

6/22/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

While the pain of elevated interest rates is already hitting those with variable-rate mortgages, the sticker shock of higher payments might not be felt for a couple years among ... More

Tags: Mortgage Consumers, Mortgage Rates Canada, Mortgage Renewals

Prime rate reaches 22-year high of 6.95% and could rise further as rate-hike expectations grow

6/11/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high ... More

Tags: Fixed Rate Mortgages, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

"More pain" for variable-rate mortgage holders as the BoC hikes rates

6/7/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Variable-rate mortgage holders are in for “more pain” following the Bank of Canada’s half-expected decision to hike interest rates again. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

Monthly Mortgage Payments Could Spike 20-40% Over Next 3 Years: Bank of Canada

5/31/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

While a large number of mortgage holders have seen their monthly payment rates jump over the past year due to rising interest rates, the Bank of Canada (BoC) says the impact could ... More

Tags: Bank of Canada, Mortgage Consumers

Lenders - including some big banks -are hiking fixed mortgage rates again

5/29/2023 | Posted in Interest Rates by Jessi Sandhu

The past two weeks have seen a flurry of mortgage rate increases at mortgage lenders, including several of the Big 6 banks. ... More

Tags: Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

Further BoC hike may be necessary, says leading economist

5/24/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

The central bank has kept the policy rate frozen at 4.5% in its two most recent meetings ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Canada's residential mortgage debt now $2.08trn, says CMHC

5/25/2023 | Posted in Financial Health by Jessi Sandhu

The federal housing agency has revealed the latest industry trends ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers

Canada braces for higher mortgage defaults

4/21/2020 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Rising unemployment and high debt is expected to boost mortgage loan delinquencies in Canada, though experts say it won’t play out like the U.S. subprime mortgage crisis of ... More

Tags: Canada Living, Canada Real Estate, Canadian Households, Canadian Housing Market, Consumer Spending, Household Debt, Mortgage Consumers, Mortgage Delinquency

Canadian banks have processed 670,000 mortgage deferrals in first month

4/17/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canadian banks processed more than 670,000 mortgage deferrals or skipped payments in the month since announcing a measure to help consumers weather the economic hit from the ... More

Tags: Big Six, Canadian Banks, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals

Canada's big banks field half a million mortgage deferral requests

4/4/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada’s biggest banks have received nearly half a million requests from homeowners to hold off mortgage payments as the economic fallout from the COVID-19 pandemic deepens, ... More

Tags: Big Six, Canadian Mortgage Market, Coronavirus, Mortgage Consumers, Mortgage Deferrals, Mortgage Trends

Mortgage rates are rising in Canada despite virus-relief cuts

3/31/2020 | Posted in Mortgage Interest Rates by Jessi Sandhu

Canada’s mortgage rates are creeping up even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic. ... More

Tags: Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends

Canada's big banks field more than 200,000 mortgage deferral requests

3/28/2020 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Canada’s largest banks are fielding a deluge of requests to defer payments on mortgages as businesses suffer from efforts to curb the spread of the new coronavirus and job ... More

Tags: Big Six, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Mortgage Market

Big Six banks to allow 6-month mortgage payment deferral

3/18/2020 | Posted in Mortgage News by Jessi Sandhu

Canada’s largest banks are coordinating their approach to the COVID-19 coronavirus outbreak to protect their employees and customers. ... More

Tags: Big Six, Home Buyers, Mortgage Consumers

Government announces new mortgage buying program

3/17/2020 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

The Canadian government has announced a further measure to mitigate the impact of the COVID-19 crisis and to help maintain stability in the financial system. ... More

Tags: Canadian Mortgage Market, CMHC, Mortgage Consumers

What the Bank of Canada rate cut means for mortgages

3/5/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

Remember the Bank of Canada’s anxiety over worrisome consumer debt loads and housing imbalances? So much for that. ... More

Tags: Canada Real Estate, Canadian Real Estate Market Outlook, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Variable Rate Mortgages