Preparing for your mortgage renewal: Tips to ease the stress of higher payments
8/13/2024 | Posted in Mortgage Advice by Jessi Sandhu
Millions of Canadian homeowners are facing mortgage renewals in the coming years, with many feeling stressed as they prepare for higher payments amid persistently elevated ...
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First-time buyers relying on gifted down payments more than ever
7/29/2024 | Posted in First Time Home Buyers by Jessi Sandhu
Mortgage down payment gifts from family members remain a crucial factor for first-time homebuyers in Canada, even as the housing market cools and economic conditions tighten. ...
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Borrowers must adapt to 'new normal' of higher rates, says Macklem
6/16/2024 | Posted in Mortgage Interest Rates by Jessi Sandhu
Interest rates may slowly start to be easing around the world, but they won’t be returning to pandemic levels and borrowers will need to adjust accordingly. ...
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OSFI doubles down on keeping stress test for uninsured mortgage switches
6/13/2024 | Posted in Government and Regulation by Jessi Sandhu
The head of Canada’s banking regulator stood firm in rejecting renewed calls to remove the mortgage stress test on uninsured mortgage switches. ...
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Bank Regulator in Canada Warns of Housing-Payment Shock by 2026
5/22/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canada’s banking watchdog warned that many homeowners who took out mortgages when rates were near zero during the pandemic will soon face a reckoning as those loans renew. ...
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Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud
4/12/2024 | Posted in Government and Regulation by Jessi Sandhu
The federal government today confirmed plans to consult with the mortgage industry on developing income verification tools through the Canada Revenue Agency. ...
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OSFI announces new stress test for uninsured mortgages
4/16/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canadian regulator cracks down on high-debt mortgages to protect borrowers ...
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Ottawa to allow 30-year amortization for first-time buyers' mortgages on new homes
4/11/2024 | Posted in Government and Regulation by Jessi Sandhu
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain homebuyers, but say expanding the policy to all Canadians ...
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OSFI rejects Competition Bureau recommendation to drop mortgage stress test for lender switches
3/22/2024 | Posted in Government and Regulation by Jessi Sandhu
Canada’s banking regulator says it has no plans to remove the stress test on uninsured mortgages for borrowers who choose to switch lenders. ...
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Is it time for aggressive rate cuts?
3/19/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu
'I hope they're not tepid,' says expert about BoC's upcoming decisions ...
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Variable or short-term fixed mortgage? Where experts see the "sweet spot"
3/13/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu
The Canadian mortgage space is already seeing some rates on offer decline heading into the spring market, despite no clear indication yet from the Bank of Canada that interest ...
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B.C., Ontario mortgage-holders increasingly missed payments in Q4, Equifax says
3/5/2024 | Posted in Financial Health by Jessi Sandhu
Equifax Canada says consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023. ...
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Under-35 households lead the way in reducing mortgage debt, StatCan reports
1/25/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canada’s youngest demographic of homeowners is the only group to have reduced their mortgage debt since rates started rising in 2022. ...
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'A buyers' market with no buyers': CIBC economist on housing market
12/13/2023 | Posted in Canadian Housing Market by Jessi Sandhu
Some home sellers are struggling to find buyers amid high mortgage costs, according to an economist who says Canada’s housing market is in the midst of “a very healthy ...
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Latest in Mortgage News: OSFI leaves stress test rate unchanged
12/13/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canada’s banking regulator confirmed it will leave the mortgage stress test for uninsured mortgages unchanged. ...
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Mortgage deselection: Can your lender choose not to renew your mortgage?
12/11/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
In its third-quarter earnings call, Scotiabank said it was undertaking a strategy of “customer deselection at renewal” as part of its efforts to slow its mortgage ...
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Mortgage market risks rising in high-rate environment: CMHC
11/15/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Surging interest rates are weighing down on current homeowners – and further turbulence is on the horizon ...
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New mortgage activity slowing - but debt continues rising, says CMHC
11/9/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Residential mortgage debt in Canada totalled $2.14 trillion as of August this year, up by 3.4% compared with the same month in 2022 as the value of uninsured mortgages outstanding ...
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Most Canadian mortgage holders facing big payment shock: RBC
10/31/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Canadian homeowners are facing a significant payment shock on their mortgages unless interest rates decline in the coming years, according to a new Royal Bank of Canada (RBC) ...
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Bank of Canada delivers rate hold, but maintains hawkish bias
10/25/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu
The Bank of Canada delivered its second straight rate hold today, but signalled that it remains concerned about inflationary risks and price pressures. ...
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OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches
10/20/2023 | Posted in Mortgage News by Jessi Sandhu
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week. ...
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10/18/2023 | Posted in Home Owners by Jessi Sandhu
Police forces and legal experts in Ontario are pushing for the provincial government to make legislative changes that would reduce elaborate fraud scams targeting homeowners. ...
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OSFI reaches decision on proposed mortgage guideline changes
10/18/2023 | Posted in Mortgage News by Jessi Sandhu
Canada’s banking regulator has revealed its decision on initial public consultation regarding its B-20 guidelines, indicating in a statement yesterday that it will not ...
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OSFI seeing a deterioration in credit quality, says borrowers to face challenges at renewal
10/12/2023 | Posted in Home Owners by Jessi Sandhu
Canada’s banking regulator says the sustained increases in interest rates over the past 18 months have challenged some borrowers’ ability to pay and led to a ...
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Mortgage renewals could cause severe downturn
10/7/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu
Upcoming mortgage renewals at high interest rate levels will potentially drive the Canadian economy into a more severe downturn than anticipated. ...
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Homeowners brace for mortgage payment shock amid higher-for-longer rate outlook
10/2/2023 | Posted in Home Owners by Jessi Sandhu
With interest rates increasingly expected to stay higher for longer, many of the homeowners who locked in low rates years ago are likely bracing themselves for financial pain as ...
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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 ...
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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. ...
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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. ...
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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 ...
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