5 Year Fixed 3.74%

5 Year Variable 3.15%

Current Mortgage News

Although recent reports have shown a dip in Canadian real estate, given the home sale data from October, it seems that the Canadian housing market remains balanced according to the recent data release from the Canadian Real Estate Associate (CREA).

The days of assuming low mortgage debt loads means less of a credit risk to the lenders and banks are in the past.

In the month of October, members of the Ottawa Real Estate Board (OREB) sold a total of 1,383 residential properties. This is an increase from both last October which saw 1,237 sales and the 5 year average of 1,223 sales for an increase of nearly 12%.

President and CEO of the Canadian Mortgage and Housing Corporation (CMHC), Evan Siddall addressed industry concerns regarding the regulatory changes at the National Mortgage Conference earlier this week.

As expected, the Bank of Canada has moved ahead with another increase of 0.25% to the target rate in a decision released today bringing the overnight target rate to 1.75%.

The stress test implemented in January 2018 has made it more challenging for those looking to shop around when their mortgage is up for maturity.

In a recent survey by the Canada Mortgage Housing Corporation (CMHC), 85% of recent first-time home buyers purchased homes at the top of their price range.

With the new trade deal signed between Canada, the U.S. and Mexico (USMCA), the Bank of Canada may take this is as another indicator the economy may be able to support additional rate increase over the coming months.

New guidelines released by the Canada Mortgage and Housing Corp. (CMHC) have now come into effect to assist self-employed borrowers in qualifying for mortgage financing.

Ontario Real Estate Association (OREA) CEO Tim Hudak has released a statement citing the disparity of the stress test rules given the ongoing NAFTA negotiations and the inevitable rate increases Canadians will see later this year.

According to the recent data released by the Canadian Real Estate Association (CREA), there was a small increase in home sale between July and August nationwide.

A new report released by Mortgage Professionals Canada (MPC) compares the cost of renting versus owning a home and the results may surprise some.