Yesterday afternoon, CMHC announced changes to its mortgage insurance underwriting and acceptance criteria. Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: The maximum gross debt service (GDS) ratio drops from…
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is July 15, 2020. Press release
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is June 3, 2020. Press release
The Bank of Canada has decided to reduce the overnight rate today in an unscheduled announcement. Prime may drop to 2.45% (previously 2.95%). Great news once again for variable rate mortgage holders. The next scheduled date for announcing the overnight…
A video interview with Canada Mortgage and Housing Corporation CEO Evan Siddall. Evan explains what is happening and mentions that there are still unknowns.
Good news!! Benchmark rate falls. The Benchmark rate or Qualifying rate ensure borrowers can handle their payments if rates go up. In practice, lenders use the qualifying rate to calculate your debt service ratios. Lenders then check to ensure your…
Given recent global events, we fully understand that these may be difficult times for its homeowners. We are in constant contact with all of our lenders we do business with and most of them have implemented some form of financial…
Lenders fully pass on to borrowers the Bank of Canada’s second interest rate cut this month in response to the coronavirus. For the full story click here.
The Bank of Canada has decided to reduce the overnight rate today in an unscheduled announcement. Prime may drop to 2.95% (previously 3.45%). This is great news for variable rate mortgage holders. The next scheduled date for announcing the overnight…
The Bank of Canada has decided to reduce the overnight rate today. Prime will fall to 3.45% (previously 3.95%). This is great news for variable rate mortgage holders. The next scheduled date for announcing the overnight rate target is April…