MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the INSURED AND UNINSURED MORTGAGE STRESS TEST CHANGES Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down STEVE HUEBL, AUTHOR AT MORTGAGE RATES & MORTGAGE BROKER Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal

home.

HOW TO BECOME A MORTGAGE PROFESSIONAL IN CANADA A step-by-step guide to a career as a mortgage professional (Mortgage Agent, Mortgage Broker, etc). Join Canada's $1.4+ trillion mortgage

industry.

CANADIAN HOME PRICES TAKE A BREATHER IN APRIL. WILL IT After months of record-setting gains, home sales and prices took a breather in April compared to March’s results. Annual gains, meanwhile, were skewed due to last year’s historic decline in real estate activity, in which home sales fell to their lowest level ever. Canada’s average home price HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate HOME SALES & PRICES WON'T FULLY RECOVER UNTIL 2022, SAYS Significant drops in employment in Canada's major cities will keep downward pressure on housing demand, with sales and home prices not expected to rebound to pre-COVID levels until 2022, according to CMHC's latest Housing Market Outlook. 'Short-term uncertainty will lead to severe declines in sales activity and in new construction, 'said CMHC's deputy chief economist Aled ab Iorwerth in a CAN YOU QUALIFY FOR A MORTGAGE AFTER A CONSUMER PROPOSAL After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage.

MCAP VALUE-FLEX

Each year CMT selects the new mortgage from the prior year that had the most positive impact on the mortgage market. This year’s choice was relatively easy, for two reasons. For one, there weren’t many innovative products launched in 2014. But more importantly, there was clearly no new product that had as much effect on consumers as MCAP’s Value-Flex. TRUE NORTH MORTGAGE’S DAN EISNER In 2007, Dan Eisner appeared on Dragons' Den. His idea was to expand his well-branded, high-traffic retail mortgage outlets, and staff them with salaried mortgage advisors. The Dragons thought it was a great idea and made him an offer. That deal didn’t end up working out (more on that) but Dan’s firm, Calgary-based True North Mortgage (TNM), has come a long way in a short time. MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the INSURED AND UNINSURED MORTGAGE STRESS TEST CHANGES Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down STEVE HUEBL, AUTHOR AT MORTGAGE RATES & MORTGAGE BROKER Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal

home.

HOW TO BECOME A MORTGAGE PROFESSIONAL IN CANADA A step-by-step guide to a career as a mortgage professional (Mortgage Agent, Mortgage Broker, etc). Join Canada's $1.4+ trillion mortgage

industry.

CANADIAN HOME PRICES TAKE A BREATHER IN APRIL. WILL IT After months of record-setting gains, home sales and prices took a breather in April compared to March’s results. Annual gains, meanwhile, were skewed due to last year’s historic decline in real estate activity, in which home sales fell to their lowest level ever. Canada’s average home price HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate HOME SALES & PRICES WON'T FULLY RECOVER UNTIL 2022, SAYS Significant drops in employment in Canada's major cities will keep downward pressure on housing demand, with sales and home prices not expected to rebound to pre-COVID levels until 2022, according to CMHC's latest Housing Market Outlook. 'Short-term uncertainty will lead to severe declines in sales activity and in new construction, 'said CMHC's deputy chief economist Aled ab Iorwerth in a CAN YOU QUALIFY FOR A MORTGAGE AFTER A CONSUMER PROPOSAL After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage.

MCAP VALUE-FLEX

Each year CMT selects the new mortgage from the prior year that had the most positive impact on the mortgage market. This year’s choice was relatively easy, for two reasons. For one, there weren’t many innovative products launched in 2014. But more importantly, there was clearly no new product that had as much effect on consumers as MCAP’s Value-Flex. TRUE NORTH MORTGAGE’S DAN EISNER In 2007, Dan Eisner appeared on Dragons' Den. His idea was to expand his well-branded, high-traffic retail mortgage outlets, and staff them with salaried mortgage advisors. The Dragons thought it was a great idea and made him an offer. That deal didn’t end up working out (more on that) but Dan’s firm, Calgary-based True North Mortgage (TNM), has come a long way in a short time. MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the BANK OF CANADA HOLDS RATES, SAYS HIGH INFLATION WILL BE 1 day ago · The Bank of Canada's Wednesday rate announcement was 'steady as she goes,' as it maintained its Quantitative Easing program and reiterated that rates should stay where they are until the second half of next year. The overnight lending rate remains at 0.25%, where it's been since last March. But that's expected to change about a year from now, according to the BoC's guidance. MORE SENIORS TO RELY ON HOME EQUITY AS PART OF RETIREMENT Almost 8 in 10 Canadians over the age of 55 believe they can't rely on registered savings and pension plans alone to support a comfortable retirement. Roughly half say that home equity is a vital part of retirement planning, yet many don't want to downsize from their current home, according to an Ipsos survey commissioned by HomeEquity

Bank.

THE STATE OF THE RESIDENTIAL MORTGAGE MARKET: 2021 Interest Rates. 2.60%: The average mortgage interest rate in Canada in 2020. Down from the 3.14% average reported in 2019. 2.32%: The average mortgage rate on homes purchased in 2020. Fixed rates averaged 2.37% and variables averaged 1.93%. 2.29%: The average rate for mortgages

renewed in

HOW TO BECOME A MORTGAGE PROFESSIONAL IN CANADA A step-by-step guide to a career as a mortgage professional (Mortgage Agent, Mortgage Broker, etc). Join Canada's $1.4+ trillion mortgage

industry.

HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate RBC SAYS POLICY RESPONSE NEEDED TO TACKLE SOARING HOUSE Watching Canada's national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it's now starting to illicit concern. RBC Economics became the latest to sound the alarm over the 'national concern' that rapidly rising house prices are posing. In a report published on Wednesday, it called for HOME SALES & PRICES WON'T FULLY RECOVER UNTIL 2022, SAYS Significant drops in employment in Canada's major cities will keep downward pressure on housing demand, with sales and home prices not expected to rebound to pre-COVID levels until 2022, according to CMHC's latest Housing Market Outlook. 'Short-term uncertainty will lead to severe declines in sales activity and in new construction, 'said CMHC's deputy chief economist Aled ab Iorwerth in a HOW BIG IS CANADA'S MORTGAGE MARKET? When it comes to the total mortgages arranged in Canada each year (by all lenders), definitive data isn't easy to find. So we have to rely on estimates. CIBC economist Benjamin Tal is one of the best estimators out there. And his latest figures suggest the market is a lot bigger than some in our business may think. The estimates we typically cite for annual residential mortgage originations NATIONAL HOUSING MARKET SHOWS SIGNS OF "MODERATE At the national level, Canada's housing market showed 'moderate evidence of overvaluation' in the second quarter, according to the Canada Mortgage and Housing Corporation. 'The evidence of rising imbalances in some local housing markets coupled with the general weakening of housing market fundamentals results in a moderate degree of overall vulnerability being maintained for the Canadian MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the INSURED AND UNINSURED MORTGAGE STRESS TEST CHANGES Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down STEVE HUEBL, AUTHOR AT MORTGAGE RATES & MORTGAGE BROKER Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal

home.

HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate CANADIAN HOME PRICES TAKE A BREATHER IN APRIL. WILL IT After months of record-setting gains, home sales and prices took a breather in April compared to March’s results. Annual gains, meanwhile, were skewed due to last year’s historic decline in real estate activity, in which home sales fell to their lowest level ever. LATEST IN MORTGAGE NEWS: DESPITE CHALLENGES, MAJORITY OF Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment RBC SAYS POLICY RESPONSE NEEDED TO TACKLE SOARING HOUSE Watching Canada's national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it's now starting to illicit concern. RBC Economics became the latest to sound the alarm over the 'national concern' that rapidly rising house prices are posing. In a report published on Wednesday, it called for FEDERAL BUDGET DOESN'T ROCK THE CANADIAN HOUSING BOAT Homeowners fearing sweeping measures that could have over-corrected the housing market likely breathed a sigh of relief on Monday after hearing the details of the federal budget. Despite growing calls from numerous bank analysts in recent weeks for the need to tax the sale of principal residences, in some form or another, the government left the primary residence capital gains CAN YOU QUALIFY FOR A MORTGAGE AFTER A CONSUMER PROPOSAL After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. MORTGAGE CHANGES IMPACTING MOBILE HOMES One of the seemingly unintended groups to fall victim to the government’s latest mortgage changes is owners of mobile homes, according to some concerned mortgage brokers who are seeing the effects on their clients. The issue stems from the new rule that prohibits insured properties from being refinanced, and that most lenders require mobile homes located in a mobile park to be insured MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the INSURED AND UNINSURED MORTGAGE STRESS TEST CHANGES Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down STEVE HUEBL, AUTHOR AT MORTGAGE RATES & MORTGAGE BROKER Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal

home.

HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate CANADIAN HOME PRICES TAKE A BREATHER IN APRIL. WILL IT After months of record-setting gains, home sales and prices took a breather in April compared to March’s results. Annual gains, meanwhile, were skewed due to last year’s historic decline in real estate activity, in which home sales fell to their lowest level ever. LATEST IN MORTGAGE NEWS: DESPITE CHALLENGES, MAJORITY OF Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment RBC SAYS POLICY RESPONSE NEEDED TO TACKLE SOARING HOUSE Watching Canada's national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it's now starting to illicit concern. RBC Economics became the latest to sound the alarm over the 'national concern' that rapidly rising house prices are posing. In a report published on Wednesday, it called for FEDERAL BUDGET DOESN'T ROCK THE CANADIAN HOUSING BOAT Homeowners fearing sweeping measures that could have over-corrected the housing market likely breathed a sigh of relief on Monday after hearing the details of the federal budget. Despite growing calls from numerous bank analysts in recent weeks for the need to tax the sale of principal residences, in some form or another, the government left the primary residence capital gains CAN YOU QUALIFY FOR A MORTGAGE AFTER A CONSUMER PROPOSAL After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. MORTGAGE CHANGES IMPACTING MOBILE HOMES One of the seemingly unintended groups to fall victim to the government’s latest mortgage changes is owners of mobile homes, according to some concerned mortgage brokers who are seeing the effects on their clients. The issue stems from the new rule that prohibits insured properties from being refinanced, and that most lenders require mobile homes located in a mobile park to be insured BANK OF CANADA HOLDS RATES, SAYS HIGH INFLATION WILL BE 1 day ago · The Bank of Canada's Wednesday rate announcement was 'steady as she goes,' as it maintained its Quantitative Easing program and reiterated that rates should stay where they are until the second half of next year. The overnight lending rate remains at 0.25%, where it's been since last March. But that's expected to change about a year from now, according to the BoC's guidance. THE LATEST IN MORTGAGE NEWS: HAVE HOME PRICES PEAKED The seemingly endless run-up in home prices seems to have reached a peak, at least for now. May home sales data from some of the country's real estate boards showed sales and prices still growing in some regions, but down for their second consecutive month in others following the peak in March. The following is a summary of activity in May for select cities. THE STATE OF THE RESIDENTIAL MORTGAGE MARKET: 2021 Interest Rates. 2.60%: The average mortgage interest rate in Canada in 2020. Down from the 3.14% average reported in 2019. 2.32%: The average mortgage rate on homes purchased in 2020. Fixed rates averaged 2.37% and variables averaged 1.93%. 2.29%: The average rate for mortgages

renewed in

MORE SENIORS TO RELY ON HOME EQUITY AS PART OF RETIREMENT Almost 8 in 10 Canadians over the age of 55 believe they can't rely on registered savings and pension plans alone to support a comfortable retirement. Roughly half say that home equity is a vital part of retirement planning, yet many don't want to downsize from their current home, according to an Ipsos survey commissioned by HomeEquity

Bank.

HOW TO BECOME A MORTGAGE PROFESSIONAL IN CANADA A step-by-step guide to a career as a mortgage professional (Mortgage Agent, Mortgage Broker, etc). Join Canada's $1.4+ trillion mortgage

industry.

LATEST IN MORTGAGE NEWS: DESPITE CHALLENGES, MAJORITY OF Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment FEDERAL BUDGET DOESN'T ROCK THE CANADIAN HOUSING BOAT Homeowners fearing sweeping measures that could have over-corrected the housing market likely breathed a sigh of relief on Monday after hearing the details of the federal budget. Despite growing calls from numerous bank analysts in recent weeks for the need to tax the sale of principal residences, in some form or another, the government left the primary residence capital gains OPINION: EQUITABLE BANK’S NESTO GAMBLE Given that nesto gets the same rates as other top-volume brokers, according to Equitable Bank, it’s not an unreasonably tilted playing field. In fact, any broker today can get better rates than nesto if they reach Equitable’s top status tier, which is $100 million, by the way. For what it’s worth, I am well aware of other broker-first RBC SAYS POLICY RESPONSE NEEDED TO TACKLE SOARING HOUSE Watching Canada's national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it's now starting to illicit concern. RBC Economics became the latest to sound the alarm over the 'national concern' that rapidly rising house prices are posing. In a report published on Wednesday, it called for WHY ARE MORTGAGE RATES RISING? Mortgage Rate Trends. · March 16, 2020. Why Are Mortgage Rates Rising? Fears over the COVID-19 pandemic and plummeting oil prices have caused mortgage rates to plummet to multi-year lows over the past couple of weeks. But now some lenders are actually starting to raise rates. Fixed rates on certain terms have been creeping back up, while

some

MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the INSURED AND UNINSURED MORTGAGE STRESS TEST CHANGES Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down STEVE HUEBL, AUTHOR AT MORTGAGE RATES & MORTGAGE BROKER Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal

home.

CANADIAN HOME PRICES TAKE A BREATHER IN APRIL. WILL IT After months of record-setting gains, home sales and prices took a breather in April compared to March’s results. Annual gains, meanwhile, were skewed due to last year’s historic decline in real estate activity, in which home sales fell to their lowest level ever. Canada’s average home price HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate RBC SAYS POLICY RESPONSE NEEDED TO TACKLE SOARING HOUSE Watching Canada's national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it's now starting to illicit concern. RBC Economics became the latest to sound the alarm over the 'national concern' that rapidly rising house prices are posing. In a report published on Wednesday, it called for OPINION: EQUITABLE BANK’S NESTO GAMBLE Given that nesto gets the same rates as other top-volume brokers, according to Equitable Bank, it’s not an unreasonably tilted playing field. In fact, any broker today can get better rates than nesto if they reach Equitable’s top status tier, which is $100 million, by the way. For what it’s worth, I am well aware of other broker-first FEDERAL BUDGET DOESN'T ROCK THE CANADIAN HOUSING BOAT Homeowners fearing sweeping measures that could have over-corrected the housing market likely breathed a sigh of relief on Monday after hearing the details of the federal budget. Despite growing calls from numerous bank analysts in recent weeks for the need to tax the sale of principal residences, in some form or another, the government left the primary residence capital gains CAN YOU QUALIFY FOR A MORTGAGE AFTER A CONSUMER PROPOSAL After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. MORTGAGE CHANGES IMPACTING MOBILE HOMES One of the seemingly unintended groups to fall victim to the government’s latest mortgage changes is owners of mobile homes, according to some concerned mortgage brokers who are seeing the effects on their clients. The issue stems from the new rule that prohibits insured properties from being refinanced, and that most lenders require mobile homes located in a mobile park to be insured MORTGAGE RATES & MORTGAGE BROKER NEWS IN CANADA Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC. Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the INSURED AND UNINSURED MORTGAGE STRESS TEST CHANGES Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down STEVE HUEBL, AUTHOR AT MORTGAGE RATES & MORTGAGE BROKER Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal

home.

CANADIAN HOME PRICES TAKE A BREATHER IN APRIL. WILL IT After months of record-setting gains, home sales and prices took a breather in April compared to March’s results. Annual gains, meanwhile, were skewed due to last year’s historic decline in real estate activity, in which home sales fell to their lowest level ever. Canada’s average home price HOMEBUYERS TO FACE MORE STRINGENT MORTGAGE STRESS TEST Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages — typically those with more than a 20% down payment — to qualify at their mortgage contract rate RBC SAYS POLICY RESPONSE NEEDED TO TACKLE SOARING HOUSE Watching Canada's national average home price rise resiliently throughout the pandemic has been reassuring for many over the past year. But as prices continue to increase unabated, it's now starting to illicit concern. RBC Economics became the latest to sound the alarm over the 'national concern' that rapidly rising house prices are posing. In a report published on Wednesday, it called for OPINION: EQUITABLE BANK’S NESTO GAMBLE Given that nesto gets the same rates as other top-volume brokers, according to Equitable Bank, it’s not an unreasonably tilted playing field. In fact, any broker today can get better rates than nesto if they reach Equitable’s top status tier, which is $100 million, by the way. For what it’s worth, I am well aware of other broker-first FEDERAL BUDGET DOESN'T ROCK THE CANADIAN HOUSING BOAT Homeowners fearing sweeping measures that could have over-corrected the housing market likely breathed a sigh of relief on Monday after hearing the details of the federal budget. Despite growing calls from numerous bank analysts in recent weeks for the need to tax the sale of principal residences, in some form or another, the government left the primary residence capital gains CAN YOU QUALIFY FOR A MORTGAGE AFTER A CONSUMER PROPOSAL After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. MORTGAGE CHANGES IMPACTING MOBILE HOMES One of the seemingly unintended groups to fall victim to the government’s latest mortgage changes is owners of mobile homes, according to some concerned mortgage brokers who are seeing the effects on their clients. The issue stems from the new rule that prohibits insured properties from being refinanced, and that most lenders require mobile homes located in a mobile park to be insured BANK OF CANADA HOLDS RATES, SAYS HIGH INFLATION WILL BE 23 hours ago · The Bank of Canada's Wednesday rate announcement was 'steady as she goes,' as it maintained its Quantitative Easing program and reiterated that rates should stay where they are until the second half of next year. The overnight lending rate remains at 0.25%, where it's been since last March. But that's expected to change about a year from now, according to the BoC's guidance. THE LATEST IN MORTGAGE NEWS: HAVE HOME PRICES PEAKED The seemingly endless run-up in home prices seems to have reached a peak, at least for now. May home sales data from some of the country's real estate boards showed sales and prices still growing in some regions, but down for their second consecutive month in others following the peak in March. The following is a summary of activity in May for select cities. Q&A WITH M3 GROUP ON ITS ACQUISITION OF PINCH FINANCIAL 1 day ago · M3 Group announced last week that it had completed the acquisition of Fintech company Pinch Financial. The Toronto-based company made waves in the mortgage space when it launched in 2017 for its platform’s ability to provide full mortgage qualifications in as little as 10 minutes. Its fully HOW TO BECOME A MORTGAGE PROFESSIONAL IN CANADA A step-by-step guide to a career as a mortgage professional (Mortgage Agent, Mortgage Broker, etc). Join Canada's $1.4+ trillion mortgage

industry.

MORE SENIORS TO RELY ON HOME EQUITY AS PART OF RETIREMENT Almost 8 in 10 Canadians over the age of 55 believe they can't rely on registered savings and pension plans alone to support a comfortable retirement. Roughly half say that home equity is a vital part of retirement planning, yet many don't want to downsize from their current home, according to an Ipsos survey commissioned by HomeEquity

Bank.

THE STATE OF THE RESIDENTIAL MORTGAGE MARKET: 2021 Interest Rates. 2.60%: The average mortgage interest rate in Canada in 2020. Down from the 3.14% average reported in 2019. 2.32%: The average mortgage rate on homes purchased in 2020. Fixed rates averaged 2.37% and variables averaged 1.93%. 2.29%: The average rate for mortgages

renewed in

HOUSING MARKET ANALYST The opportunity As MPC’s Housing Market Analyst, you will contribute to the organization's overall research and reputational management activities through thought leadership and advocacy work relating to economic and social issues supporting the organization's public policy agenda. This role is a unique opportunity to contribute to the mortgage and housing industry, requiring occasional LATEST IN MORTGAGE NEWS: DESPITE CHALLENGES, MAJORITY OF Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment FEDERAL BUDGET DOESN'T ROCK THE CANADIAN HOUSING BOAT Homeowners fearing sweeping measures that could have over-corrected the housing market likely breathed a sigh of relief on Monday after hearing the details of the federal budget. Despite growing calls from numerous bank analysts in recent weeks for the need to tax the sale of principal residences, in some form or another, the government left the primary residence capital gains THE BENEFITS AND RISKS OF CO-SIGNING FOR A MORTGAGE Thanks to tighter mortgage qualification rules and higher-priced real estate — particularly in the greater Vancouver and Toronto areas — it’s not always easy to qualify for a mortgage on your own merits.. You may very well have a great job, a decent income, a husky down payment and perfect credit, but that still may not be enough.

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Mortgage News

INSIGHTS AND ANALYSIS OF THE MORTGAGE MARKET TECHNOLOGY’S ROLE IN CANADA’S EVOLVING MORTGAGE INDUSTRY COVID-19 has dramatically changed the course of many industries and threatened the physical, mental and financial wellness of millions of Canadians. In the housing... Read More RISKS TO ECONOMIC OUTLOOK “OVERBLOWN,” BUT RATES TO STAY LOW:

POLOZ

Canada’s economy may prove surprisingly resilient in its recovery following the COVID-19 lockdown, according to Bank of Canada Governor Stephen Poloz. In his final... Read More CMHC’S GLOOMY OUTLOOK: UP TO 18% DROP IN HOME PRICES The head of the Canada Mortgage and Housing Corporation delivered a particularly gloomy forecast while testifying remotely before the House of Commons Finance Committee... Read More RECORD DECLINE IN HOME SALES AND LISTINGS IN APRIL: CREA Home sales across Canada plunged 57% year-over-year in April to their lowest level since 1984, while the average house price fell back below $500,000,... Read More LATEST IN MORTGAGE NEWS: STRESS TEST RATE TO DROP Thanks to a reduction in some Big-Bank posted rates in recent days, Canada’s mortgage stress test rate will fall as early as next

week.... Read More

Q1 LENDER EARNINGS: THE COVID-19 IMPACT Both Home Capital and First National reported strong starts to the year, which have mostly carried their first-quarter earnings performance. Read More LATEST IN MORTGAGE NEWS: HOME PRICE RECOVERY NOT EXPECTED UNTIL 2022 On the heels of new data showing that home prices tumbled in April across many of Canada’s largest cities, CMHC is forecasting it

will... Read More

2020 MORTGAGE FORECASTS: DEFAULTS TO JUMP, ORIGINATIONS TO TUMBLE, SALES TO “SUFFER” There’s no doubt that Canada’s mortgage and real estate industries will suffer in the short term due to the impacts of the coronavirus pandemic.... Read More

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Past Features

CATCH UP ON ARTICLES YOU MAY HAVE MISSED COVID-19’S IMPACT ON REAL ESTATE: TORONTO HOME SALES DOWN 69% Home sales in the Greater Toronto Area were down 69% year-over-year in the first 17 days of April, the Toronto Regional Real Estate Board...

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ONE IN 20 HOMEOWNERS HAVE MISSED A MORTGAGE PAYMENT DUE TO COVID-19 While Canadian lenders stepped forward with unprecedented measures to assist those affected by the COVID-19 pandemic, there were still some homeowners unable to make... Read More LATEST IN MORTGAGE NEWS: HOW MUCH COULD A MORTGAGE DEFERRAL COULD COST

YOU?

Nearly 600,000 Canadians have so far taken advantage of some form of mortgage deferral assistance due to the COVID-19 crisis, according to the Canadian... Read More COVID-19 FALLOUT SPREADS TO MORTGAGE REFINANCES IN CANADA Mortgage refinancing in Canada is the latest domino to topple in the wake of the COVID-19 pandemic’s impact on our economy. In fact,

all... Read More

MORTGAGE LENDERS PROVIDE COVID-19 UPDATE – PART 2 In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers... Read More MORTGAGE LENDERS PROVIDE COVID-19 UPDATE – PART 1 In a recent panel discussion series hosted by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders provided updates on how... Read More

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TECHNOLOGY’S ROLE IN CANADA’S EVOLVING MORTGAGE INDUSTRY RISKS TO ECONOMIC OUTLOOK “OVERBLOWN,” BUT RATES TO STAY LOW:

POLOZ

CMHC’S GLOOMY OUTLOOK: UP TO 18% DROP IN HOME PRICES RECORD DECLINE IN HOME SALES AND LISTINGS IN APRIL: CREA

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