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Your Home & Mortgage August 2017 After the rate hike…what’s next? On July 12th, for the first time in seven years, the Bank of Canada increased the overnight rate by .25%, withdrawing some of the stimulus that was needed after the oil price collapse and 2008 financial crisis.[...]
OTTAWA — The Bank of Canada has hiked its benchmark interest rate to 0.75% from 0.5%, its first increase in nearly seven years, amid expectations of stronger economic growth this year. Such a move is bound to increase the costs of mortgages, home equity lines of credit and other loans linked to[...]
Q. Why is the Government making these changes at this time? A. These measures will support the long-term stability of the Canadian housing and mortgage markets and promote savings through home ownership. They are intended to be timely, targeted and measured. The measures will reinforce the [...]
MORTGAGE INSURANCE Mortgage insurance (which is sometimes called mortgage default insurance) is a credit risk management tool that protects lenders from losses on mortgage loans. If a borrower defaults on a mortgage, and the proceeds from the foreclosure of the property are insufficient to cover [...]
Mortgage Rates and Qualifying Are So Complicated Now. Here's Why. If you’ve been shopping for a mortgage lately, you’ll have figured out that rates seem to be all over the map and qualifying has changed. That’s because of new mortgage rules introduced October 17, 2016. Here’s what has [...]