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Stricter Stress Tests Coming For New Mortgages

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 May 20th, 2021 that it will move ahead with its stress test changes first announced last month, which will apply to

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Central Bank Announcement Last Week

Last week, the Bank of Canada made its third interest rate decision of 2021 and presented projections for inflation and growth in the economy. The announcement came just as Statistics Canada reported that the consumer price index was higher by 2.2% year over year in March and as speculation ramped

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Bank of Canada and Quantitative Easing Update

The Bank of Canada is signaling that it will be the first of the G7 countries to start taking it’s foot off the gas as it will start to slow the pace of the purchasing of Canadian Government Bonds. The Quantitative Easing program key tool used to keep interest rates

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Update on Bank of Canada’s Interest Rate Decision

Last week, the Bank of Canada made its second interest rate decision. The bank held its overnight lending rate, which was largely expected. This is great news for buyers looking to invest in a new home or an investment property. “Bank of Canada will hold current level of policy rate

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What to Expect During the Mortgage Loan Process

You may have heard of Canada’s First-Time Home Buyer Incentive, but did you know that only 2,000 Canadians received it since it was launched? Most opted out of this incentive because it was not an attractive offer for new homebuyers. Instead of taking the incentive, many went through the traditional

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Record-low interest rates on mortgages from Bank of Canada

Canada’s economy had strong momentum through late 2020. However, the increase of COVID-19 cases and the reintroduction of lockdowns caused a serious setback for many. Unemployment has increased nationally, and workers in the service industry have been hit the hardest, due to the latest lockdown measures. So, to help keep

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