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Canada?s residential mortgage debt now $2.08trn, says CMHC

5/25/2023 | Posted in Financial Health by Sam Cuda & Nancy Cuda
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The federal housing agency has revealed the latest industry trends ... More

Canadian Debt, Household Debt, Mortgage Consumers

Further BoC hike may be necessary, says leading economist

5/24/2023 | Posted in Mortgage Interest Rates by Sam Cuda & Nancy Cuda
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The central bank has kept the policy rate frozen at 4.5% in its two most recent meetings ... More

Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Canada braces for higher mortgage defaults

4/21/2020 | Posted in Canadian Economy and Housing Market by Sam Cuda & Nancy Cuda
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Rising unemployment and high debt is expected to boost mortgage loan delinquencies in Canada, though experts say it won’t play out like the U.S. subprime mortgage crisis of ... More

Canada Living, Canada Real Estate, Canadian Households, Canadian Housing Market, Consumer Spending, Household Debt, Mortgage Consumers, Mortgage Delinquency

Canadian banks have processed 670,000 mortgage deferrals in first month

4/17/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Canadian banks processed more than 670,000 mortgage deferrals or skipped payments in the month since announcing a measure to help consumers weather the economic hit from the ... More

Big Six, Canadian Banks, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals

Canada's big banks field half a million mortgage deferral requests

4/4/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Canada’s biggest banks have received nearly half a million requests from homeowners to hold off mortgage payments as the economic fallout from the COVID-19 pandemic deepens, ... More

Big Six, Canadian Mortgage Market, Coronavirus, Mortgage Consumers, Mortgage Deferrals, Mortgage Trends

Mortgage rates are rising in Canada despite virus-relief cuts

3/31/2020 | Posted in Mortgage Interest Rates by Sam Cuda & Nancy Cuda
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Canada’s mortgage rates are creeping up even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic. ... More

Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends

Canada's big banks field more than 200,000 mortgage deferral requests

3/28/2020 | Posted in Canadian Economy and Housing Market by Sam Cuda & Nancy Cuda
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Canada’s largest banks are fielding a deluge of requests to defer payments on mortgages as businesses suffer from efforts to curb the spread of the new coronavirus and job ... More

Big Six, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Mortgage Market

Big Six banks to allow 6-month mortgage payment deferral

3/18/2020 | Posted in Mortgage News by Sam Cuda & Nancy Cuda
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Canada’s largest banks are coordinating their approach to the COVID-19 coronavirus outbreak to protect their employees and customers. ... More

Big Six, Home Buyers, Mortgage Consumers

Government announces new mortgage buying program

3/17/2020 | Posted in Canadian Economy and Housing Market by Sam Cuda & Nancy Cuda
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The Canadian government has announced a further measure to mitigate the impact of the COVID-19 crisis and to help maintain stability in the financial system. ... More

Canadian Mortgage Market, CMHC, Mortgage Consumers

What the Bank of Canada rate cut means for mortgages

3/5/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Remember the Bank of Canada’s anxiety over worrisome consumer debt loads and housing imbalances? So much for that. ... More

Canada Real Estate, Canadian Real Estate Market Outlook, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Variable Rate Mortgages

Bank of Canada lowers overnight rate target to 1.25 percent

3/4/2020 | Posted in Mortgage Interest Rates by Sam Cuda & Nancy Cuda
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The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit ... More

Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Consumers, Variable Rate Mortgages

Coronavirus-driven rate cut could add kerosene to Canada's housing market

3/4/2020 | Posted in Canadian Housing Market by Sam Cuda & Nancy Cuda
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Lower mortgage rates likely to offset any major drag from a global outbreak ... More

Canadian Housing Market, Canadian Real Estate Market Outlook, Coronavirus, Mortgage Consumers

BoC rate must be at 1.5%, think-tank's fiscal policy council says

3/2/2020 | Posted in Canadian Economy and Interest Rates by Sam Cuda & Nancy Cuda
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Just a few days before the Bank of Canada’s March 4 meeting, the Monetary Policy Council of the C.D. Howe Institute called on the institution to lower its benchmark policy ... More

Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

OSFI considering new benchmark rate for uninsured mortgages

2/19/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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The Office of the Superintendent of Financial Institutions (OSFI) has announced that it is considering a new benchmark rate to determine the minimum qualifying rate for uninsured ... More

Bank of Canada Benchmark Rate, First Time Home Buyers, Home Buyers, Mortgage Consumers, Uninsured Mortgages

Morneau unveils new insured mortgage stress test rate

2/18/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Ottawa changing stress test rate for insured mortgages starting April 6. ... More

Insured Mortgages, Mortgage Consumers, Stress Test, Uninsured Mortgages

Drive until you qualify

2/10/2020 | Posted in GTA Real Estate by Sam Cuda & Nancy Cuda
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Mortgage stress test forces homebuyers further outside GTA to find house they can afford. ... More

First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgages & Real Estate, Stress Test

Fixed rate mortgages could go on sale

1/29/2020 | Posted in Mortgage Interest Rates by Sam Cuda & Nancy Cuda
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Fixed rate mortgages could go on sale as fears of spreading coronavirus push bond yields down ... More

Canadian Mortgage Market, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Sam Cuda & Nancy Cuda
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Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Why longer-term mortgages could be beneficial

1/22/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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The current lending rules in Canada are geared towards shorter-mortgage terms ... More

Mortgage Consumers, Mortgage Trends, Mortgages & Real Estate

Ultra-low Rates Will Persist: RBC

1/17/2020 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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The 2020s won’t be the decade to lock into a long-term fixed mortgage, according to RBC Economics. ... More

Canadian Mortgage Market, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Sam Cuda & Nancy Cuda
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TD economists says the cost of servicing debts should ease early in 2020 ... More

Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Scotiabank pushes back its Bank of Canada rate cut forecast

11/29/2019 | Posted in Mortgage Interest Rates by Sam Cuda & Nancy Cuda
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Scotiabank now sees the Bank of Canada lowering its benchmark interest rate at the beginning of 2020 instead of at the central bank’s next meeting. ... More

Bank of Canada Benchmark Rate, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate

CMHC's Siddall Defends Policies, Provides Update on the FTHBI

11/22/2019 | Posted in Canadian Housing Market by Sam Cuda & Nancy Cuda
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Some fresh information on the status of the First-Time Home Buyer Incentive (FTHBI) and a possible increase on the $1M cap for insured ... More

Canadian Housing Market, Canadian Real Estate Market Outlook, First Time Home Buyer Incentive, First Time Home Buyers, Insured Mortgages, Mortgage Consumers, Mortgage Loan Insurance, Mortgage Trends, Mortgages & Real Estate

Mortgage interest cost index slows but cost of living remains higher

10/21/2019 | Posted in Canadian Economy and Interest Rates by Sam Cuda & Nancy Cuda
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The cost of living was higher across many products and services in September. ... More

Cost of Living, Mortgage Consumers, Mortgage Trends, Personal Finance, Statistics Canada

Canadian mortgage debt growth continues unabated

10/10/2019 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Canada’s outstanding mortgage credit load continues breaking records, reaching a new high of more than $1.59 trillion as of August, according to the country’s central ... More

Canadian Mortgage Market, Mortgage Consumers, Mortgage Market, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Statistics Canada

Low interest rates are the market's lifeline during tougher times

9/25/2019 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Employment figures had a major influence on the market's dynamics. ... More

Canadian Housing Market, Interest Rates, Mortgage Consumers

More Fed cuts expected to push Canadian interest rates lower

9/19/2019 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Great News for Canadians waiting for lower rates as the effects of shrinking global economy to hit Canada as well. ... More

Canadian Mortgage Market, Home Buyers, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

23% of millennials justify lying on a mortgage application

9/16/2019 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Some millennials believe it is justifiable to lie on a mortgage application, according to a new Equifax Canada survey on mortgage fraud. ... More

Canadian Mortgage Market, Millenials, Mortgage Consumers, Mortgage Market

Canadian mortgage borrowers have a 'rare opportunity'

9/6/2019 | Posted in Mortgages and Real Estate by Sam Cuda & Nancy Cuda
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Canada's mortgage market has been turned upside down, and it's giving borrowers an uncommon advantage, a new report suggests. ... More

Canada Real Estate, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgages & Real Estate, Variable Rate Mortgages

Bank of Canada reveals latest interest rate decision

9/4/2019 | Posted in Interest Rates by Sam Cuda & Nancy Cuda
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The Bank of Canada resisted pressure from investors by declining to signal it will soon follow global peers in easing monetary policy. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

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