Recent data indicates that the youngest buyers in the country are affected most by the government’s mortgage stress test. According to recent industry insight reports from TransUnion, mortgage originations were down nearly 8.9% in Q2. As compared to last year, originations from buyers between ages 18 and 25 are down 13.4%. This is the fourth consecutive quarter that balances and mortgage originations were down on an annualized basis.
Read MoreOne of the main factors that Canadian Mortgages take their cues from is the U.S. monetary policy. This in one of the reasons why the Fed rate cut would not be helpful to borrowers. Fed decisions usually move the rates in some respect; however, few questions remain.
Read MoreThe Bank of Canada has lowered the rate used by mortgage stress tests which is used to determine whether would-be homeowners can qualify. This marks the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. This is the first decrease in the five – year fixed mortgage rates since September 2016 when it dropped to 4.64% from 4.74% and increased steadily since.
Read MoreApplying for a mortgage for your home can be stressful. Buying a new home is one of the largest purchases you will make especially if you’re a first-time home buyer. We have made a list of the things that first – time home buyers worry about when getting a mortgage.
Read MoreHere’s a quick summary of the latest findings which look at the impact of the stress test on home sales and the price of homes over the past year as well as the current state of awareness among customers.
Read MoreOn Wednesday, The Bank of Canada kept its key interest rate unchanged as it downgraded it 2019 growth forecast based on its prediction the economy nearly ground to a halt at the start of the year. The central bank also appeared to be in no hurry to move the interest rate any time soon because, unlike its recent statements, the latest announcement made no mention of a need for future increases.
Read MoreThe federal government’s new mortgage stress test was responsible for a drop of approximately $15-billion in residential mortgage borrowing last year according to a report released recently. The rule change in 2018 was the biggest factor in the 8% drop in new mortgage originations in Canada.
Read MoreAt first glance, I would say “decent” at best. At second glance, I’d actually say it is vastly underwhelming. The feds have announced 2 main policies around home ownership:
Read MoreThe Canadian Real Estate Association (CREA) reported this month that national home sales fell by nearly 9% from January to February. 75% of local markets, including major cities, recorded fewer transactions. This is not the first time a steep month on month decline has been reported. In January 2018, home sales dropped when the mortgage stress test came into effect.
Read MoreWhether you are a first time home buyer looking for a mortgage or are looking to refinance/renew your current mortgages, here are some tips which can help you better understand the mortgage process and perhaps help you save money!
Read MoreRead more about the housing market on Vancouver Island and the effect the new mortgage stress tests have had on property prices. sales and inventory.
Read MoreBuying your dream home can be one of the biggest decisions of your life. However, what makes the experience even better is when you decide to build your dream home. Nothing quite defines you more than your home built your way. However, this does come with a lot of capital commitments and that’s where a construction mortgage can be a great option! So, let’s look into what a construction mortgage is, what do you need to consider for qualification reasons, and how your payment schedule could look like.
Read MoreRead about the latest news, predictions and stats regarding the BC Housing Market. Learn more about trends in the Resale Market, employment and interest rates!
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