Bank of Canada is the central bank of Canada
Stress test mortgage qualifying rate The office of the Superintendent of Financial Institutions Canada has introduced a new Stress test mortgage qualifying rate coming to effect on January 1, 2018. “Quote: (http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx) OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages. Guideline B-20 now requires the minimum qualifying rate for uninsured…
In the past couple of weeks since the Bank of Canada publicly increased the interest rate to 0.75% from 0.50%, we have been notified of by our numerous lenders that their mortgage rates are going up “despasito”, (slowly). The increase have affected immediately to those borrowers who had a variable rate mortgage, and then to…
Bank of Canada raises interest rate to 0.75% from 0.5% This increase is applied directly to the overnight key lending rate. This means that the Bank of Canada feels that our economy is strong. Strong economic trade and a bit higher inflation are expected throughout the country, so the Bank of Canada finds the need…
Higher home prices & higher interest rates What people looking to be homebuyers can expect from the current home market headlines in the mass media? Now that higher home prices & higher interest rates (slightly) than last year’s are becoming rout news, and while the Bank of Canada has kept interest rates with no changes (for now), some people…
The new rules affecting high ratio mortgages are effective from October 17th, 2016. The following are new mortgage rules for high ratio mortgages, (under 20% down payment = high ratio mortgage). From October 17th, 2016 onwards all borrowers (including those seeking a mortgage with a 5 year or longer fixed rate, insured mortgage with a variable rate, fixed…
Low-cost home ownership is financial assistance programs offered by the government to assist lower-income families with the purchase of a residential property to live in it. There are currently a number of programs with different alternatives and yet we experience an all time high home prices in Toronto. Programs like Home in Peel region affordable…
Bank of Canada lowering the Canadian overnight loans rates unexpectedly from 1.00% to .75% in response to the fall of the oil prices. Canada is the first of the group of 7 richest countries to adopt such a measure, and the following is Canadians should expect in regards to their mortgage: Lower mortgage rates. In fact, we…
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