Mortgage News
With a shell-shocked COVID-19 Canadian economy as backdrop, CMHC moved to tighten lending standards for insured mortgages. New rules for CMHC-insured mortgages are intended to reduce the risk of increasing mortgage defaults in Canada, to contain likely fallout from the COVID-19 pandemic and to make mortgage qualification harder for insured mortgages.
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EI/CERB Updates
Stay at home orders have forced many Canadians to be temporarily out of work and collecting government benefits for the first time in their lives. This article is continuously updated with q+a about the Canadian Emergency Response Benefit (CERB) and EI to help Canadians apply for and receive their benefits.
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Financial Wellbeing
Running commentary and news updates on COVID-19's impact on banking, real estate, mortgages, government relief programs, personal credit, and other financial health matters of concern to Canadians.
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Published: • Surge of Active Buyers, Supply Shortage Making Toronto a Frothy Market Normally the real estate industry becomes really quiet in July and August, but this year in and around the GTA proved there are lots of buyers hungry to purchase a home, and at the same time there was a supply shortage. It...
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Text:Rising Interest Rates And Your Mortgage Background: Well-lit home in the evening
Published: • Since the summer of 2017 we have seen the Bank of Canada Prime interest rate increase five times – from a low of 2.7% to the current 3.95%. This means that most homeowners with variable rate mortgages saw their mortgage payment increase five times in eighteen months! At the same time, five-year fixed...
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mortage renewal 700450X THUMBNAIL
Canada's mortgage stress test and a new international accounting standard -- IFSR 9 -- are creating tremendous uncertainty for mortgage renewals, including for some borrowers, shockingly high interest rates.
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