Even with low credit, you can still buy a house in Canada, the housing market is expected to rebound in 2024.To build a strong mortgage application, focus on improving your credit score; understanding how credit score is calculated is key.Read more
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The GTA housing market saw stability in May with 7,013 transactions, a 21.7% drop from last year. OREA CEO calls for rate cuts due to unaffordability affecting transaction volume. Average home price decreased to $1,165,691. New listings increased by 21.1%, leading to a buyer's market. Interest rate cuts may attract more buyers but could alsoRead more
Interest rate cuts are expected by summer 2024, but won't significantly impact most fixed mortgages. 70% of Canadians have fixed mortgages secured at historically low rates, ~ 1.39%.Read more
The Bank of Canada's governing council is split on when to start lowering interest rates. While some members advocate waiting given robust economic performance and lingering inflation risks, others push for swifter action.Read more
An argument is being made for the Bank of Canada to reduce interest rates. Canada's economic situation and controlled inflation are reasons given in favor of a rate cut.Read more
Fitch Ratings stated that Canada's mortgage market remains resilient despite challenges from inflation and high interest rates, leading to increased mortgage payments for half of homeowners. Factors like employment stability, wage growth, and personal savings play a crucial role in managing mortgage debt. The majority of mortgage borrowers in Canada have maintained satisfactory payment records,Read more
Homebuyers' increasing reliance on private mortgage lenders is a concern in the review of Ontario's Mortgage Brokerages, Lenders, and Administrators Act. The government is seeking public input on potential regulations or amendments. The discussion paper addresses consumer protection, professional conduct, new technologies, and oversight measures for mortgage administrators. Feedback is accepted until June 24. ContinueRead more
Canadian banks are set to report second-quarter results following a stable economic period. The quarter showed improvement compared to the previous year, with positive economic data and low mortgage delinquencies. Analysts are concerned about credit quality and the impact of upcoming mortgage renewals. The Bank of Canada noted potential payment increases for some borrowers butRead more
Canada's banking regulator, OSFI, is imposing a cap on residential mortgages for highly indebted borrowers in anticipation of BOC rate cuts.Effective in Q1 2025, the new rule limits the number of mortgages a bank can issue exceeding 4.5X a borrower’s annual income.Read more
Canada's banking regulator has introduced a cap on mortgages for highly indebted borrowers. The new rule is intended to prevent Canadians from accumulating too much debt.Read more
