The past few months have been a roller coaster for mortgage rates. In early March, they were falling faster than we could keep up with. We would quote a rate, only to see a lower rate the next day…. then again the next. This made mortgage shopping a little more difficult. You would get [...]

Last week, the Canadian Mortgage and Housing Corporation (CMHC) announced that they will be adjusting some of their policies effective July 1st. The most notable change is the lowering of their maximum qualifying limit. When most people hear the name CMHC, they think of mortgage default insurance, which is what borrowers require if they are [...]

Unlike the past few interest rate announcements by the Bank of Canada, their announcement this morning was not as highly anticipated. Everyone pretty much knew the outcome, so no surprises here. As expected, the Bank of Canada maintained their overnight rate at 0.25%, which is what mortgage lenders use to set their prime rate. The [...]

The Canadian Mortgage and Housing Corporation (CMHC) recently hinted that they may be increasing the minimum down payment to purchase real estate from 5% to 10%. The reason for this would be to ensure that first time homebuyers have additional equity to protect themselves against potentially falling real estate values due to the pandemic.   [...]

These are definitely interesting times, and times that we will never forget. Despite having been on lockdown, and home sales being down tremendously, the ratio of buyers to sellers has remained healthy for the most part, which has kept home values relatively stable. As we begin our journey back to normalcy, more businesses are starting [...]

The Canadian economy continues to take the beating of a lifetime. Three million Canadians lost their jobs over the past two months, with millions more experiencing significant pay cuts. The economy is bad. Really bad. And it will likely get worse before it gets better. Cancellations of major public events continue with the cancellation of [...]

Whether you are a first-time homebuyer, or if you have been through the process multiple times before, buying a new home can be an exciting time! Regardless of your experience level, the first step in the process will be to reach out to a mortgage professional to get preapproved. This can be done through a [...]

Since the start of the pandemic, mortgage rates have been on a wild, fast and furious roller coaster. Back in early March, they were falling so fast they were hard to keep track of. I would quote a rate for a client, only for a lower rate to come out the next day, or even [...]

It’s no secret that our economy is taking a major beating right now. Everything is shut down. We’re limited to essential services only, and many of life’s luxuries are not currently available to us. Many events have been postponed or cancelled, and I would expect more cancellations to come. Even though the Canadian National Exhibition [...]

The last month as been one of the most interesting we’ve ever seen in the mortgage industry. We saw the Bank of Canada cut their overnight rate by a whopping 1.50% over three announcements, two of which were unscheduled. This brought their overnight rate down to 0.25%, which is the rate that the banks use [...]