Back in the fall of 2018, there were strong predictions that the Bank of Canada would be increasing their overnight rate* at least two times in 2019. There was a solid chance of the initial increase coming with the scheduled rate announcement on January 9th, however, this did not occur. A lot can change in a few [...]
5 year fixed mortgage rates have now risen by approximately 1.5% since late 2016. Rising rates mean higher payments, and higher payments mean that you will qualify for a lower mortgage amount. On top of higher rates, everyone now has to pass a ‘stress test’, which lowers your qualified amount further. The ‘stress test' means that [...]
Last week, the Bank of Canada increased their overnight rate by 1/4 percent which represented the first increase in almost 7 years. Usually what happens when an adjustment to the overnight rate is made, the big banks will then match the movement. The last two times the overnight rate decreased however, they did not match [...]
Thinking of applying for a Toronto mortgage in the near future? Thanks to new changes from the Office of the Superintendent of Financial Institutions, stricter rules for getting a mortgage look to be on the agenda. As of November 1, 2016, those looking to buy a home will face stricter regulations as the OSFI implements changes [...]
