The Bank of Canada announced this week it will begin purchasing 10-year Canada Mortgage Bonds (CMBs), a move seen as paving the way for mortgage lenders to more easily offer lower-cost 10-year fixed mortgage rates to consumers.
Four months after its official launch, CMHC’s First-Time Home Buyer Incentive had funded just 4% of its three-year goal, according to new data provided by the agency.
The directive from Prime Minister Justin Trudeau to Finance Minister Bill Morneau on Friday was short and sweet: “Review and consider recommendations from financial agencies related to making the borrower stress test more dynamic.” What will actually come from this review and the resulting tweaks (if any) to the mortgage stress test is unclear. BACKGROUNDER: There are two mortgage stress tests, one on insured mortgages (less than 20% down payment) and another on uninsured mortgages. The latter, implemented on January […]
In a press conference following yesterday’s interest rate announcement, Bank of Canada Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins discussed the reasoning behind the rate decision as well as the updated monetary policy report, as well as the effect that a so-called “insurance cut” would have.
The Canadian labour market is strong and wage growth is encouraging, but still, the Bank of Canada can’t seem to shake the feeling that something bad is going to happen.
The post Canadian interest rates will likely sink lower in 2020 appeared first on Livabl .
Representatives of five housing related associations and five political parties will be meeting Sunday for the National Housing Debate.
As Canadians enjoyed the Labour Day holiday, a new government scheme was officially launched that aims to help more people get on the housing ladder.
The Bank of Canada is preparing for its next interest rate announcement, but will it follow many of its global peers and make a cut?
Earlier this week, the federal government announced the launch of a new program which will help even more Canadians enjoy affordable home ownership – specifically, by assisting providers of shared equity mortgages.
Canadian mortgage borrowers have been waiting years for this moment.
This week the Bank of Canada’s qualifying rate declined, something that hasn’t happened since 2016.
The rate fell to 5.19 percent from 5.34 percent the previous week.
The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018.
Canada’s mortgage market grew by its slowest pace in more than 25 years in 2018, according to new data released by the Canada Mortgage and Housing Corporation.
When the leaves start to turn and the mercury begins to drop, mortgage rates might be lower, too, one economist predicts.
Criticism is piling up for the federal government’s First-Time Home Buyer Incentive, set to kick off this September.
The post Is Canada’s First-Time Home Buyer incentive a ‘bridge to nowhere’? appeared first on Livabl .
The moderation of Canada’s housing market means reduced revenue for the Canada Mortgage and Housing Corporation.
According to a Mortgage Professionals Canada study, there was an 8% decline in new home construction investment through the first quarter of 2019 when compared to the average between 2015 and 2017.
The challenges for Canada’s homebuyers will be the focus when mortgage professionals meet with officials in Ottawa this week.
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