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.
Category: Stress Test
Stressed out about Canada’s mortgage stress test? Mortgage-comparison website RateSpy recently rounded up four “loopholes” for homebuyers trying to qualify under the tougher rules.
Canadian homebuyers are finally getting used to the mortgage stress test, and that’s good news for the market’s future
The mortgage stress test that policymakers introduced in January 2018 has undeniably cooled the Canadian housing market — but homebuyers are adjusting to stricter standards, one expert suggests.
With Canada’s hottest housing markets cooler and the rock-bottom interest rates that fueled a household debt binge a thing of the past, some may wonder if the federal government’s mortgage stress testing is still needed.
Young Canadians are facing difficult financial decisions with the cost of living increasing and the cost of becoming a first-time homebuyers unaffordable for many.
Mortgage stress test vs. high interest rates: which has impacted the Canadian housing market more?
A quarter of Canadians are in subprime or near-prime credit categories, which is adding to their fears of checking their credit score.
While 96% say they believe a good credit score is important, just 41% know theirs according to a Leger poll for Refresh Financial, a FinTech which helps Canadians with their credit history.
In its latest report of its results, the Canadian Imperial Bank of Commerce announced that new mortgage sales volume weakened by over 40% in the
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