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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

18 February 2020

BREAKING NEWS! Mortgage stress test change is coming!

Today, Minister of Finance, Bill Morneau, stated there will be changes to the benchmark rate used for mortgage stress test. The new rules will be effective starting April 6, 2020. The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications plus 2%.

Moreover, OSFI noted it’s considering introducing the same benchmark rate for uninsured mortgages, which will align minimum qualification limits for the insured and uninsured mortgages.

As you know, Mortgage Professionals Canada has been calling for untying the stress test rate from the central bank’s 5 year fixed rate since its implementation in 2016.

14 February 2020

Immigration remains one of Canada’s real estate market drivers

According to DLC chief economist Sherry Cooper, the pace of immigration to Canada (the fastest among the G7 countries) is causing a significant housing activity.

Cooper says the housing demand also transforms into a stronger need for construction workers and electricians – industries that face a growing number of immigrants.

Statistics Canada says almost half of all newcomers in the year ending September 30, 2019 came to Ontario. It’s about 209,200 immigrants. Meanwhile, 89,400 chose Quebec and 65,000 went to British Columbia.

“The Bank of Canada points to it suggesting that the economy will keep growing in 2020 and 2021. Of course, it’s good news for the real estate markets in these provinces,” - Cooper noted.

13 February 2020

CIBC senior economist believes the GTA housing market is more stable now than in 2016

During the 2020 Outlook on the Housing Market, a CIBC senior economist and executive director Royce Mendes gave a speech concerning the possible future of Toronto housing. The event, organized by Sotheby’s International Realty Canada agents Paul Maranger and Christian Vermast, paid particular attention to the current state of Toronto’s real estate market and compared it to the excessive activity of 2016-17.

“Although there has been talk about Toronto market moving towards a bubble, it’s an unlikely scenario”, - Mendes noted. “Today’s market is much more sustainable than in 2016, that’s why it’s in less danger of a boom and bust cycle.”

Mendes was asked why he was so sure about his assessment in spite of Toronto housing prices going up for months after about a year of minimal growth. He pointed to a decline in speculative buying which has led to introduction of the mortgage stress test and tax on foreign buyers earlier.

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31 March 2020

Canadian mortgage rates are going up in spite of the BoC’s recent reductions Mortgage rates are growing even despite the recent rate cuts from the ce...Read more >>

30 March 2020

Banks and mortgage lenders cut prime lending rates yet again Canadian biggest banks and mortgage lenders cut their prime rate to 2.45% from 2.95% in ...Read more >>

27 March 2020

Bank of Canada cuts its key lending rate once again On Friday morning, the Bank of Canada made one more unscheduled cut to its overnight rate by half...Read more >>
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2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
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