Posts from the ‘Mortgage Rule Changes’ Category

  • The New Canadian Mortgage Landscape

    Monday Morning Interest Rate Update for December 5, 2016

    The latest round of mortgage rule changes kicked in last week and lenders wasted no time in adjusting their product offerings, in some cases by adding new rate premiums and in others by pulling products altogether. Today’s post answers five key questions relating to these questions.

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  • What Canada’s Fifth Round of Mortgage Rule Changes Mean For You – Part Four

    Monday Morning Interest Rate Update for October 19, 2016

    In Part Four, I propose three tweaks that I think our policy makers should make to these latest rounds of mortgage rule changes. Not that they asked mind you – I haven’t found any industry insiders who were consulted before these changes were announced, but here’s hoping they’re open to suggestions and that they read my posts!

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  • What Canada’s Fifth Round of Mortgage Rule Changes Mean For You – Part Three

    Monday Morning Interest Rate Update for October 17, 2016

    In today’s post, Part Three, I’ll explain why I support the view that more changes were necessary and I’ll offer my take on the longer-term impacts that these specific changes will have on our borrowers, lenders, and housing markets. Then I’ll close by offering my opinion on whether our policy makers got these changes right.

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  • What Canada’s Fifth Round of Mortgage Rule Changes Mean For You – Part Two

    Monday Morning Interest Rate Update for October 11, 2016

    If the first mortgage rule change raised the qualifying bar for mortgage insurance, the second wave of rule changes completely eliminates mortgage insurance for certain categories of borrowers. To be clear, these changes don’t mean that affected borrowers won’t still have access to mortgages, but they do mean that these borrowers will have fewer options than before and should expect to pay rates that are higher than the lowest available.

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  • Yesterday our federal Finance Minister Bill Morneau announced a series of changes to the rules used to underwrite insured mortgages. There is a lot to unpack so I’ll do it in three installments: Part One will focus on the change that will take place on October 17, Part Two will cover the changes that will take place on November 30, and Part Three will offer my take on the longer-term impacts that these changes will have on Canadian borrowers and our housing markets across Canada.

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  • All About CMHC’s Mortgage-Insurance Premium Changes

    Monday Morning Interest Rate Update for March 3, 2014

    Last Friday Canada Mortgage and Housing Corporation (CMHC) announced that it will increase its mortgage-default insurance premiums, effective May 1, 2014. Current premiums will remain in effect on all mortgage applications that are submitted before this date, even in cases where the transaction closes well after the changeover deadline. Bluntly put, the impact on the […]

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  • The Mortgage Qualifying Rate (MQR)

    Last Updated on November 9th, 2017

    Borrowers are often surprised to learn that qualifying for a variable-rate mortgage is harder than qualifying for a fixed-rate mortgage, even though the variable rate is lower. To find out why, check out today’s post.

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