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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





News
16 August 2018

More and more borrowers forced to renew with the same lender

The latest report by a Canada Mortgage and Housing Corporation (CMHC) shows that the number of mortgage renewals in Toronto with borrowers changing their lenders was down sharply last year compared to 2016.

Tania Bourassa-Ochoa, a senior economic researcher with CMHC, believes a 25.7% drop may be caused by the B-20 rule changes introduced in 2016.

“Mortgage rules changes in 2016 could partially explain this decrease”, - noted Bourassa-Ochoa. “Borrowers had to undergo a new mortgage stress test, but we can’t confirm this theory, as we aren’t able to observe the number of renewals with the same lenders”.

“In case you look at the major markets, you’ll see that the biggest drops of renewals with different lenders were reported in the two most expensive markets in Toronto and Vancouver.

 
15 August 2018

Average home price in July showed a 1% annual increase

The recent report by the Canadian Real Estate Association (CREA) shows that July was the first month in 2018 supporting the annual prices growth, as the influence of stricter mortgage rules introduced this year has started to fade out.

"The new stress test for mortgage applicants keeps affecting real estate sales, although its influence is already not so strong in Toronto and nearby markets," - noted said Barb Sukkau, CREA’s president. "The degree of impact on possible buyers depends on the type of real estate, its location and price limits”.

Following years of annual hikes, often reaching the double digits, Canadian home prices have cooled significantly during the previous months, especially after the introduction of the new mortgage stress test requiring higher incomes from potential borrowers. As a result, they had to cut their loans or even leave the market.

Last month, home prices were up slightly, but sales were down by 1.3% annually. At the same time, after a weak start of the year, we see three months of sales increases in a row.

 
14 August 2018

Variable or Fixed? What to chose today If your mortgage is up for renewal this year?

According to CIBC, almost half of all current mortgages will need a renewal this year in Canada. More tension to this issue is coming from a new stress test applied to both insured and uninsured mortgages. Now, borrowers have to prove they can manage their payments by qualifying under the greater of the Bank of Canada’s five-year benchmark rate (today it’s 5.34%) or their contractual mortgage rate plus 2%.

In case you renew with your existing bank, you don’t have to undergo this test, which could be good news for those who exceeded their budget when the rates were lower. However, if the bank knows you won’t opt for other variants, it will have no reasons to offer you a really good deal.

You may consider choosing the cheapest of either a five-year variable rate or a short-term fixed rate of 1-2 years.

Such options are based on the research by York University finance professor Moshe Milevsky, whose 2001 study on mortgage rates showed that Canadian borrowers would have benefitted more from a variable rate almost 9 times out of 10.

 
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News

16 August 2018

More and more borrowers forced to renew with the same lender The latest report by a Canada Mortgage and Housing Corporation (CMHC) shows that the num...Read more >>

15 August 2018

Average home price in July showed a 1% annual increase The recent report by the Canadian Real Estate Association (CREA) shows that July was the first...Read more >>

14 August 2018

Variable or Fixed? What to chose today If your mortgage is up for renewal this year? According to CIBC, almost half of all current mortgages will nee...Read more >>
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