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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


17 October 2017

OSFI introduces a stress test for all mortgage borrowers

The Office of the Superintendent of Financial Institutions (OSFI) released its final variant of new mortgage rules, taking effect on January 1. They include a stress test even for uninsured borrowers, designed to make sure they can withstand an interest rates increase.

Earlier, this summer, OSFI published the draft version of the new rules, and now it’s official.

One of the most significant changes is implementing a stress test for uninsured mortgage borrowers. As you now, before this moment only insured borrowers had to face it.

According to law, those who can’t provide a 20% down payment, have to obtain a mortgage insurance. Although they pay for it, the insurance actually protects lenders in a case of a mortgage default.

16 October 2017

The average home price in Canada gains 3% in a year

According to the Canadian Real Estate Association (CREA), the average cost of a Canadian home went up by 3% in September from a year ago, although housing sales fell by 11% during the same period.

CREA says the slowing of prices growth is the result of cooling tendencies in Ontario's Greater Golden Horseshoe area.

While last year double-digit annual gains were normal in this region, in 2017, the prices growth became slower and then entered the negative area, followed by a rebound.

"It looks like the national sales are stabilizing," - CREA president Andrew Peck noted. "Although it’s a good sign, we can’t say whether it’s a start of a long-term tendency."

While home sales fell by 11% from a year ago, last year’s September reached record high level in the history.

13 October 2017

The national home price index went down in September pushed by Toronto

Las month’s home prices decline in Toronto has led to a drop in the Teranet–National Bank national composite house price index, which reported the first monthly decrease since January 2016.

The index, including 11 Canadian cities, went down by 0.8% from August, marking the strongest monthly drop since September 2010.

The index was mostly pushed down by Toronto’s index showing a 2.7% decline from the previous month.

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17 November 2017

Mortgage borrowers may face an unpleasant surprise when renewing their loans After the previous two rate increases by the central bank in 2017, ratin...Read more >>

16 November 2017

Canadians still prefer paying in cash The recent study by the central bank shows that even in spite of the increase in alternative methods, e.g. debi...Read more >>

15 November 2017

Prices for Canadian real estate continued to rise in October. Vancouver is the leader in price growth Last month, housing sales in Canada rose by mod...Read more >>
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