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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

16 January 2018

Many Canadians worry about their finances because of higher interest rates

The latest report by Ipsos shows that Canadians are feeling extremely worried about their debts. More and more borrowers are close to losing the ability to pay all their monthly bills, as they are influenced by higher interest rates.

About 2,000 people were surveyed online for MNP Debt Index. More than a third of them don’t have money left after paying bills at the end of a month and they can’t cover their payments.

Almost half of the respondents (48%) said they are now $200 or less away from being unable to meet their monthly financial obligations. Meanwhile, it was 40% just in September.

15 January 2018

National home sales rose 4.5% in December, prices are up 5.7% from last year

The Canadian Real Estate Association (CREA) decided to cut its forecast for home sales in 2018 by about 8,500 units and now expects a 5.3% decline to 486,600 sales this year. The main reason for such a change was the influence of the tighter mortgage stress tests.

According to CREA’s recent report, the national home sales went up by 4.5% last month from November and the average real estate price rose by 5.7% annually, exceeding $496,500.

The report says this increase may be caused by a wave of buyers who wanted to purchase a property before the new rules took effect.

12 January 2018

Big banks are raising posted mortgage rates

On Thursday, Royal Bank of Canada decided to raise its posted five-year fixed mortgage rate. TD follows the suit on Friday.

And while such news wouldn’t be so significant earlier, this time it’s a different story.

Today, most Canadians have to undergo the so-called stress-test in order to prove they can withstand much higher rates before they are approved for a mortgage. This change makes RBC's seemingly unimportant increase extremely significant.

As you know, the central bank’s posted five-year fixed rate is used for the majority of mortgage stress tests in Canada, and it hasn’t exceeded 5% in 4 years already.

The increase of RBC's and TD's posted five-year fixed rates by 0.15% may start a new era for the Canadian mortgage qualification rate.

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19 January 2018

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18 January 2018

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