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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 January 2017

CMHC raises its mortgage insurance premiums

Canada Mortgage and Housing Corporation (CMHC) will start charging higher premiums for their mortgage insurances this spring. The new rules take effect on March 17.

In Canada, if you want to buy a house and can’t provide a 20% down payment, you are obliged to pay for a mortgage insurance. However, it’s not homeowners who benefit from it. It’s the lenders. This insurance protects the lenders in case of a mortgage default.

The size of the premiums is based on the amount of your loan and the down payment you provide.

According to a mortgage comparison website RateHub.ca, in such expensive cities as Toronto with its average home price of $730,472, a borrower with only 10% down will have to borrow $682,425 in order to purchase a property in this market.

16 January 2017

CREA says home resales were up in December

According to the Canadian Real Estate Association (CREA), home sales were up by 2.2% last month from November, showing a higher pace after an activity decline, caused by stricter mortgage rules.

The report says actual sales (not seasonally adjusted) fell by 5.0% from a year ago, while real estate prices rose by 14.2% during the same period.

December results offset about half of November’s decline, when sales reported the largest monthly drop in more than 4 years, following the implementation of new mortgage rules.

As you know, Canada has taken several measures on cooling the hottest real estate markets. And although most of them actually showed a cool down, double-digit price growth in Toronto supported the activity at the national market.

CREA expect this year’s resale activity to be weaker than in 2016, as we have stricter mortgage rules now.

13 January 2017

Finance Minister doesn’t plan new measures on reducing mortgage risks

Today, Finance Minister Bill Morneau had a meeting in Toronto with the economists from a private sector, and he got certain ideas for the next federal budget.

One of the topics journalists asked him about after the meeting was if Canadian borrowers needed to prepare for new measures affecting the real estate market.

In 2016, the new government introduced several changes to mortgage rules in attempt to control the risks. However, according to Morneau, no new measures are expected in the nearest future.

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20 January 2017

December 2017 – Canadian inflation rate reaches 1.5% due to oil prices gains Last month, Canada’s annual inflation rate was up slightly, althoug...Read more >>

19 January 2017

Genworth follows CMHC in raising its mortgage insurance cost Genworth Canada, the biggest private mortgage insurer in the country, decided to follow ...Read more >>

18 January 2017

The Bank of Canada keeps its key lending rate unchanged The central bank decided to keep its key interest rate at 0.5% and provided a wide assessment...Read more >>
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