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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

11 October 2018

OSFI aims at equity depending mortgages

The Office of the Superintendent of Financial Institutions (OSFI) plans to take more measures on mortgage approvals by Canadian banks which still rely mostly on the amount of equity in a property, and not on the real possibility to pay off the loan.

The decision was mentioned in OSFI’s report on the effectiveness of new underwriting rules it introduced last year. The rules included a new stress test for uninsured mortgages, when a borrower provides at least a 20% down payment.

According to OSFI, the changes were necessary after the possible trouble spots were determined, caused by high debt levels and imbalances in certain housing markets, which could be a threat for banks.

The quality of new mortgages has improved since the new B-20 guidelines came into effect, OSFI says. It includes higher average credit scores and lower average loan-to-value at mortgage origination.

But, according to OSFI, while the new rules show the necessary effect of keeping Canada’s financial system strong, there is still work to do in this area.

10 October 2018

What to expect from home prices at the end of 2018?

Recently, Canadian real estate prices have been growing slowly, and many industry specialists discuss what to expect from the market in the fourth quarter of 2018 amid the current warming conditions.

Although it looks like the market have adjusted mostly to the new mortgage stress test introduced in January, growing interest rates may restrain home prices in the nearest future.

Next week, two major home price indexes will be released: from Statistics Canada and from the Teranet-National Bank. One economist believes we’ll see the same relatively weak price growth.

9 October 2018

Canada created 63,000 new jobs in September

The recent report by Statistics Canada shows growth in the number of new jobs last month and a decline in unemployment.

In September, there were 63,000 jobs added, mostly driven by a part-time sector. As a result, the year-over-year increase reached 222,000 or 1.2%. The annual gain was mostly pushed by a 224,000 increase in full-time jobs.

Last month, full time employment fell by 17,000, but it was successfully offset by an 80,000 increase in part-time positions. When it comes to hourly earnings, the numbers rose by 2.4% annually, following August’s 2.9% gain.

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15 November 2018

More than half of Canadian first-time buyers plan to make a purchase during the next two years This year, Canadian first-time home buyers have been f...Read more >>

12 November 2018

New rules will make it more difficult to get a second mortgage if you already have a HELOC If you have a home-equity line of credit (HELOC) and you w...Read more >>

9 November 2018

CMHC market forecast for Great Toronto and Vancouver real estate According to the Canada Mortgage and Housing Corporation (CMHC), the GTA market will...Read more >>
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