The chief of Canada's Banking Regulator rejected the renewed call to eliminate the stress test for uninsured switch mortgages. Peter Routledge of the Office of the Superintendent of Financial Institutions, (OSFI), said in testimony to a parliamentary finance committee that the regulator does not plan on changing the stress test...
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Survey: Younger home owners more likely to experience financial stress
Six in ten Canadians who have a mortgage experience financial stress, and younger home owners are more susceptible to this. According to a recent Leger study, 68% respondents aged 18-34 with mortgages are either very stressed or slightly worried about the financial burden of their mortgages. This compares with only...
Canadians are leaving money on their table when they do not negotiate the renewal rate of their mortgage
More Canadians face higher prices Change your grocery habits, Hunting for bargains You can also find out more about the following: Switching to cheaper brands Many people are still wasting money when they make their largest purchase. A recent survey Mortgage Professionals Canada conducted a survey that found homeowners haggling...
Report
: New housing starts means $100,000 per house needed to fund infrastructure You can also contact us by clicking here. Sammy Hudes A new report by the Canadian Urban Institute states that both public and private sector will have to increase spending on municipal infrastructure if Canada is to achieve...
Exclusive: MPC Survey: 76% mortgage holders anxious about renewal
Mortgage Professionals Canada's latest survey shows that mortgage owners and non-owners are both experiencing increasing financial anxiety. According to the Association's survey, 76% of mortgage holders who will be renewing their loans in the next 12 months are worried about the renewal process. This is a 10% increase over last...
Homebuyers are avoiding the spring housing market
. The spring Canadian housing market, which is usually very busy, stalled because homebuyers chose to remain on the fence until the Bank of Canada confirmed its first interest rate reduction. According to preliminary data, home sales in May were lower than expected on an annual basis in Toronto (+12.7%),...
Mortgages with fixed rates are on the decline. Fixed mortgages are falling. Experts weigh in and explain the reasons
. The recent drop in rates has benefited both existing home owners and those who are looking to buy a new house. Bond yields have also fallen following the Bank of Canada's interest rate reduction last week, which reduced rates for current variable-rate mortgage holders. This has led to a...
Commercial real estate trends shifting toward purpose-built rentals: Re/Max report
An analysis of 12 of the largest Canadian commercial real estate markets shows developers have shifted their focus toward purpose-built rental construction, some at the expense of new residential condominiums and commercial buildings. Re/Max Canada’s 2024 Commercial Real Estate Report, which examined the dozen markets during the first quarter of...
The average Canadian rent reaches a record high of $2.202
Rents in Canada have risen 32% since their lows during the pandemic. According to the most recent monthly report by Rentometer, the average rent for May was $2202. This is up $200 over the previous month, and 9.3% over a year earlier. Rentals.ca. Since April 2021, rent prices have risen...
How the Bank of Canada’s rate reduction affects mortgages, consumer lending and investment
You can also contact us by clicking here. Ian Bickis Bank of Canada lowered their key interest rate for the first time in over four years by one quarter of a point. What it might mean to your financial situation. Prime rates and consumers: What do they mean? Bank of...