Mortgage qualifying rate remains below five percent

It was the second time The Bank reduced the qualifying rate in the last three months, the most recent in May when the rate changed from 5.04 percent to 4.94 percent.

Mortgage qualifying rate remains below five percent

“Over the last few years, rule changes have made it harder for Canadians to qualify, so the recent reductions in the benchmark qualifying rate is welcome news for first-time home buyers hoping to enter the housing market,” says James Laird, co-founder of Ratehub.ca and president of CanWise Finan…

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Bank of Canada cuts benchmark mortgage rate to lowest level in three years

The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent.

Bank of Canada cuts benchmark mortgage rate to lowest level in three years

The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent.

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Bank Of Canada Pumping Billions Into Mortgage Liquidity To Prop Up Real Estate

Bank of Canada (BoC) has been injecting billions into Canada Mortgage Bonds (CMBs).

Bank Of Canada Pumping Billions Into Mortgage Liquidity To Prop Up Real Estate

Canada’s central bank is desperately trying to prop up real estate markets with liquidity. Bank of Canada (BoC) has been injecting billions into Canada Mortgage Bonds (CMBs). The central bank began purchasing a few million worth of bonds during last year’s real estate slow down. As the pandemic …

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Latest in Mortgage News: 4 in 10 Buyers Open to Purchasing a Home “Virtually”

Here are some of the other impacts COVID-19 has had on homebuying and selling decisions:

Latest in Mortgage News: 4 in 10 Buyers Open to Purchasing a Home “Virtually”

Four out of 10 Canadian homeowners said they were “open” or “somewhat open” to buying a home while only being able to view it through electronic means. A third (33%) said they would not purchase a home virtually.

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Latest in Mortgage News: 2.5 Years for Home Prices to Make New Highs, Says CMHC

The report reiterated the agency’s forecast that house prices could decline anywhere from 9-18%, adding that oil-producing regions could see declines up to 25%.

Latest in Mortgage News: 2.5 Years for Home Prices to Make New Highs, Says CMHC

“Following large declines in 2020, housing starts, sales and prices are expected to start to recover by mid-2021 as pandemic containment measures are lifted and economic conditions improve,” said the housing agency’s chief economist, Bob Dugan.

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Genworth and Canada Guaranty Won’t Adopt CMHC’s New Mortgage Rules

Similarly, Canada Guaranty said it “confirms that no changes to underwriting policy are contemplated as a result of recent industry announcements.”

Genworth and Canada Guaranty Won’t Adopt CMHC’s New Mortgage Rules

“We acknowledge the potential ‘pro-cyclical’ negative impacts on housing markets of CMHC’s decision to tighten underwriting,” CMHC CEO Evan Siddall wrote on Twitter in response to criticism. “However, the benefits of preventing over-borrowing far exceed these costs. Not acting also expos…

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Canada’s mortgage insurer tightens rules as it forecasts home-price drop of up to 18%

The move would make it harder for riskier borrowers, who offer down payments of less than 20 per cent, to access CMHC’s default mortgage insurance.

Canada’s mortgage insurer tightens rules as it forecasts home-price drop of up to 18%

'COVID-19 has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians'

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