Are We Still in a Falling Mortgage Rate Environment?
It’s been a wild ride for mortgage rates this year. The 30-year fixed began 2024 at around 6.625% and is currently not far from those levels. Despite that, rates were as low as 6% and as high as 7.50%. So there has been quite a range over the past 50 weeks or so. Rates rallied […]
OSFI holds domestic stability buffer at 3.5%, cites stable but lingering risks
The Office of the Superintendent of Financial Institutions (OSFI) left the Domestic Stability Buffer (DSB) at its current rate of 3.5%, which has been in effect since November 1, 2023. OSFI says the decision reflects confidence in the strength of Canada’s largest banks while acknowledging the lingering economic and financial risks. “…risks facing Canada’s financial […]
How to handle unverifiable income when applying for a mortgage
Sdi Productions | E+ | Getty Images A number of factors can get your mortgage application denied. So-called “unverifiable income” is one of them. Mortgage lenders want to know if you’re financially capable of paying back the loan. One way they’ll do that is by requesting documents like your federal income tax returns, W-2 and […]
December 11, 2024 Bank of Canada Rate Announcement
On December 11, 2024, the Bank of Canada cut its key interest rate again by 0.5%, making it 3.25%. This change reduces the prime lending rate to 5.45% and affects variable rates and variable-rate mortgages only. Fixed-rate mortgages remain unaffected. This marks the fifth consecutive rate cut since June, driven by a 1% growth in […]
Housing initiatives take centre stage in Fall Economic Statement amid political turmoil
Despite the political shakeup, the fiscal update went ahead, revealing a projected deficit of $61.9 billion for the current fiscal year—54% higher than the $40.1 billion deficit previously forecast by the government. While many of the announcements were focused on fiscal pressures, housing policies took a prominent role in today’s statement. While much of the […]