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Index Retreated 1% in October

In October the Teranet–National Bank National Composite House Price Index™ was down 1.0% from the previous month, a second consecutive monthly decline and the largest since September 2010. The retreat was due to a 2.8% drop of the index for the Toronto market, the country’s largest. Indexes were also down on the month for five other metropolitan areas of the Continue Reading

New Canadian Mortgage Stress Test Rules Announced for 2018

New Canadian mortgage rules could make qualifying for a mortgage more difficult. On October 17, 2017, the Office of the Superintendent of Financial Institutions (OSFI) announced new Canadian mortgage rules, to be put into effect on January 1, 2018. The new regulation requires a mortgage stress test, assessing whether borrowers can withstand higher interest rates. The changes being implemented are: There Continue Reading

BOC Interest Rate Staying at 1% For Now – Good News for Variable-Rate Mortgage Holders?

Variable-rate mortgage holders have a reprieve — the BOC interest rate is staying steady at 1%, despite rumours another increase was looming. The Bank of Canada announced October 25, 2017 that BOC interest rates would not be increasing further right now. Inflation has increased, but the BOC said it hasn’t gone up as much as predicted. A slowing housing market Continue Reading