Existing home sales dropped 1.3% in June from the month before and were down 4.4% from the year before, suggesting that Canada’s housing market was already cooling before Ottawa tightened mortgage rules. The national average home price in June was $369,339, down 0.8% from the same month last year, Canadian Real Estate Association reported Monday. […]

Effective yesterday, mortgage shoppers with less than 20% equity are subject to thenew mortgage rules announced recently by the government. These regulations will cut buying power and refinance ability for a minority of Canadians. If these changes shut you out of the market, and if renting is not appealing, you don’t have a ton of options. One […]

Canada’s federal finance minister is urging his provincial counterparts to heed the lessons of Europe and keep tightening their budgets as he seeks to keep Canada’s debt-to-GDP ratio the lowest in the Group of Seven rich nations. In remarks summarizing a conference call he held with the provincial ministers on Wednesday, Finance Minister Jim Flaherty […]

We all try to keep on top of things when it comes to our finances, but sometimes sudden changes can throw us for a loop. Changes to rules for insured mortgages that were announced late last week fall into that category. They could have a big impact on your mortgage payments and the total amount […]

OTTAWA – Finance Minister Jim Flaherty is tightening mortgage rules to make it harder for people to buy or borrow on their homes. Flaherty says changes to CMHC rules will cut the maximum amortization period for mortgages to 25 years from the current 30 years. The changes will also limit refinancing loans to 80 per […]

OTTAWA—Bank of Canada Governor Mark Carney is playing down the need to boost borrowing costs at home as the world waits to see if European leaders can halt the mounting financial chaos on the continent. In a significant shift, the central bank kept its trend-setting interest rate steady at 1 per cent Tuesday but eased […]

Highlights of CAAMP report: – 23% of mortgage borrowers voluntarily increased their regular payments– 19% made lump sum payments– 10% made both lump sum payments and increased their regular payments– 50% of borrowers pay at least $100 per month above their required payments– 74% of borrowers who renewed in the last year saw their rate […]

A new report is backing up broker concerns OSFI is about to fix what ain’t broke – this new research identifying already-reduced amortizations, low arrears and high levels of homeowner equity. “Mortgage borrowers are making significant efforts to accelerate repayment, such as voluntarily increasing their regular payments (23 per cent) and making lump sum payments […]

Canada’s mortgage brokers are warning the banking regulator that its proposed mortgage underwriting rules could result in people losing their homes. The brokers are concerned about a number of the potential rules, but the one that worries them most outlines what banks would have to do when a consumer wants to renew or refinance their […]

National Post/Brent Foster Canada Mortgage and Housing Corp. has been in the crosshairs of the federal government for a while now. Late last month, Ottawa pulled the trigger, announcing the agency would come under tougher scrutiny. OTTAWA — It’s not often a Crown corporation bangs its drum loudly, appears to question market sentiment and misrepresents […]