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Market To Heat Up Before New Year

Ambivalent consumers appear to be taking the plunge into homeownership before OSFI’s rule changes take effect on January 1. By most accounts, homeownership will become less attainable for a sizeable portion of the consumer market by the beginning of next year, and it appears that many are less reticent about pulling the trigger on one […]

Unregulated Lenders Can Help/Benefit

Unregulated Lenders Can Help/Benefit

New rules meant to cut out risky lending by banks in Canada are pushing home purchasers into the arms of unregulated lenders, the head of the nation’s housing agency said on Friday, adding that steps could be taken to curb their growth. The Office of the Superintendent of Financial Institutions, Canada’s banking regulator, said this […]

As Of January 1/18, It Will Be Harder To Get A Mortgage

As Of January 1/18, It Will Be Harder To Get A Mortgage

Canada’s banking regulator has tweaked its new mortgage stress-testing rule, ensuring home buyers will not have an unintended incentive to sign up for shorter-term mortgages. The Office of the Superintendent of Financial Institutions published revised final guidelines Tuesday for its controversial stress-testing rule, which requires buyers making down payments of more than 20 per cent […]

New Proposed Rules Will Reduce Your Buying Power

New Proposed Rules Will Reduce Your Buying Power

A proposal by Canada’s banking regulator to expand “stress tests” for mortgage borrowers will reduce how much house Canadians can afford by 21 per cent, says a new report from mortgage comparison site Ratehub. Reducing affordability by that much is likely to lead to a 10- to 20-per-cent decline in house prices, said James Laird, […]