Federal Budget Released – What You Need To Know
The Federal Budget was released this week and the early results are mixed. Due to a severe lack of sales activity, borrowers were hoping for some relief of the B-20 Guidelines and the stress test. The budget announced two changes that relate to mortgage financing....
BC Speculation Tax – What You Need To Know
2019 Brings New BC Speculation Tax The BC NDP Party campaigned on making housing affordable for local British Columbians. Finance Minister, Caroline James, outlined their 30-point plan to tackling housing affordability. This plan calls for new regulations and laws,...
Self-Employed Borrower’s Guidelines Loosened by CMHC
On July 19th, 2018, CMHC announced changes for self-employed borrowers qualifications. These changes will make it easier for self-employed Canadians to qualify for a mortgage. In the announcement, CMHC declared “Self-employed Canadians represent a significant...
Bank of Canada Interest Rate Decision – October 25th, 2017
Interest Rate Decision – No Change The Bank of Canada has made its interest rate decision – no change. Following two consecutive interest rate hikes, the overnight rate was held at 1%. Everyone was expecting a breather on interest rate increases as the...
OFSI Announces New Mortgage Qualification Rules
Current Mortgage Qualification Rules The Federal Government, via the Office of the Superintendent of Financial Institutions Canada (OFSI), has introduced it’s latest rounds of regulation to the mortgage qualification rules. Some of the terminologies can be a bit...