The Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages, and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus 2% or 5.25% as a minimum floor. Additionally, OSFI […]

Sales 15,652 Average Price $1,097,565 New Listings 22,709

‘Employment increased by 259,000 (+1.4%) in February, after falling by 266,000 over the previous two months’ – Statistics Canada

‘The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.’ – Bank Of Canada

Sales 10,970 Average Price $1,045,488 New Listings 15,137

If you qualify as a first time home buyer or experience the breakdown of a marriage or common-law partnership the government will loan you between 5% to 10% to put toward your down payment.  

This is traditionally our benchmark for fixed interest rates – looks to be on the rise or just a short term variance?    

Sales 6,928 Average Price $967,885 New Listings 9,430

Depending on the lender you can pay 15% to 20% as a privilege payment each year which goes fully to principal/equity which means you can save on interest costs and pay off your mortgage faster.  Let’s look at an example: Say you took out a mortgage for $300,000 with 30 years to pay it off. […]

‘The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.’ – Bank of Canada