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Mortgage Industry News and Strategy

02 Feb

Up to 80% of variable-rate borrowers have hit their trigger rate: National Bank

Nearly 8 in 10 fixed-payment variable-rate borrowers have hit their trigger rate, according to data from National Bank of Canada. The finding was released in a report last week written ...

01 Feb

Toronto’s Vacant Home Tax takes effect

Homeowners with vacant properties in Toronto take heed: the city’s new Vacant Home Tax takes effect this week. These homeowners are required to declare their property’s occupancy status by Thursday ...

30 Jan

Reverse mortgages are booming amid Canada’s turbulent rate environment

High rates haven’t stopped Canadians from tapping their home equity by way of reverse mortgages. HomeEquity Bank, the country’s largest reverse mortgage provider through its CHIP product, says demand was ...

25 Jan

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also ...

25 Jan

Bank of Canada hikes key interest rate by quarter point, says it plans to hold

OTTAWA, ON – The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate ...

25 Jan

The latest in mortgage news: Arrears rate rises from its all-time low

Canada’s national arrears rate ticked up from its all-time low in October, according to data from the Canadian Bankers Association. The arrears rate, which tracks mortgages that are behind payments ...

20 Jan

How brokers can excel in a challenging market, and other lessons from the FSRA conference

  Mortgage professionals may be feeling angst these days with origination volumes well down from last year’s highs. But it’s in times like these that the value prospect of a ...

16 Jan

Brokers question timing of OSFI’s proposed rule changes

Some in the industry are openly questioning the timing behind OSFI’s proposed underwriting changes. Several mortgage brokers contacted by CMT suggest the banking regulator is late to the party with ...

12 Jan

OSFI proposes new mortgage restrictions

Canada’s banking regulator has unveiled three new regulatory proposals that could further restrict mortgage lending pending a newly-launched consultation period. The Office of the Superintendent of Financial Institutions (OSFI) announced ...

11 Jan

Bank CEOs weigh in on “vulnerable” mortgage clients

Canada’s Big-Bank CEOs weighed in this week on the current state of their mortgage clients, including those they consider “vulnerable” in the event of a recession. None were quite as ...

2022 – Year in review
01 Jan

2022 – Year in review

As we turn the page on yet another tumultuous year headlined by rising interest rates and falling home prices, we wanted to take a look back at some of the ...

The latest in mortgage news: Government unveils details of its foreign buyer ban
23 Dec

The latest in mortgage news: Government unveils details of its foreign buyer ban

The government unveiled details of its foreign buyer ban on residential properties earlier this week, just days before the rules are set to take effect. Starting January 1, 2023, non-Canadians ...

15 Dec

OSFI leaves mortgage stress test unchanged

Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged. In its annual review of the minimum qualifying rate (MQR) used by federally regulated ...

14 Dec

OSFI unlikely to tweak the mortgage stress test tomorrow

Canada’s banking regulator is set to announce the results of its annual review of the mortgage stress test’s minimum qualifying rate on Thursday morning. But despite some homebuyers now facing ...

The Latest in Mortgage News: Bank of Canada “still prepared to be forceful”
09 Dec

The Latest in Mortgage News: Bank of Canada “still prepared to be forceful”

The Bank of Canada has indicated its future rate decisions will be driven by economic data, but that it is “still prepared to be forceful” should the need arise. Deputy ...

National Bank to bring back its mortgage portability feature this week
08 Dec

National Bank to bring back its mortgage portability feature this week

National Bank of Canada made headlines last week after it was revealed it had quietly removed borrowers’ ability to “port” their existing mortgage to a new home. In an exclusive ...

CIBC mortgage amortizations soar given its heavy weighting of variable-rate mortgages
02 Dec

CIBC mortgage amortizations soar given its heavy weighting of variable-rate mortgages

With a third of its mortgage portfolio having variable rates, CIBC saw its amortizations soar as of the fourth quarter. Over a quarter (26%) of CIBC’s residential mortgage portfolio now ...

RBC makes a $13.5-billion bid for HSBC Canada
30 Nov

RBC makes a $13.5-billion bid for HSBC Canada

Canada’s largest bank is planning to become even bigger with a $13.5-billion offer to purchase the Canadian banking arm of HSBC. The acquisition would see RBC, with 1,200 branches and ...

The Latest in Mortgage News: Recent hikes are “painful” for variable-rate mortgage borrowers, says BoC
23 Nov

The Latest in Mortgage News: Recent hikes are “painful” for variable-rate mortgage borrowers, says BoC

Homebuyers with a variable mortgage rate are facing a “painful” adjustment as interest rates continue to rise, the Bank of Canada’s Senior Deputy Governor Carolyn Rogers said this week. She ...

01 Nov

Over half of mortgage borrowers concerned about renewals

  A new survey has found that 53% of Canadian mortgage borrowers are concerned about the prospect of higher monthly payments at renewal time. However, most respondents (52%) also said ...

“I would just like to personally thank you in regards to our latest mortgage renewal, you made the entire process ...

Mike Johnson CEO, High Rise Construction

“Excellent ‘service’ and attention to detail. You walked us through everything so there were no surprises at all. Highly recommended ...

Raj Nathinjsan VP, Green Valley Intenationl

Peter and staff literally got me a better rate, faster and considered me their family. Highly recommended for anything mortgage ...

Ray Louiston Head of Supply Chain, Pharma Company