Stress-Test-Free Transfers/Switches for Renewal or Mid-Term Transfers Until recently, switching to a new lender for a better rate—whether at renewal or during the term—required borrowers to requalify under the federal stress test. This meant qualifying at either 5.25% or the contract rate plus 2%, whichever was higher. With today’s elevated interest rates, this created a […]

Regulatory changes applicable from December 15, 2024 by OSFI aimed at benefiting First Time Home Buyers, and Home Owners with mortgages Maturing for Re-Negotiation. These updates reflect the federal government’s expanded eligibility criteria for for high-ratio insured mortgages allowing first time home buyers to purchase with less than 20% down payment, and are designed to […]

The Surge In Canadian Unemployment Keeps Another Jumbo Rate Cut In Play In December The BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.25%. The market had priced in nearly 90% odds of a 50 bp move, where consensus coalesced. The combined slower-than-expected GDP growth and a sharp rise […]

October Inflation Rose to 2.0% As Gasoline Price Declines Were More Muted The Consumer Price Index (CPI) rose 2.0% year-over-year in October, up from a 1.6% increase in September. Gasoline prices fell to a lesser extent in October (-4.0%) compared with September (-10.7%). The all-items CPI, excluding gasoline, rose 2.2% in October, the same growth […]