Weekly Residential Market Update Market Commentary See attached below the latest updated change of space brochure and affordability chart for your clients and customers. Bank of Canada Raises Rates Cautiously As was widely expected, the Bank of Canada announced another quarter-point interest rate increase last Wednesday, saying that more hikes are ahead. According to Governor […]

Market Commentary CREA Stats Home sales ended 2017 with a rise in sales ahead of the mortgage stress test which came in at the start of the New Year. The Canadian Real Estate Association says that there was a 4.5% increase in nationwide home sales in December compared with November, marking their fifth consecutive monthly […]

 OSFI MORTGAGE CHANGES ARE COMING As many of you may remember, this past October the Office of the Superintendent of Financial Institutions (OSFI) issued a revision to Guideline B-20 . The changes will go into effect on January 1, 2018 but lenders are expecting to roll this rules out to their consumers between December 7th – 15th, and will […]

Market Commentary Climbing home sales suggest a soft landing. The October read on home sales and prices has returned words like “balance” and “soft landing” to the conversations of market watchers. The Canadian Real Estate Association reports home sales edged up 0.9% in October compared to September, for a third straight month of gains.  But […]

Update to the OSFI New Mortgage Rule Changes Effective January 1, 2018 The Qualifying Rate for all Conventional/ Uninsured Mortgages:   •The Highest contract rate + 2% Or •The Bank of Canada benchmark rate   For all High Ratio Applications, qualification will remains unchanged, the greater of the Contract Rate or Bank of Canada Benchmark Rate […]