Stalled home values, rising incomes and falling mortgage rates continue to deliver improvements in housing affordability in Canada, according to a report released Wednesday. And yet, National Bank of Canada estimates show the median household would need to double their annual earnings to qualify for a mortgage on a typical home across the country’s major…
Canadian homeowners continue to face risks from a looming shock in mortgage renewals, even as the Bank of Canada lowers its benchmark interest rate, a report released Monday warns. The Canada Mortgage and Housing Corp. (CMHC) said Monday that the mortgage delinquency rate — the proportion of Canadians who have missed payments on their mortgage…
Despite an oversized interest rate cut from the Bank of Canada last week, experts who spoke to Global News say Canadians shouldn’t be expecting much more discounting on fixed mortgage rates. In fact, movements south of the border — a solid United States economy and the looming presidential election — could have more of an…
This article is part of Global News’ Home School series, which provides Canadians the basics they need to know about the housing market that were not taught in school. The Bank of Canada’s oversized interest rate cut this week might have some Canadian homeowners locked into costly mortgages fantasizing about a more affordable rate. Shubha Dasgupta, CEO of…
Descrease article font size Increase article font size Easing home prices and drops in interest rates helped to reduce the income needed to buy a home in most major cities across Canada last month, a new Ratehub report shows. Comparator site Ratehub.ca said in a report released Wednesday that August saw declines in the minimum…
The U.S. Federal Reserve’s 50-basis-point interest rate cut on Wednesday is having ripple effects north of the border, with experts pointing to implications for both the Bank of Canada and Canadian mortgage holders. The Fed delivered an oversized step for its first interest rate cut in four years, a move that surprised many economists who…
Proposed changes to remove price caps and extend amortizations on insured mortgages will help renters break into the ownership market, Ottawa argues, but experts are raising flags about the impact on home prices. Proposals unveiled Monday, which one expert called “some of the most significant mortgage policy reforms that we have seen in many years,”…
Canadians are managing to keep up with their mortgage payments in the face of higher interest rates, but a new Statistics Canada analysis suggests there are cracks forming on other kinds of debt. The agency released a report Wednesday tracking how debt levels changed from pre-COVID-19, through the pandemic and into the ensuing economic rebound,…
Some Canadians looking to break into the housing market are now able to get 30-year mortgages, a bid from the Liberal government to make owning a home feel more affordable. Experts who spoke to Global News say that while some homebuyers are likely to see their borrowing power increase because of the new regime, the…
Canadians gearing up for a run at the fall housing market and existing homeowners with a mortgage renewal looming might see interest rates heading down in the weeks ahead thanks to recent market volatility, experts tell Global News. Stock markets around the world largely recovered Tuesday from a global selloff triggered by weak jobs data…
