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AuthorSteve Garganis

Posted 1 Comment on Are Canadians Ready For A Tougher Stress Test? Mortgage News

Are Canadians Ready For A Tougher Stress Test?

Securing a mortgage just got a little more difficult. As you likely know, getting an uninsured mortgage in Canada requires you to prove you can keep up with payments if rates go up. This hypothetical rate, called the qualifying rate, is changing. On May 24, the Office of the Superintendent of Financial Institutions announced that they will be raising the qualifying rate effective June 1st. 

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Posted 1 Comment on Will the Housing Market Cool Off? Mortgage News

Will the Housing Market Cool Off?

From the stock market to the way we work, nothing is exactly “normal” right now. It’s impossible to look at a dramatic societal shift and not attribute it to the pandemic. But the housing market is a little bit of a different story. 

Yes, many Canadians flocked to buy homes as interest rates dropped to record lows. Many chose to buy new homes in response to their new lifestyle, no longer needing to live in certain areas, or needing more space to work. No doubt, these COVID-related factors had a huge impact on the housing market. But they don’t tell the whole story of its explosive growth.

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