Bank of Canada reveals country’s staggering debt figure (Canadian Press)

Melanie ConsMortgage Talk Canada

Canadians have amassed a $2-trillion mountain of household debt that’s casting a big shadow over the timing of the Bank of Canada’s next interest rate hike, governor Stephen Poloz said in a speech Tuesday in Yellowknife. To Poloz, the “sheer size” of debt burden also means its associated risks to endure for a while, although he’s optimistic the economy can … Read More

Home sales lowest since recession (Bloomberg News)

Melanie ConsMortgage Talk Canada

Toronto home sales are off to the worst start in nine years, as tougher rules for mortgage qualifications and rising interest rates continue to push buyers out of the market. Sales fell for four straight months on a seasonally adjusted basis, with the fewest transactions to start a year since the 2009 recession, according to data Thursday from the Toronto … Read More

Government remedies oversight

Melanie ConsMortgage Talk Canada

The Ministry of Finance has remedied a significant regulatory oversight that precluded low-risk borrowers from insurable mortgage rates simply because they refinanced after a certain date. “A communication was sent to all the lenders from CMHC and Genworth that, effective Monday [April 30, 2018], any refinance after November 2016 can be switched or transferred to a new lender and qualify for insurable … Read More

Regulatory success

Melanie ConsMortgage Talk Canada

Canada’s mortgage growth has fallen to the lowest in nearly two decades as interest rates rise and after new mortgage rules took effect at the start of the year. Total residential mortgage credit grew just 0.3 percent on average over the last three months, the slowest since 2001, Bank of Canada data show. That’s down from 0.47 percent at the … Read More

TD Bank raises mortgage rates amid record-high bond yields

Melanie ConsMortgage Talk Canada

Toronto-Dominion Bank has lifted its posted rate for five-year fixed mortgages by 45 basis points to 5.59% as government bond yields touched their highest levels since 2011 last week. Canada’s second-largest lender also increased its two-year, three-year, six-year, and seven-year mortgage rates, bank spokeswoman Julie Bellissimo said in an e-mailed statement. “Adjusting our rates is not a decision we take … Read More