Can housing construction lead the economy out of recession?

Robb NelsonMortgage Talk Canada

by Candyd Mendoza Aside from replenishing the national inventory, building new homes might also play a vital role in bringing the US economy back to health once the COVID-19 outbreak is contained. The National Association of Home Builders reported that building 1,000 average single-family homes creates 2,900 full-time jobs and generates approximately $110 million in taxes and fees, which the government … Read More

Mortgage rates are rising in Canada despite virus-relief cuts

Robb NelsonMortgage Talk Canada

Doug Alexander, Bloomberg News Canada’s mortgage rates are creeping up — even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic. That’s due to the “enormous pressure” Canadian banks face amid disruptions caused by the outbreak, said Sherry Cooper, chief economist at Dominion Lending Centers. “The costs of funds for banks is skyrocketing and bank earnings … Read More

News Mortgage Deferral to Help Canadians Experiencing Financial Hardship Due to COVID-19

Robb NelsonMortgage Talk Canada

During this period of unprecedented economic upheaval and financial uncertainty, Canada’s largest banks are offering mortgage payment relief to customers by way of deferred mortgage payments. All customers who are currently in good standing and have been impacted by COVID-19 can apply for mortgage relief from their bank. Customers will answer a few questions to help their banks direct applications … Read More

Tweaking stress test rate doesn’t use all the tools available

Robb NelsonMortgage Talk Canada

By: Myke Thomas The B-20 mortgage qualifying stress test will be tweaked as of April 6 and, not surprisingly, the bureaucracy is strong in this one. As it stands now, the stress test requires all borrowers to qualify for mortgages based on the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate from … Read More