Simer Kaur Mobile Mortgage Specialist

09/16/2024

Now cmhc insurance available for house upto 1.5m

Previously, Canadians who do not pay at least a fifth of the cost of the house as a down payment need to take out mortgage insurance, but the insurance was available only for homes priced at C$1 million or less. That limit is now C$1.5 million.

07/21/2024

https://www.reuters.com/markets/rates-bonds/bank-canada-cut-rates-july-24-then-twice-more-2024-2024-07-19/

The Bank of Canada will cut its overnight interest rate on Wednesday by 25 basis points to 4.50% amid expectations that inflation will continue to fall, according to a large majority of economists polled by Reuters.

06/05/2024

Finally some relief !

The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.

04/11/2024

https://www.bnnbloomberg.ca/canada-to-allow-30-year-amortization-for-first-time-buyers-mortgages-on-new-homes-1.2057988

The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.

03/26/2024

https://financialpost.com/news/economy/slower-economy-means-bank-of-canada-may-have-to-cut-before-fed-says-national-bank-ceo

Let me know if you have any questions

Simer Kaur
Mortgage Development Manager
National Bank of Canada

Bank of Canada may have to cut interest rates before the U.S. Federal Reserve, says National Bank CEO. Read more

03/26/2024

https://financialpost.com/news/economy/slower-economy-means-bank-of-canada-may-have-to-cut-before-fed-says-national-bank-ceo

Bank of Canada may have to cut interest rates before the U.S. Federal Reserve, says National Bank CEO. Read more

12/17/2021

OSFI leaves the minimum qualifying rate for the uninsured mortgage stress test at 5.25%.

“While housing-related vulnerabilities remain elevated, residential mortgage credit risk has risen only modestly,” said Assistant Superintendent Ben Gully.

As part of its annual review of the stress test for uninsured mortgages, the Office of the Superintendent of Financial Institutions today confirmed the minimum qualifying rate will remain at 5.25%. That means borrowers making a payment of 20% or more will need to prove they can afford payments based...

11/10/2021

07/05/2021

Canada Mortgage and Housing Corp. is easing its underwriting criteria for mortgage loan insurance after changes it made last year were not effective and caused it to lose market share.

04/08/2021

https://www.google.ca/amp/s/www.cbc.ca/amp/1.5979558

Canada's top banking regulator is raising the mortgage stress test level to 5.25 per cent or two percentage points above the market rate, whichever is higher.

That's a hike from 4.79 per cent, which is the current average posted rate at Canada's biggest lenders.

Let me know if you have any further questions

Simer Kaur
Mortgage specialist
4169067944

Canada's top banking regulator is raising the mortgage stress test level to 5.25 per cent or two percentage points above the market rate, whichever is higher, making it harder to qualify for a home loan, shrinking the pool of qualified borrowers and ultimately bringing down house prices.