Bestie Mortgage Solutions

09/09/2025

Where income verification stands today

Calls for stronger safeguards have grown louder in recent years, with Mortgage Professionals Canada at the forefront of pressing Ottawa to prioritize a secure digital income verification system. The association has consistently argued that, with borrower consent, such a tool would allow lenders and brokers to confirm income data directly from CRA records, closing the gap that currently allows falsified documents to slip through.

The federal government committed in Budget 2024 and the Fall Economic Statement to begin rolling out such a system by early 2025. The CRA later held consultations with industry groups and received more than 1,600 responses. The feedback showed strong support for a digital tool, with participants pointing to fake or altered income documents as the most pressing fraud risk.

The CRA report noted: “Participants were clear that a tool created by the CRA that allows mortgage professionals to verify the validity of a borrower’s income would streamline the mortgage approval process and reduce the risks of fraud significantly.” Industry members also stressed the need for real-time access through a secure portal or API, multiple years of income history, and detailed data beyond a simple yes/no response.

Despite broad agreement on both the need and the solution, Canadians are still waiting. In its latest release, MPC said, “We call on the federal government to re-prioritize this initiative and move quickly to deliver a digital income verification tool, setting a clear timeline and pathway in Budget 2025 to build upon the important progress already made.”

09/09/2025

A strong majority of Canadians believe mortgage fraud is making it harder for honest buyers to compete in today’s housing market, according to a new national survey conducted by Pollara Strategic Insights for Mortgage Professionals Canada (MPC) and the Mortgage and Title Insurance Industry Association of Canada (MTIIAC).

The poll found that 78% of Canadians say mortgage fraud creates an unfair playing field, while 64% believe it contributes to higher home prices. More than half of Canadians (58%) report being concerned about mortgage fraud overall, a number that rises to 65% among those planning to buy a home within the next five years.

“Canadians want a fairer, more transparent system that protects honest homebuyers,” said Lauren van den Berg, President and CEO of MPC. “Mortgage fraud not only undermines trust, it drives up housing costs for everyone. Income verification through the CRA is a practical solution that will strengthen trust in the housing market and help ensure everyone plays by the same rules.”

The poll also points to strong public backing for policy solutions, with nearly two-thirds (65%) of Canadians saying the Canada Revenue Agency should play a direct role in preventing fraud, while 72% would support allowing their lender or mortgage broker to verify income directly with the CRA.

Recent data from Equifax Canada found that overall mortgage fraud has eased since the pandemic, but that cases are climbing among prospective first-time buyers. The data shows that consumers without an existing mortgage were nearly twice as likely to commit fraud as current mortgage holders at 0.31% compared to 0.19%.

The data from Equifax also found that falsified financials remain the biggest concern, making up just over 30% of fraud cases in late 2024. Misrepresented income or fake documents such as pay stubs and tax slips appeared in more than 95% of applications flagged as fraudulent.

09/08/2025

Canada’s latest employment report has significantly increased the likelihood of an interest rate cut by the Bank of Canada on September 17.

Statistics Canada’s Labour Force Survey (LFS) for August shows a loss of nearly 66,000 jobs for the month. That follows a drop of 41,000 positions in July. The August unemployment rate stands at 7.1%, up from 6.9% a month earlier.

Looking back to June, the Survey of Employment, Hours and Payroll (SEPH) – which is considered more reliable than the Labour Force Survey (LFS) – shows more than 32,000 jobs were lost; a significant reversal from initial reports of 83,000 jobs added for the month.

Most of the August loses came in part-time positions but had an inordinate impact on workers aged 25 to 54, which is an important demographic in the first-time homebuyer market. On-going trade trouble with the United States is getting the blame.

Employment plays an important role in the Bank of Canada’s interest rate decisions. Market watchers now say there is a better than 80% chance the Bank will cut its policy rate later this month. However, inflation is still the key factor.

“All told, this weak report fully reinforces any bias for the BoC to ease somewhat further here, but inflation hasn’t quite given them the all-clear,” wrote bank economist Douglas Porter in a newsletter.

The next inflation report is due September 16, one day before the Bank of Canada’s next interest rate setting.

03/12/2025

BREAKING: The Bank of Canada has lowered its benchmark interest rate by 25 bps to 2.75%

The Bank of Canada has lowered its benchmark rate by 25 bps, bringing it to 2.75%. This is the Bank’s seventh consecutive rate cut.

“The Bank of Canada faced an especially tough decision with tariff threats hanging over the economy and recent data showing that inflation has risen. The decision to cut the overnight policy interest rate to 2.75% was a step in the right direction in light of the economic challenges Canada is facing. The Bank of Canada is rightly focused on dedicating its resources to pressing and important issues such as paying attention to the housing market as it sets its policy.”

12/11/2024

BREAKING: The Bank of Canada has lowered its policy rate by 50 bps to 3.25%

The Bank of Canada has lowered its benchmark rate by 50 bps, bringing it down to 3.25%. This marks the fifth consecutive cut since June.

“The Bank of Canada’s decision to lower the interest policy rate marks an important step in addressing housing affordability challenges across Canada. This decision offers much-needed relief to middle-class families, aspiring homeowners, and first-time buyers who have been navigating significant financial pressures. While this is progress in the right direction toward making homeownership more affordable, there’s still more work ahead. As the voice of Canada’s national mortgage industry association, we remain committed to pushing for solutions that make homeownership more accessible and affordable for everyone.”

- Lauren van den Berg, President and CEO of Mortgage Professionals Canada

Next announcement January 29th 2025!!!!

10/23/2024

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09/25/2024

Great news!

Building on the momentum of our recent federal Advocacy Day and a series of key policy wins announced last week, we are thrilled to share our latest advocacy achievement: the Office of the Superintendent of Financial Institutions (OSFI) has announced it will eliminate the stress test requirement for uninsured mortgages when homeowners switch lenders at renewal.

Earlier this year, the MPC team successfully secured the removal of the stress test on insured mortgages at renewal. Today’s announcement extends that victory to all mortgages, thanks to the dedication and commitment of our members across Canada. Together, we’ve advocated for a level playing field, offering homeowners more choice and flexibility in a challenging economic environment.

This regulatory relief is a tremendous victory for MPC and homeowners nationwide. We will continue working on behalf of our members and the broader mortgage industry to ensure your voice is heard! We’ll be sure to update you as any new information becomes available.

09/04/2024

Bank of Canada cuts its policy interest rate

After the Bank of Canada reduced its overnight interest rate in both June and July, Canadians were hoping for more good news today. They got it!

The BoC’s decision to further reduce the rate by 0.25% is a welcome development that is expected to support an increase in housing market activity.

08/31/2024

08/26/2024

Did you know…

The market consensus on the mortgage interest rate forecast in Canada is for the Central Bank to cut rates by 0.25% from 4.50% to 4.25% at their September 2024 meeting.

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07/24/2024

EXCITING NEWS!!!

The Bank of Canada cut its key interest rate to 4.5 per cent on Wednesday, with governor Tiff Macklem saying during a news conference that it would be reasonable to expect further rate cuts if inflation continues to ease.

The cut was widely expected by economists after inflation eased in June. It marked the central bank’s second consecutive cut after last month’s meeting, when it cut rates for the first time since March 2020.

The bank brought key interest rates down by 25 basis points to 4.75 per cent during that June meeting. The rate had previously been held at five per cent since July 2023.

05/28/2024

The latest Statistics Canada inflation numbers have brought some more good news for consumers and anyone looking for interest rate relief.

The annualized rate of inflation in April dipped again, falling to a three-year low of 2.7%, down from 2.9% in March.

Two key components in the inflation calculation saw slowdowns last month: shelter costs, and food. Shelter costs – which include mortgage costs and rents – increased by 6.4%, a 1 basis-point decline from March. Grocery price inflation eased to 1.4%, a drop of 5 basis-points from March. Gasoline prices, however, jumped 6.1%, which held the overall inflation rate somewhat higher.

Encouragingly, so-called, core inflation – which strips out prices for volatile items like food and fuel – also continued to decline. This is the measure of inflation the Bank of Canada uses when making its interest rate decisions. April’s average of the core inflation measures came in at 2.75%, down from 3.05% the month before.

Both headline and core inflation now fall inside the Bank’s 1.0% to 3.0% target range.

Many market watchers now believe the BoC will likely go ahead with an interest rate cut at its next meeting on June 5th.

There is one significant report that will arrive between now and then. The latest Gross Domestic Product numbers will be released on May 31st.