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Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents).
Reader note: RateSpy’s mortgage news is now at → RATESDOTCA.
- Singh calls for wartime era-like housing push and a return to 30-year mortgages (Kamloops This Week)
- Regarding Singh’s plan, which is going nowhere fast: Re-introducing 30-year amortizations on insured mortgages would certainly give people a buying power boost initially, but that boost would also drive up home prices, eventually negating much of the benefit.
- More Homes, Please (BMO Economics)
- OSFI could have been more aggressive in their qualifying rate (BNN Bloomberg)
- Several countries have stricter mortgage stress tests than Canada. The U.K.’s affordability test, for example, makes mortgagors prove they can afford rates that are 300 basis points above a bank’s standard lending rate.
- Big city rental markets turned corner in May and experts expect prices will rise (The Globe & Mail – Subscription)
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5 Comments
I closed on a home and my mortgage broker is offering 1.40% variable 5 year vs 2.34% fixed 5 year.
What are your thoughts ratespy?
Hey Nick, There’s not enough info there to give you intelligent commentary. e.g., I don’t know your qualifications, the lender, your 5-year goals, etc.
If, for example, you were an average well-qualified risk tolerant prime mortgagor who wasn’t getting other value from the broker, I’d look for another broker. Reason being, those are sub-par rates.
Did you check how they compare with what you see on RateSpy?
I’m a well qualified borrower, principal residence, putting more than 50% down. Looking for 30 year amortization period, no HELOC, don’t really care about prepayment options.
I checked on ratespy and the rates I was quoted seem a little high. I was wondering your thoughts on variable vs fixed in today’s mortgage climate.
I would consult another broker.
These might help:
https://rates.ca/resources/surprise-bank-canada-now-sees-rate-hikes-next-year
https://rates.ca/resources/how-much-could-your-variable-rate-rise-lookback-history
https://rates.ca/resources/how-not-lose-money-mortgages
Excellent article. Thanks Rob!