Original Article Source Credits: Canadian Mortgage Trends, https://www.canadianmortgagetrends.com/

Article Written By: Steve Huebl

Original Article Posted on: 15th January 2021

Link to Original Article: https://www.canadianmortgagetrends.com/2021/01/december-caps-off-blockbuster-year-for-canadian-housing/

Following the announcement of CMHC’s new mortgage rules last week, Canada’s other two mortgage insurers, Genworth Canada and Canada Guaranty, confirmed Monday they will not be following CMHC’s lead.

A pandemic financial hardship story has revealed the expensive trap built into mortgages offered by big banks.

Thanks to a reduction in some Big-Bank posted rates in recent days, Canada’s mortgage stress test rate will fall as early as next week. Both RBC and BMO cut a number of their posted mortgage rates this week, which should cause the mortgage stress test to fall from 5.04% to 4.99%, according to RateSpy.com. “It’ll mark the first time since January 2018 (when OSFI’s stress test began) that this benchmark rate has been under 5%,” the site noted. “And, if one more bank matches BMO’s and RBC’s 4.94%, it could drop another 5 basis points.” Granted, the rate change will be negligible for most buyers trying…

Mortgages for New Canadians with less than 20% downpayment

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