Under Mortgages

Mortgage rule changes: CMHC tightens requirements for homebuyers

Qualifying for a mortgage is about to get harder for anyone who doesn’t have at least a 20 per cent down payment for a home, which is likely to have an outsized effect on first-time buyers. Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage. [read more]

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What the loom of rising interest rates mean for the mortgage market

Canadians are starting to take note that the key number determining how much they pay for a mortgage is very likely going to soon go up. "My email is exploding right now," says Ryan McKinley, senior mortgage development manager at Vancity Credit Union. For those looking to buy in the near-term, McKinley says now is the time to lock in a mortgage rate, which financial institutions generally do for between 90 and 120 days. [read more]

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