Get ready for a rate shock adjustment that is expected to accelerate in 2019 The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years,
It’s January 2018, prospective homebuyers, and you know what that means: The new mortgage stress test is in play. But what you may not know is how much it’s going to impact your homebuying budget. Nor would you be alone: A new study from ReMax estimates that 37 per cent of Canadians aren’t aware of how the changes will
Come Jan. 1, 2018, Canadians getting, renewing or refinancing a mortgage might have to prove that they would be able to cope with interest rates substantially higher than their contract rate. New rules by Canada’s federal financial regulator announced in October mean that even borrowers with a down payment of 20 per cent or more
