The Bank of Canada has raised its key interest rate to 0.75 per cent from 0.5 per cent, which could lead to more people looking to rent rather than own in Metro Vancouver, says a University of British Columbia economist. The Bank of Canada’s move affects those with debt and also makes it likely consumers will pay more for variable-rate mortgages and
You fell in love with your perfect home, and your bank pre-approved you for a mortgage, but before you sign on the dotted line you want to make sure your eyes aren’t bigger than your bank account. Lenders look at how much they think you can pay them each month, but that doesn’t mean you
New rules proposed by the federal government to curb financial risks associated with the country’s hot housing markets could make it more difficult to secure a mortgage. The Office of the Superintendent of Financial Institutions’ new guidelines proposed Thursday include stress tests for uninsured mortgages — loans secured with a deposit of at least 20 per cent on the value of
