7/17/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in ... More

Supply in Canada's property market surges as mortgage renewals loom

  7/11/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Despite expectations of lower interest rates prompting homebuyers to leave the sidelines, a new report says the Bank of Canada’s quarter-point cut to its key interest ... More

Interest rate cut hasn't led to rush of homebuyer demand yet: Royal LePage report

  6/19/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

The Bank of Canada's governing council thought about waiting until July to lower interest rates but ultimately decided to cut earlier, the central bank's summary of ... More

Bank of Canada considered waiting until July to cut interest rates

  6/19/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

The Bank of Canada’s top decision-makers expressed concerns before announcing this month’s interest rate cut, fearing that the rate relief could potentially ... More

Bank of Canada officials worry that rate cuts may overheat the housing market

  5/29/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4 per cent year-over-year and ... More

Residential mortgage debt hits $2.16 trillion amid slowest growth in 23 years: CMHC

  5/22/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canada’s banking watchdog warned that many homeowners who took out mortgages when rates were near zero during the pandemic will soon face a reckoning as those loans ... More

Bank Regulator in Canada Warns of Housing-Payment Shock by 2026

  4/16/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canadian regulator cracks down on high-debt mortgages to protect borrowers

... More

OSFI announces new stress test for uninsured mortgages

  3/13/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

The Canadian mortgage space is already seeing some rates on offer decline heading into the spring market, despite no clear indication yet from the Bank of Canada that interest ... More

Variable or short-term fixed mortgage? Where experts see the

  1/25/2024 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canada’s youngest demographic of homeowners is the only group to have reduced their mortgage debt since rates started rising in 2022.

... More

Under-35 households lead the way in reducing mortgage debt, StatCan reports

  12/27/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

As we look back at the year that was, we can say 2023 was a year that tested the resilience of Canadian mortgage holders. And as we look forward, there’s optimism that ... More

2024 housing market and interest rate forecasts

  12/13/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canada’s banking regulator confirmed it will leave the mortgage stress test for uninsured mortgages unchanged.

... More

Latest in Mortgage News: OSFI leaves stress test rate unchanged

  12/11/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

In its third-quarter earnings call, Scotiabank said it was undertaking a strategy of “customer deselection at renewal” as part of its efforts to slow its mortgage ... More

Mortgage deselection: Can your lender choose not to renew your mortgage?

  11/23/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

High interest rates have applied the brakes to Canada’s mortgage market, which saw growth slow to a 22-year low in September.

... More

Mortgage activity down 25% from 2022 and fixed rates remain top choice, stats show

  11/21/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

From a crackdown to short-term rentals to new investments to create more housing supply, the federal government made housing a key component of its Fall Economic Statement ... More

Overview of housing initiatives in the government's Fall Economic Statement

  11/15/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Surging interest rates are weighing down on current homeowners – and further turbulence is on the horizon

... More

Mortgage market risks rising in high-rate environment: CMHC

  11/9/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Residential mortgage debt in Canada totalled $2.14 trillion as of August this year, up by 3.4% compared with the same month in 2022 as the value of uninsured mortgages ... More

New mortgage activity slowing - but debt continues rising, says CMHC

  10/31/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canadian homeowners are facing a significant payment shock on their mortgages unless interest rates decline in the coming years, according to a new Royal Bank of Canada (RBC) ... More

Most Canadian mortgage holders facing big payment shock: RBC

  10/7/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Upcoming mortgage renewals at high interest rate levels will potentially drive the Canadian economy into a more severe downturn than anticipated.

... More

Mortgage renewals could cause severe downturn

  9/14/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canadian mortgage borrowers continued to see their interest costs climb in the second quarter, which have now soared over 80% since the Bank of Canada started raising interest ... More

Mortgage interest costs now up over 80% since the start of the BoC's rate hikes

  8/6/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

With the Bank of Canada’s interest rate hikes aimed at fighting inflation, the housing market in Canada experienced a slight drop in prices, according to a new report ... More

New report examines how rising interest rates have impacted home prices in Canada

  7/26/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

The plan might help safeguard the stability of the financial system - but could also see mortgage costs rise.

... More

What impact might OSFI's new proposals have on borrowing costs?

  7/13/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Following the Bank of Canada’s latest interest rate hike, experts say Canadian mortgage owners will feel the impact of higher borrowing costs, either in the form of ... More

What mortgage owners need to know about the Bank of Canada's rate hike

  7/6/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Ottawa has published a new set of guidelines to standardize how Canada’s federally regulated lenders offer mortgage relief to consumers struggling under the weight of ... More

Struggling mortgage holders could see lenders waive fees under new guidelines

  6/27/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canada's record pace of interest rate hikes has led to the repayment period for many variable rate mortgages lengthening to over 30 years, helping to shield households from ... More

How risky is it to extend Canadian mortgage amortizations?

  6/22/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

While the pain of elevated interest rates is already hitting those with variable-rate mortgages, the sticker shock of higher payments might not be felt for a couple years among ... More

Interest rate shock won't hit fixed-rate mortgage borrowers until 2025, expert says

  6/20/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Policymakers can take more concrete steps to alleviate consumer worries, national housing agency head says

... More

CMHC chief: Longer amortizations will not ensure housing affordability

  6/16/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Fixed mortgage rates are once again on the rise, with rates under 5% quickly becoming a distant memory.

... More

Fixed mortgage rates surge again, pushing rates under 5% to the brink

  5/31/2023 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

While a large number of mortgage holders have seen their monthly payment rates jump over the past year due to rising interest rates, the Bank of Canada (BoC) says the impact ... More

Monthly Mortgage Payments Could Spike 20-40% Over Next 3 Years: Bank of Canada

  4/17/2020 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canadian banks processed more than 670,000 mortgage deferrals or skipped payments in the month since announcing a measure to help consumers weather the economic hit from the ... More

Canadian banks have processed 670,000 mortgage deferrals in first month

  4/4/2020 | Posted in Mortgages and Real Estate by Eileen Farrow
  SHARE

Canada’s biggest banks have received nearly half a million requests from homeowners to hold off mortgage payments as the economic fallout from the COVID-19 pandemic ... More

Canada's big banks field half a million mortgage deferral requests
Ask Eileen Farrow

Thinking of buying or selling a property, or have a question regarding the real estate market? Fill out the form below and I'll get back to you promptly.