Home buying is one of the proudest moments for new Canadians. But without a Canadian credit or lengthy history of financial information, new immigrants worry about getting a mortgage. On the bright side, there are a couple of unique programs that can help. CIBC, one of Canada’s biggest banks, offers a range of newcomer mortgage…
The Bank of Canada has published its complete schedule of policy interest rate announcements for 2027, giving mortgage brokers and their clients a full planning horizon for the year ahead, alongside reconfirmed dates for the final three decisions of 2026. The central bank’s overnight rate currently sits at 2.25%, where it has remained for six consecutive…
Buying a home is stressful enough, but when you’re self-employed, getting approved for a mortgage can feel like running a financial obstacle course. Even with steady income and years of business success, self-employed borrowers often encounter stricter income verification requirements and more documentation requests than traditional employees. As someone who’s been self-employed full-time for several…
Canada’s coming mortgage renewal wave is emerging as a major household affordability challenge, with many borrowers facing limited room to absorb higher payments, even as confidence in the value of homeownership remains resilient, according to new consumer research from Mortgage Professionals Canada. The new Mortgage Professionals Canada report, based on consumer survey research conducted by…
You’ve found your dream home: the perfect neighborhood, great schools, a beautiful kitchen, spacious rooms, ideal square footage. When you go to put in an offer, you realize that it’s not only your dream home but someone else’s as well. The seller now has two offers. Scenario #1: You already have a pre-approval letter in…
Canadians are increasingly struggling to keep up with their mortgages, especially in high-priced Ontario and British Columbia markets, a new report says. Equifax Canada’s Market Pulse report, published Tuesday, said mortgage delinquency balances were up 32% nationally in the first quarter compared with the same period last year, with Ontario and British Columbia leading provinces…
Rising housing costs are leading to an increasing share of first‑time homebuyers seeking financial support from their parents. Specifically, Canada has experienced a noticeable rise in instances of parents co‑signing mortgages with their adult children. This practice allows buyers to purchase more expensive homes—but it can also make both parties vulnerable to financial disruptions. Over…
The Bank of Canada held its policy rate at 2.25%, but its April Monetary Policy Report put housing and a buildup of small condos at the centre of a weaker growth story for the next two years. Against a backdrop of US tariffs, trade uncertainty and the war in the Middle East, the central bank said residential real estate has…
Canadian households entered 2026 still spending, but they pulled back on the parts of the economy tied most closely to the housing market. TD Economics’ latest card‑spending report showed that overall consumer outlays softened in January before stabilizing in February, with real spending in the first quarter tracking at about a 1.2% annualized pace. However,…
As the Iran war raises oil and energy prices around the world, some experts are warning that additional stress may be on the way for Canadians looking to renew their mortgages this year. The country is in the middle of a mortgage renewal wave, with the Canada Mortgage and Housing Corporation estimating that at least 1.5 million households had…
