Mortgage Logic

Month: June 2020

Good News, CMHC Competitors Decide Not to Tighten Rules, Maintain Home Shopping Affordability

In a news releases today Genworth Canada and Canada Guaranty have both confirmed that they will not follow suit with Canada’s main mortgage insurer, CMHC, in tightening lending guidelines for mortgages. Genworth MI Canada Inc. (TSX: MIC) said: “it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit …

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Canada’s Mortgage Insurer Tightens Rules Effective July 1

Not good news. This will definitely contribute to retracting the housing market and lowering consumer affordability. Ottawa still believes that there is a housing bubble. We believe that this is being heavily influenced by the pandemic support handouts and the extra debt & risk that will result for the federal government because of it. They …

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BoC Bank Rate Announcement – Wednesday June 3rd, Tiff’s first

Today, Wednesday June 3rd, the Bank of Canada (BoC) made its sixth interest rate announcement this year, the first under its newly appointed Governor Tiff Macklem. The BoC has repeatedly stated that it has no intention of reducing the rate below its where it is at currently: 0.25%. The BoC did state that the impact …

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