Canadian Mortgages

News on Canadian mortgage rates, mortgage brokers in Canada, banks, and fresh new mortgages.

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> I.D.E.A.S. for Choosing Fixed or Variable
> The Fixed / Variable Mortgage Conundrum
> Smith Manouevre
> The Incredibly Shrinking Variable Discount
> Neglect Not Thy Cost of Borrowing
> 5- or 10-year Mortgage?
> Beacon Score Basics
> Smith Manoeuvre Maintenance
> Getting the Best Mortgage Rate

April 18, 2014

B.C.’s New B-20-like Guideline

mortgage-rules-2012In June 2012 Canada’s banking regulator (OSFI) created guideline B-20 to tighten underwriting practices on conventional mortgages.

To date, provincially regulated lenders (like credit unions) haven’t been significantly impacted by B-20 because OSFI only supervises federally regulated lenders.

But now, for the first time (that we know of), a province has put forth its own underwriting standards along the lines of OSFI’s B-20. That province is B.C. and these are its proposed Residential Mortgage Underwriting Guidelines (PDF).

CMT asked Doug McLean, Deputy Superintendent of FICOM, for details on why these rules were needed and what effect they’ll have. Among other things, it looks like we might be saying goodbye to 80% loan-to-value revolving HELOCs in B.C.

Continue reading "B.C.’s New B-20-like Guideline" »

April 15, 2014

Rate Chatter

Market AnalyzeSome rate-related tidbits from across the market…

About Face in Yields: Two weeks ago the 5-year government yield (which leads fixed mortgage rates) was poised to break out to the upside. It has since made an abrupt U-turn and fallen 15 basis points. That suggests that widely available 2.99% five-year fixed rates will persist at least another week or two — maybe longer.

Continue reading "Rate Chatter" »

Mortgage Careers of the Week


Company: SAFEBRIDGE Financial Group
Position Title: SafeBridge Client Service Representative
Years of Experience Required: 5 years experience
Are licences or registrations required?  Preferred but not required
Location of Position: Toronto, Ontario
Applicants may contact:


Company: Magenta Mortgage
Position Title: Business Development Manager - Southwestern Ontario
Years of Experience Required: 5 years experience
Are licences or registrations required?  NA
Location of Position: Kitchener Waterloo, Guelph, London - Remote Role
Applicants may contact:


Company: Magenta Mortgage
Position Title: Mortgage Underwriter
Years of Experience Required: 5 years experience
Are licences or registrations required?  NA
Location of Position: Ottawa, Ontario or Perth, Ontario
Applicants may contact:

Click on the position title above for more information. Advertise your mortgage job opening today! Click here to post. Or browse CMT's Mortgage Jobs Database.

April 14, 2014

B-21. Here at Last

B-21There’s been so much speculation on whether OSFI’s long-awaited B-21 mortgage insurer guidelines will slow the housing market.

Well, now that we’ve seen the draft, that seems unlikely. In fact, B-21 is simple, practical and sound policy, and most of the guidelines have already been adopted by lenders and insurers.

Here’s what’s new:

Continue reading "B-21. Here at Last" »

April 10, 2014

O’Leary Mortgages is No More

kevin_olearyCanada’s most outspoken capitalist has pulled the plug on brokering. After a little over a year in the business, Kevin O’Leary’s mortgage operation has closed.

Alex Kenjeev, President O'Leary Ventures, told CMT this:

Continue reading "O’Leary Mortgages is No More" »

April 09, 2014

The Down Payment Hurdle

canadian dollar houseNine out of ten Canadians would rather own than rent, according to a new Genworth Canada study.¹ But the down payment often stands in their way.

A recent Vancity poll found that 60% of first-time buyers in B.C., for example, find down payment requirements to be a barrier to home ownership.

Nationally, 53% of homebuyers are worried they might miss their dream home because they’re short on the down payment.

Continue reading "The Down Payment Hurdle" »

April 07, 2014

Alterna & Pace Wed: What it Means for Mortgagors

Alterna-Pace-MergeWe’ll see a number of credit unions merge this year. The latest is Alterna Savings and Pace Credit Union.

By combining, the two have leaped into the top 10 credit unions in the country, by both assets (now $4.1 billion) and members (now 140,000+). See the current rankings.

The deal should benefit mortgage consumers on multiple fronts.

Continue reading "Alterna & Pace Wed: What it Means for Mortgagors" »

April 04, 2014

MCAN & Xceed’s New X-Series Mortgage

Xceed_MCANXceed Mortgage has been reinventing itself ever since the financial crisis, when liquidity dried up and killed its bread-and-butter business: uninsured non-prime mortgages.

Since then, Xceed has offered mostly plain-Jane insured mortgages…until now. The company has launched a new X-Series mortgage. It's an uninsured product that competes with the likes of Home Trust, Equitable Bank and Optimum Mortgage.

The launch reflects both Xceed’s end goal (to be more than a run-of-the-mill insured lender) and the capabilities of its new owner, MCAN.


Continue reading "MCAN & Xceed’s New X-Series Mortgage" »

April 01, 2014

Home Trust Launches 90% LTV Bundle

Home-TrustHome Trust has taken bundle mortgages to the next level.

Bundle mortgages consist of an uninsured first mortgage to 80% loan-to-value (LTV) plus a second mortgage for additional funds. Since the financial crisis, they haven't generally exceeded 85% LTV total. Home Trust now offers one at 90%.

Continue reading "Home Trust Launches 90% LTV Bundle" »

March 30, 2014

Setting Sail for the Future

Yesterday Now Tomorrow Signpost Shows Schedule Diary Or PlanWe’ve spent the last seven years advocating for mortgage brokers. That’s on the public record.

Why? Because nothing has replaced a skilled mortgage professional who can deal with multiple lenders.

But it would be foolish and self-serving to suggest that other channels, be they retail — e.g., bank and credit union advisors, online discount brokers or direct-to-consumer lenders — cannot provide the value that many consumers seek.

So how does the editor of a mortgage news site balance those two realities when now being part of a broker-centric organization? That question came up Friday in an industry forum and it deserves an answer.

Continue reading "Setting Sail for the Future" »

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Canadian Mortgage Trends (CMT) delivers the latest mortgage news in Canada for homeowners, online mortgage brokers, and real estate professionals. Legal Information: Consult a qualified mortgage advisor before making any mortgage decision based on information you read here. Similarly, if you see a financial or tax strategy discussed here, always consult a licensed and qualified investment or tax advisor to ensure the strategy is right for you. Mortgages, investment, and tax strategies mentioned on this website are not appropriate for everyone. In many cases, they may not be feasible at all and/or entail serious risks. While reasonable effort is made to ensure the accuracy of information and data contained herein, accuracy, facts, completeness, and suitability can not be guaranteed. Past performance is not a good predictor of future performance. Results, rates, strategies, and terms are not guaranteed and CMT and its affiliates assume no liability for any losses that may occur from your reliance on such information. The information on this site reflects purely our opinions, and not necessarily the opinions of any other party. Readers are welcome and encouraged to leave comments. Please note, however, that CMT endeavours to keep all forums factual and civil for the benefit of readers. Comments that are off-topic, quarrelsome, accusatory without evidence, factually incorrect by objective standards, racially insensitive, profane, slanderous, misleading, unreasonably repetitive, made with false email addresses, made under multiple pseudonyms or different names from the same IP address, or otherwise rude or deemed inappropriate by CMT, may be removed without notice. To reduce incidences of SPAM, linking to or promoting individual brokers is not permitted. In addition, multiple comments submitted within a short timeframe may be considered SPAM. To keep comments on point, all questions regarding CMT policies should be sent to the below email address and not posted in forums. CMT is a news site, and not affiliated with most of the people or companies mentioned. Company logos and trade-marks displayed herein are the property of their respective owners, are displayed for commentary purposes only, are not intended to be used in a competitive manner with said owner, and should not imply an association or affiliation between CMT and said trade-mark owner or its products or services. Information herein is not intended to be, nor does it constitute, mortgage advice, investment advice, tax advise, financial advice, recommendations, or solicitations to buy or sell securities. CMT personnel and related parties may have an interest in the mortgages, services, companies, products, or securities mentioned on this site. Please contact us if you require clarifications of the above. CMT's website is owned and operated by McLister Media Inc. CMT's trademark and copyrights are used by McLister Media Inc. under license. For questions about the news you see here, mortgages, copyright, or republishing CMT content, please contact us at (800) 280-2460 or Thank you for reading CMT. ISSN# 1927-8772. Copyright 2014. All rights reserved.