During the month of July, the Bank of Canada decided to hold its key policy rate at 0.25% once again. This decision continues to increase home affordability for first-time buyers and makes entering the market more accessible. Check out the articles below for the latest in mortgage news over this past month.
Bank of Canada maintains policy rate and forward guidance, adjusts quantitative easing program
As Canada continues to see progress in vaccinations and the global economy proves to be on a positive path to recovery, the Bank of Canada has still decided to keep its key policy rate at 0.25%. The bank will continue to keep interest rates at this level until the economy can withstand future increases, which they don’t expect to happen until the second half of 2022.
CMHC eases mortgage insurance rules, admits tightening was a mistake
The Canada Mortgage and Housing Corporation (CMHC) has decided to lower the required credit rating and ease other measures to ensure homeowners have enough income to pay off their mortgages. This decision was made based on the realization that the underwriting changes they made in July 2020 were not as effective as they anticipated.
How not shopping around for a new mortgage can cost you thousands
Our Co-Founder & CEO Jesse Abrams discusses how shopping for a mortgage and exploring different options and features can save home buyers thousands of dollars in the long run.
