July 14 2021
During the month of June, the Canadian Mortgage and Housing Corporation (CMHC) announced they will be adjusting the rules for insured mortgages as of July 1 due to the economic downturn caused by COVID-19. Learn more about what happened this past month and how these new rules will affect Canadians.
CMHC reviews underwriting criteria
On June 4, the CMHC announced their decision to change their underwriting policies for insured mortgages due to the economic impact of COVID-19 and the outlook that Canadian housing prices may decline.
Genworth, Canada Guaranty won’t follow CMHC’s lead in tightening mortgage insurance rules
After the CMHC announced their plans to tighten rules for insured mortgages, competitors such as Genworth and Canada Guaranty confirmed shortly after that they would not be following through with these policy changes.
Homewise’s free digital service quickly matches consumers with their best mortgage options
CEO and co-founder Jesse Abrams walks through Homewise’s online process and how the company’s infrastructure has been able to support mortgage clients efficiently with no delays during the pandemic.
COVID-19 pandemic pushes Canadian interest rates to near historic lows
Over the last four months, COVID-19 has impacted the Canadian economy by significantly increasing levels of unemployment, which has now caused interest rates to fall to its lowest levels in history.
With the world reopening and economic restrictions easing, the month of June has left the Canadian government quite optimistic about the housing market. Warmer weather has brought rising home prices, but what does this mean for homeowners and buyers? Check out the latest in mortgage news to learn more:
Bank of Canada holds key interest rate steady, maintains optimism for rest of year
The Bank of Canada expects the Canadian economy to rebound strongly starting this summer, led by consumer spending as the pace of vaccinations speeds up and provincial governments begin to ease restrictions.
Will the housing market crash? Why home prices may stay hot
With historically low mortgage rates, a race for more living space and an urge to get into the market ahead of tougher borrowing rules, home prices across Canada continue to rise. Housing experts express that when the borders reopen to immigration, a fresh wave of demand may heat up prices even more.
Ontario education reveals details of new Grade 9 math curriculum
This month, Education Minister Stephen Lecce announced that Ontario schools will begin to teach financial literacy in Grade 9 math courses. This new curriculum is planned to teach students how to successfully apply for a mortgage and manage their finances – a positive step in preparing youth for this future milestone investment that will hopefully inspire other provinces to follow suit.
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