Forest Hill Signature

Mortgage Rates Keep Setting New Record Lows

6/30/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available ... More

Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Industry, Mortgage Market, Mortgage Rates Canada, Mortgage Trends

Record-low interest rates here to stay - for now

6/23/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Low interest rates will be the norm for the foreseeable future, Bank of Canada Governor Tiff Macklem said earlier this week.

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Bank of Canada, Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Variable Rate Mortgages

In opposition of new CMHC guidelines, Genworth not increasing eligibility restrictions

6/12/2020 | Posted in Mortgage News by Forest Hill Real Estate Signature
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Insurer says its current policies are sufficiently robust

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Canadian Mortgage Market, Insured Mortgages, Mortgage Consumers, Mortgage Insurance, Mortgage Loan Insurance

CMHC's new rules will spur heightened home-buying activity

6/12/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Many Canadians will attempt to purchase new homes before the adjusted rules take effect on July 1.

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CMHC, Home Buyers, Mortgage Consumers

Bank of Canada holds rate steady

6/3/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada held its benchmark interest rate steady at 0.25 per cent on Wednesday and said it thinks the economic impact of COVID-19 on the world's economy ... More

Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

Canadians could see record low interest rates until 2022

6/1/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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A new survey of 15 economists from Canadian banks, financial institutions and academia suggest that 0.25% interest rate could be around for more than a year, maybe two.

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Interest Rates, Mortgage Consumers, Mortgage Rates Canada

Mortgages take up largest slice of Canada's household debt

5/18/2020 | Posted in Financial Health by Forest Hill Real Estate Signature
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Canadian household debt has reached $2.28 trillion in total as of March, with mortgage payments accounting for a significant slice of the growth, according to data from the ... More

Canadian Debt, Household Debt, Mortgage Consumers

Stress Test Rate to Drop

5/16/2020 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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Thanks to a reduction in some Big-Bank posted rates in recent days, Canada’s mortgage stress test rate will fall as early as next week.

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Home Buyers, Mortgage Consumers, Stress Test

New mortgages to decline considerably in the near-term: TD Economics

5/12/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The coronavirus has plunged market activity into a deep freeze

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Canadian Mortgage Market, First Time Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Trends

Canada braces for higher mortgage defaults

4/21/2020 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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Rising unemployment and high debt is expected to boost mortgage loan delinquencies in Canada, though experts say it won’t play out like the U.S. subprime mortgage crisis ... More

Canada Living, Canada Real Estate, Canadian Households, Canadian Housing Market, Consumer Spending, Household Debt, Mortgage Consumers, Mortgage Delinquency

Canadian banks have processed 670,000 mortgage deferrals in first month

4/17/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canadian banks processed more than 670,000 mortgage deferrals or skipped payments in the month since announcing a measure to help consumers weather the economic hit from the ... More

Big Six, Canadian Banks, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals

Canada's big banks field half a million mortgage deferral requests

4/4/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canada’s biggest banks have received nearly half a million requests from homeowners to hold off mortgage payments as the economic fallout from the COVID-19 pandemic ... More

Big Six, Canadian Mortgage Market, Coronavirus, Mortgage Consumers, Mortgage Deferrals, Mortgage Trends

Mortgage rates are rising in Canada despite virus-relief cuts

3/31/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Canada’s mortgage rates are creeping up even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic.

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Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends

Canada's big banks field more than 200,000 mortgage deferral requests

3/28/2020 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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Canada’s largest banks are fielding a deluge of requests to defer payments on mortgages as businesses suffer from efforts to curb the spread of the new coronavirus and ... More

Big Six, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Mortgage Market

Big Six banks to allow 6-month mortgage payment deferral

3/18/2020 | Posted in Mortgage News by Forest Hill Real Estate Signature
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Canada’s largest banks are coordinating their approach to the COVID-19 coronavirus outbreak to protect their employees and customers.

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Big Six, Home Buyers, Mortgage Consumers

Government announces new mortgage buying program

3/17/2020 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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The Canadian government has announced a further measure to mitigate the impact of the COVID-19 crisis and to help maintain stability in the financial system.

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Canadian Mortgage Market, CMHC, Mortgage Consumers

What the Bank of Canada rate cut means for mortgages

3/5/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Remember the Bank of Canada’s anxiety over worrisome consumer debt loads and housing imbalances? So much for that.

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Canada Real Estate, Canadian Real Estate Market Outlook, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Variable Rate Mortgages

Bank of Canada lowers overnight rate target to 1.25 percent

3/4/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit ... More

Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Consumers, Variable Rate Mortgages

Coronavirus-driven rate cut could add kerosene to Canada's housing market

3/4/2020 | Posted in Canadian Housing Market by Forest Hill Real Estate Signature
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Lower mortgage rates likely to offset any major drag from a global outbreak

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Canadian Housing Market, Canadian Real Estate Market Outlook, Coronavirus, Mortgage Consumers

BoC rate must be at 1.5%, think-tank's fiscal policy council says

3/2/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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Just a few days before the Bank of Canada’s March 4 meeting, the Monetary Policy Council of the C.D. Howe Institute called on the institution to lower its benchmark ... More

Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

OSFI considering new benchmark rate for uninsured mortgages

2/19/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The Office of the Superintendent of Financial Institutions (OSFI) has announced that it is considering a new benchmark rate to determine the minimum qualifying rate for ... More

Bank of Canada Benchmark Rate, First Time Home Buyers, Home Buyers, Mortgage Consumers, Uninsured Mortgages

Morneau unveils new insured mortgage stress test rate

2/18/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Ottawa changing stress test rate for insured mortgages starting April 6.

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Insured Mortgages, Mortgage Consumers, Stress Test, Uninsured Mortgages

Drive until you qualify

2/10/2020 | Posted in GTA Real Estate by Forest Hill Real Estate Signature
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Mortgage stress test forces homebuyers further outside GTA to find house they can afford.

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First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgages & Real Estate, Stress Test

Fixed rate mortgages could go on sale

1/29/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Fixed rate mortgages could go on sale as fears of spreading coronavirus push bond yields down

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Canadian Mortgage Market, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Forest Hill Real Estate Signature
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Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Why longer-term mortgages could be beneficial

1/22/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The current lending rules in Canada are geared towards shorter-mortgage terms

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Mortgage Consumers, Mortgage Trends, Mortgages & Real Estate

Ultra-low Rates Will Persist: RBC

1/17/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The 2020s won’t be the decade to lock into a long-term fixed mortgage, according to RBC Economics.

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Canadian Mortgage Market, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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TD economists says the cost of servicing debts should ease early in 2020

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Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Scotiabank pushes back its Bank of Canada rate cut forecast

11/29/2019 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Scotiabank now sees the Bank of Canada lowering its benchmark interest rate at the beginning of 2020 instead of at the central bank’s next meeting.

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Bank of Canada Benchmark Rate, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate

CMHC's Siddall Defends Policies, Provides Update on the FTHBI

11/22/2019 | Posted in Canadian Housing Market by Forest Hill Real Estate Signature
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Some fresh information on the status of the First-Time Home Buyer Incentive (FTHBI) and a possible increase on the $1M cap for insured ... More

Canadian Housing Market, Canadian Real Estate Market Outlook, First Time Home Buyer Incentive, First Time Home Buyers, Insured Mortgages, Mortgage Consumers, Mortgage Loan Insurance, Mortgage Trends, Mortgages & Real Estate

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