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What Is the Mortgage Stress Test and How Does it Affect Canadian Homebuyers?

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Canada's Office of the Superintendent of Financial Institutions (OSFI) introduced a "mortgage stress test" that went into effect in January 2018. The test is meant to prevent homebuyers across the country from getting into financial trouble. The mortgage stress test may have outlived its usefulness, however. Some industry experts say it is preventing up to 10 percent of homebuyers from ... Continue reading »

Residential Building Permits on the Rise

Two workers look at construction blueprint
Statistics Canada reported that January had a month-over-month increase in the value of residential building permits. That's good news for the construction industry. It may also have some important spillover effects for Canadians planning to buy a home.Why Building Permit Data is ImportantBuilding permits are an early step in the development of new residential and commercial properties. When building permit ... Continue reading »

Read the Fine Print. You Could Win Yourself $10,000

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The devil is often in the details. And sometimes you'll find a guardian angel in there, too.In today's world, it's difficult enough to get people to read newspapers and magazines. As a matter of fact, walk into any doctor's office or other waiting areas, and notice the marked absence of old-school reading material. Everybody— well, at least 95% of people ... Continue reading »

Will Artificial Intelligence Okay Your Home Loan in the Near Future?

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Will your next home loan be completed exclusively online with no human contact? Home mortgage experts like Rob McLister believe that at some point, most people won't need a human touch to get a mortgage. McLister added that in the future, people won't want to talk to a human bank representative. They will prefer to receive better home loan interest ... Continue reading »