With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn’t take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages’ qualifying rate to the higher of the mortgage contract rate plus 200 basis points or 5.25% as a minimum floor. Based on posted rates of t

Much has changed since the Bank of Canada’s last decision on January 20. While the second pandemic wave was raging, new lockdowns were implemented in late 2020, and there were fears that the economy, in consequence, was likely to grow at a 4.8% annual rate in Q4 and contract in Q1. Instead, the lockdowns were less disruptive than feared, as Q4 growth came in at a surprisingly strong 9.6% annual rate–double the pace expected by the Bank. Rather than a contraction in Q1 this ye

Traditionally, each spring, mortgage rates start to move, followed by a spring buying rush, with a lag in the summer, and then a second rush in the fall. This past year we saw everything upended. The spring buying season started with a positive outlook and abruptly came to a complete stall as the world figured out how to cope and live through a pandemic. This pause resulted in a fall season with strong home buyer demand eclipsing numbers seen in past years, trickling over int

By Alisa Aragon 2020 has been an unprecedented year, with so many changes and unknowns. COVID-19 has had a huge impact on our national economy, with the government having to step in, unemployment at a record high, lenders’ helping with mortgage payment deferrals and historically low interest rates. The continuous growth of the housing market is what is helping our economy recover. The economic recovery will depend on the development of the pandemic and the vaccine. Economists

Vancouver has always been a challenging city to get a foot in the door. Add on a pandemic, and it gets even more complicated. HAVAN’s Home Buying Forum, typically held in-person each spring, but cancelled due to COVID-19, led to HAVAN producing a series of information videos to ensure first-time buyers have access to the knowledge they need to buy smarter. HAVAN has captured the industry experts who typically present at the forum, in a series of nine 10-20 minute Home Buying

By Alisa Aragon While COVID-19 has had a huge impact on the Canadian economy in the first half of this year, after businesses started reopening, the housing market began picking up. Many home buyers resumed their home searches, and homeowners looking at upsizing to a larger home started listing their homes for sale. With interest rates at historical lows, this is a good time for buyers to get into the market. The Bank of Canada reviews its benchmark rate about eight times a y

Determining how much house you can afford involves plenty of number crunching. Jorge and Alisa Aragon explain two stages on the road to mortgage approval – As seen in REW.ca Q: What is the difference between pre-qualification and pre-approval for a mortgage? A: Pre-qualification is a relatively simple process where the mortgage broker or bank estimates both your borrowing power and the maximum amount of mortgage you can carry. This is done by providing information about your