Canadians piled on mortgage debt during COVID-19. Now economists fear a ‘significant’ correction in the market If you bought a home during the COVID-19 pandemic, chances are you took on more debt than those who bought one just ahead of the global crisis. The total number of mortgage purchases shot up in 2020, as buyers scrambled [&hellip…
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Homebuyers Shun CMHC’s First-Time Home Buyer Incentive The federal government’s First-Time Home Buyer Incentive (FTHBI) was meant to offer a path to homeownership for those unable to tap the “Bank of Mom and Dad” for down payment assistance. But first-time buyers have largely rejected the equity-sharing program that was first unveiled in September 2019, according to data [&hellip…
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TORONTO — In an attempt to try and cool down the overheated housing market, the federal government is making it tougher to get a mortgage starting June 1. The new stress test was announced by the Office of the Superintendent of Financial Institutions on May 20. Starting Tuesday, the new calculation of the minimum qualifying rate [&hellip…
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